Which Home Improvement Projects Pay Off?

Repairs that sell homesAs summer begins winding down, people around the country are trying to squeeze in final home improvement projects of the season. While some projects add value to your home, others don’t have a great payoff for home owners. Here are some project ideas that will give you the best return for your investment.

Kitchen

Your kitchen is one of the central gathering places in your home, and as a core area for everyone kitchen upgrades can totally change the feel and style of a home.

In addition to being a great upgrade for function, it is also one of the best upgrades to increase the value of your home. According to HGVT, a kitchen remodel will generally add 60%-120% of the cost of the remodel to the value of the home.

Just remember not to over-spend on the kitchen unless the property justifies it. A lower end condo or house does not get the same value gain as a luxury house. Be smart about what you spend and how you prioritize your remodel and upgrades.

Entry Door Replacement

According to US News, an entry door replacement will yield a 96.6% return on investment. If you are in a multi-family building, your HOA likely prevents you from changing your door, but in a single family house this can be a nice upgrade.

When picking a new door, be sure to do your research and find one that works well in your climate and will work well with your homes indoor and outdoor decoration.

Also remember that your door is a major point of energy loss for your heat and air conditioning. Make sure any new door your choose has at least the same level of insulation as the door you remove or you will see your heating and cooling costs increase.  Another benefit of replacing the front door is shiny new doorknobs that work perfectly.  There’s nothing that makes as bad a first impression as when the agent and buyer can’t easily unlock and open your door.

Wood Deck

AOL’s DIY Life says a wood deck generally increases the home value by about 80% of the cost of the deck. If you enjoy spending time and hosting company in the backyard, a deck is a great way to improve the experience.

A deck is functional and looks great. When you add the deck make sure it is installed safely and with quality materials. Make sure you use high quality, sealed and treated wood so the deck will last a long time, and be sure that it is installed flat and level.

Plan Before You Build

Whenever you do any project, make sure it is done safely and with the best quality possible. Also take a look at the market around you to decide if the upgrade is worth the cost.

If you are living in a depressed market with low home values, extra spending won’t give you as strong of a return as a hot market. When home prices are rising, your project will do more for the home than when prices are falling.

Whatever you do, make sure to do a good job. A poorly implemented addition or remodel can hurt your home’s value, so always put quality first.

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