If you’re considering how best to spend your money to improve the value of your home, you might be surprised by what homebuyers value the most. Sure, they may be impressed by those master bathroom upgrades or that beautiful backyard patio you had installed. But if you want to recoup most or all of the money you put into a project, consider these five home improvements.
Buying a new home? Questions about closing costs?
5 Ways to Increase the Value of Your Home
- Vinyl Siding
- Garage Door
- Minor Kitchen Remodel
- Steel Entry Door Replacement
- Fiberglass Attic Insulation
Curb appeal is important when you’re considering adding value to your home, and vinyl siding can help with that. Choose a fade-resistant finish, which will cut down on any maintenance and could last several decades. Approximately 1,250 square feet of siding will cost you around $14,500, and you’ll be able to recoup a little over 76% of the cost, or about $11,000.
A relatively inexpensive home improvement project is to replace your garage door. For approximately $1,750 you can get an uninsulated, single-layer, embossed steel door that comes with two coats of baked-on paint, galvanized steel hinges, and nylon rollers. The added security will provide peace of mind, and you’ll be able to recoup close to 77% of the cost, or nearly $1,350.
If you want something a bit sexier, you might consider a minor kitchen remodel. If your kitchen is around 200 square feet, you could replace your old countertops, upgrade to energy-efficient appliances, and reface the cabinets all for a cool $21,000. For this project, you’ll be able to recoup around 80% of the cost, or just a bit under $17,000.
Another relatively inexpensive home improvement project that can also improve curb appeal is an insulated steel entry door replacement. These doors make up around half of the market and are valued for their security features, resiliency in weather, insulation value, and cost-effectiveness. For approximately $1,400, you can get one with glass panels at the top, which will recoup close to 91% of the cost, or almost $1,300.
Finally, another relatively inexpensive home improvement project is simply adding fiberglass insulation (at least an R-30 value) to your attic. For just over $1,340 you can recoup more than you spent. At 108%, or just under $1,450, this not only makes sense for your remodeling budget but also for the energy savings, particularly for cooling your home in Florida.
The cost and return on investment for all of the aforementioned home improvement projects were based on the national averages from the 2017 Cost vs. Value Report, which evaluated 99 U.S. markets. Before deciding on any home improvement projects, you should also do a little research in your neighborhood and community to ascertain what homebuyers value the most.
Whether you are a first-time buyer or want to improve the value of your home in preparation for buying a new home, Bay National Title Company can help you with all of your closing needs.
To learn more about closing costs, please check out our Homebuyer’s Guide to Understanding Closing Costs.
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