If you’re considering having some remodeling done, it pays to know what will add the most value to your house. Here are some of the best ways to spend your hard-earned home improvement dollars.
Photo by: AHS
Install a Steel Door
Replacing an existing wooden or fiberglass front door with a steel entry door is the number one project in Remodeling Magazine’s 2014 Cost vs. Value Report. Is it any wonder? It adds 96.6% of the cost of the job to the value of your home, improves security and increases energy efficiency. It also makes a strong first impression and adds curb appeal.
Update Your Kitchen
The kitchen is considered the heart of every home. If yours is in need of an update, the changes are usually money well-spent. The average cost of a minor kitchen remodel nationwide is under $19,000, according to the Cost vs. Value report. By adding new cabinet doors, appliances, countertops, paint and fixtures, you can recoup about 83% of the cost in your home’s value, according to the same survey. If your kitchen is small, you can also consider opening up a wall or reconfiguring your counter space to make the room look bigger.
Create a New Bedroom
If you’ve got an attic in your house, don’t let it go to waste storing old clothes and trunks full of memories. Converting your attic into an extra bedroom is another smart way to get a good bang for your renovating buck. Adding a bedroom without the expense of a new addition is a cost-effective way to enhance the value of any home, especially with an average cost recouped of just under 85%, according to Remodeling Magazine’s report.
Add a Deck
Installing an outdoor deck adds value to any home because it gives you more living space to enjoy with family and friends. According to the Cost vs. Value report, composite decks add over $11,400 in resale value to your home and wooden decks add over $8,300. You can’t go wrong with either, because wooden decks recoup almost 87.4% of your cost compared to 74.3% for composites.
Redo the Bath
Although it doesn’t pay off as much as a new kitchen, updating your bathroom by getting rid of that tired, old sink and dated green tile from the '80s is a smart move for your home. On average, bathroom remodels returned 72.5% nationwide.
If you have the space and are considering adding a bathroom to your home, it’s probably a good idea. It can add as much as 20% to your home’s value, according to experts at the National Association of Home Builders.
Source: 2014 Cost vs. Value Report