Maybe you've been thinking about updating your home? Perhaps you're reticent to spend a bunch of money? If so, you should know that many home remodeling projects can actually increase the value of a home, essentially paying for themselves down the road.
And we're not just talking about repairs; there's a big difference when it comes to real estate repairs vs improvements. We're talking about full-fledged and transformative remodeling projects.
Curious as to what kinds of projects can increase the value of your home? We're going to review 5 of them below.
1. Install a Garage Door
One of the most lucrative (and beneficial) home remodeling projects is to install a garage door. A garage door loses almost no value over the years, providing over a 98% return on investment. In essence, when it comes time to sell your home, you'll be getting almost a full refund on your garage door.
How much does it cost to install a garage door? Usually around $3,500.
2. Replace the Front Door
In the scheme of your entire house, the front door is a fairly small entity. But, in truth, replacing the front door is enough to transform the entire aesthetic of your home. Plus, it offers a good return on investment, approximately 91% to be exact.
The average cost of a door? Around $1,500.
3. Add a Deck
Want a better place to grill, or picnic, or sit around the fire? If so, you should consider installing a deck.
A wood deck will cost you around $11,000 to install. But, when you sell your home to a local home buyer, you'll recoup around 82% of the cost, or around $9,000. $2,000 for a major functional and aesthetic addition is a great deal, as far as we're concerned.
4. Swap Out the Siding
If you're really looking to transform the look of your home, you should consider a siding swap. Replacing your existing siding will not only transform the look and functionality of your home, but it will also supply it with quite a bit of additional value.
Siding replacements provide a return on investment of around 77%. So, if you spend the average cost of $15,000 on the replacement, you'll end up getting around $11,500 back upon the sale of your house.
5. Replace the Windows
Windows serve not only aesthetic purposes but functional ones as well. So, if they're not providing adequate insulation to their respective homes, they're not doing their job. For this reason, if your windows are over 15 years of age, you should consider replacing them.
A replacement will cost you anywhere from $3,000 to $15,000. But, you'll save a decent chunk of change in energy costs. Plus, provided your windows are still fresh, you'll get around 75% of the cost back when you sell your home.
Starting to See the Difference Between Real Estate Repairs vs Improvements?
Do you see the difference in real estate repairs vs improvements now? Are you inspired to carry out a remodeling project of your own? If so, we say go for it; not only will you get to benefit from a cool new feature, but save money in the long-run as well.
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