7 Property Value Boosting Projects Worth Trying
By Shannon Wells
Whether you’ve just bought a house, are planning to sell or are simply looking to gain some equity, choosing the right home improvement project is key. Picking projects with a track record of boosting property values will help you get the most out of your money while minimizing the time spent working on your house. Here are seven projects, some small and some large, all designed to give you a great return on your investment.
1. Ditch That Old Garage Door
The experts over at Remodeling Magazine have compiled the latest data from 149 U.S. markets to determine which home improvement projects have the highest return. If you want to get the biggest bang for your renovating buck, they recommend you replace your garage door. Swap out that old metal rollup for a brand-new, maintenance-free fiberglass door and you’ll see 98.3 percent return on your investment while adding $3,400 to your house’s value.
2. Set It in Stone
Adding manufactured stone veneer doesn’t necessarily improve your day-to-day life, but it absolutely improves your home’s value (and curb appeal!). To minimize costs, focus your stone work on the entryway or along the foundation. Homeowners that add faux stone to their homes will see nearly $8,000 in added value with a 97 percent return.
3. Paint the Front Door
Never underestimate the importance of a first impression. Research has shown that a freshly painted door can increase your home’s value by as much as $8,000. Whether you take an afternoon and paint the door yourself or hire a professional, this is an easy and effective way to boost your property value.
4. Update Your Kitchen
If you want a solid return on a project from which you’ll actually reap the benefits yourself every day, a minor kitchen renovation fits the bill. A minor kitchen reno may include new cabinetry, new appliances, updated lighting and flooring, but comes short of replumbing and floorplan modifications. The average cost of hiring a contractor for a minor kitchen remodel is around $21,000, but it adds over $17,000 in value to your home, netting you an 81.1 percent return.
5. Build a Deck
Increase the value of your home by making it easier to enjoy the outdoors. Adding a mid-size deck can increase your home’s value by up to $10,000, regardless of the materials you use. Whether you choose wood or composite is a matter of preference. A composite deck lasts longer and requires less upkeep but will only net you a 63.6 percent return, whereas a wood deck will get you an 82.8 percent return.
6. Replace Flooring
Rip out that old carpet and replace it with a low pile, neutral carpet or easy-install laminate flooring, and you can double your investment. The average cost to update flooring ranges between $600 and $900 and adds up to $2,000 in value.
7. Increase Your Bedroom Count
If you have an office or a den, consider adding a small closet to make that room count as a bedroom. With a little framing and some drywall, you can add thousands of dollars to your home’s list price.
Shannon Wells is a freelance writer. When she isn’t helping her clients grow their businesses, she writes about healthy food and home improvement.