5 Home Improvements You Can Bank On
Lauren WhiteSeptember 10, 2018
You’ve been saving up to make a renovation on your home and you want to make the wisest investment. What home improvement projects give you the most bang for your buck? We crunched the numbers and found that some of the highest returns come from installing new attic insulation, kitchen appliances, entry doors, hardwood flooring and roofing.
1. New Attic Insulation
Homebuyers are looking for energy-efficient features that will make their house eco-friendlier and minimize utility bills. Upgrading the insulation in your attic is one of the best renovations you can make. It is also one of the most affordable. HomeAdvisor reports people spend $1,300-$2,000 to have new insulation installed. The average anticipated ROI for this project is 107 percent, making it the most profitable home improvement project.
Note: This renovation continues to put money back into your pocket by reducing your energy costs.
2. New Kitchen Appliances
Old dishwashers and ovens can make your kitchen look run-down and turn buyers away. Sometimes, all you have to do to modernize your kitchen is replace those old appliances with sleeker, more efficient models. A minor kitchen remodel costs around $5,000 and has an average ROI of 80 percent — much higher than the 65 percent return on a major renovation.
Note: 54 percent of real estate agents polled in 2017 suggested a minor kitchen remodel for improving home value, while only 18 percent suggested a complete renovation.
3. New Front Door
How does a front door increase your home value and why shouldn’t you just sand and repaint the one you have? Many older doors are made from wood, which is vulnerable to weather and doesn’t provide much insulation. Steel and fiberglass ones last longer, are well-insulated and can be made to look like real wood. Replacing your old wooden door with a steel or fiberglass one can have a 77-90 percent return on investment. These doors cost about $1,500-$3,000 to install.
Note: Switching to a steel or fiberglass door will increase both your home energy efficiency and curb appeal.
4. New or Refinished Hardwood Flooring
If your hardwood is scruffy or you have 20-year-old carpet, your buyers will see it as a headache and a project that will potentially have their new home under construction for weeks. Boost your home value by making it move-in-ready. New hardwood flooring costs $2,500-$6,500 to install and has a 91 percent return on investment. Refinishing costs $1,500-$3,000 and trends at 100 percent return on investment!
Note: Engineered hardwood flooring has improved tremendously and can out-perform real wood in durability and resistance to humidity.
5. New Roofing
As with flooring, a run-down roof can be a major deterrent for buyers and drags home value down. Most buyers aren’t looking for a fixer-upper of that magnitude. Replacing your roof can have up to 68 percent ROI. Installation costs vary greatly, depending on the materials you use. The latest Cost vs. Value report states a national average spending of $20,000 with $14,000 average added value.
Note: 32 percent of real estate agents say that a new roof helped them make a sale.
These five renovations can greatly influence your home value and make excellent selling points. It’s important to note that cosmetic updates, like a new front door and hardwood flooring, should be balanced with maintenance and upgrade projects that make your home not only beautiful but also comfortable.