The beginning of the year is a popular time for homeowners to consider remodeling. Whether due to a New Year’s Resolution of deciding to finally put a home on the market or simply because homeowners want to make their house a more livable and appealing place of residence, remodeling dominates the housing sector in January and February.
According to Harvard’s Joint centre for Housing Studies, in the past fifteen years over one million home owners have spent at least $10,000 on major remodeling projects. Carefully considering which remodeling projects you choose to take on can result in a valuable investment that recoups a great deal more money than the cost of your chosen projects. That being said, here is a countdown to the Top 5 Best Home Improvements for the Money:
5. Exterior Siding Replacement
Replacing siding is one of the most inexpensive ways to improve the appearance of a home’s exterior and at an average of $10,000 for the entirety of the project, the remodel can help to make a home’s exterior look virtually brand new. Additionally, homeowners have the option of installing foam backing to vinyl siding, which adds durability and saves money overtime from homeowners due to increased insulation.
Remodeling Magazine has ranked another form of siding, fibre cement siding, as the best value home improvement option for five years in a row. On average, siding adds a 78 per cent return at resale and once installed, replacement siding requires little maintenance and lasts for up to 20-five years.
4. Remodeled Kitchen
The kitchen is often considered the heart of the house so it is no surprise that prospective home buyers are willing to shell out more money for a home that has a kitchen in top-top shape. Rather than gutting a kitchen and giving it a modern, high-end appearance though, small kitchen remodeling projects can prove just as valuable.
Sanding, staining, or re-painting cabinets and replacing old appliances with more updated models can cost as little as $15,000 total and will recoup an average of 80 per cent value to a home.
3. Attic of Basement Conversion
Additional living space is continuously an in-demand feature of today’s homes since they can be used for everything from an additional bedroom to a study or a game room. Converting an attic or basement into living space is far more valuable than physically adding on space to a home though since the latter includes foundation costs, dirt work, and framing.
According to US News, converting an attic or basement into living space costs an average of $49,000 while connecting additional space to a home costs an average of $83,000. Best of all, conversion of an attic or basement recoups an average of 83 per cent on a home’s overall value.
2. Front Door Replacement
A front door not only adds to a home’s overall curb appeal, but makes a big first impression since it is the initial part of a home that is viewed up close by visitors before entering the inner domain. Simple improvements to the front door like a new coat of paint or adding magnetic weather stripping are largely considered favourable improvements to prospective homebuyers.
If a front door is being replaced altogether, another smart move for homebuyers is to invest in a steel front door, which costs an average of $600. Homeowners recoup an average of 129 per cent of the project’s cost when installing a steel door. Not only are steel doors more affordable than alternatives, but they are also considered a crucial feature for homeowners focused on home security since steel doors outperform wooden doors by a ratio of 7 to 1.
1. Landscaped Yard
A well landscaped yard is essential to adding to a home’s curb appeal. By simply making sure that your lawn looks healthy, which can be created by adding sod and making sure that bushes, trees, and flower beds are well maintained, an attractive yard can add up to a 200 per cent return at resale.
Just make sure that you do not go overboard when landscaping. Many landscaping projects can be done with minimum effort and require only a small cost, but over embellishing your yard with an abundance of exotic plants that are difficult to maintain or with the installation of a pricey fence can easily cost homeowners $40,000 or more.
Don’t Overlook Small Home Repairs
While remodeling the kitchen or landscaping the front yard may seem like exciting remodeling endeavours, it is important to focus on necessary home improvements first. You may have the most attractive yard in the neighbourhood, but if you have leaky plumbing or an uneven foundation, you will find it difficult to sell your house to prospective buyers.
Other projects like applying a new coats of paint to your home’s exterior and interior and replacing damaged floors are also extremely simple and affordable projects that, while not as groundbreaking as a converted attic or basement, can still result in an increased home value down the road.