1. Paint
Widely considered one of the least expensive home improvement projects that still produces impressive results, painting can transform the look of a home. The right paint can brighten dingy spaces and make tired walls look new again.
Choosing a current color palette can also update your look without a major investment in new furnishings. Interior painting is budget-friendly and easy for a dedicated DIYer to tackle, usually in a day or weekend. The experts agree good prep is as important as the paint you choose, so cleaning, filling nail holes and masking off baseboards and moldings will help you produce a professional looking finish for a fraction of the cost of some other projects on this list.
2. Replace The Front Door
Good home improvements pay for themselves, and great home improvements do even better than that. A steel front door replacement tops Remodeling magazine’s list of 2015 home improvements with an 101.8 percent ROI (Return On Investment) based on an anticipated job cost of $1,230 and a resale value of $1,252. That’s up from 2014’s figures. Your home’s entry is one of the first things visitors see in detail, so it makes sense to give it special attention. Steel doors are popular because they’re a relatively low cost option that offers: security, durability, easy care and energy efficiency (good insulating capacity).
3. Refurbish The Closets
Lack of closet space is a common complaint from homeowners. Adding or enlarging a closet can be a cost effective update because it doesn’t typically involve plumbing or much electrical work. Even if an addition or upgrade isn’t an option, maximizing the space in an existing closet will improve its functionality and storage capacity. This is a relatively easy project, especially with the many closet organizing products on the market.
4. Replace Your Windows
Although a window replacement doesn’t carry as high a resale value as a garage door replacement, it’s an update that will begin saving energy dollars from the day it’s installed. According to the U.S. Department of Energy, it can be more cost effective to replace an older or inefficient window than try to improve its insulating ability using third party products.
Greener homes are more attractive to consumers, so most measures that help save on energy and other utility charges recoup their costs through a combination of monthly savings, possible government rebates and improved resale value when you go to sell. Be aware that all window replacements aren’t created equal, though. Double and triple pane windows are typically considered more desirable, and although wood frame windows are pricier than their vinyl counterparts, they have a more appealing return on investment at 78.8 percent versus 72.9 percent.
5. Enhance Your Curb Appeal
First impressions are important, and before visitors ever notice you’re entry, they form an opinion based on other factors like the condition of your driveway, the appearance of your lawn and the state of relatively minor items like your mail box, window boxes, fencing and shutters. Together they make a statement and create a preliminary impression in the minds of potential buyers that’s either generally positive or negative. A great interior can overcome a negative first impression, but neglect outdoors inspires concerns about neglect indoors. Landscaped shrubs and flowerbeds, shaped trees and a freshly stained fence or deck improve a home’s curb appeal, which can be an important factor to potential buyers. This is especially true when they’re comparing two similar homes, and one makes a good first impression while the other doesn’t.
6. Add A Deck
Homes with plenty of space are attractive to buyers. When thinking about ways to increase the available space in your home, your first thought may be to add a room or finish an attic or basement. These options can quickly become expensive projects, though. For example, a median master suite addition can cost upwards of $111,000 and have a less than stellar ROI of 61.7 percent. A more cost effective choice would be to add or update an outdoor living space, especially if you reside in an area with long summers and mild winters. Decks and patios can provide additional seasonal square footage, and compared to a room addition, they’re often a bargain. A wood deck will cost somewhere in the neighborhood of $10,000, and offers an ROI of 80.5 percent.
7. Upgrade Lighting Fixtures
Standard light fixtures sold with new homes are often midrange quality at best. Updating your lighting helps improve the appearance and perceived quality of your home’s interior. Adding task specific lighting can also make work and play areas more functional. Popular upgrades include: replacing ceiling fixtures with fan/light fixtures, adding under cabinet lights to the kitchen, installing task lights in the garage and updating the fixtures in the entry and dining area.
8. Update The Bathroom
You will be able to recoup about 59.8 percent of your investment on a bathroom remodel based on Remodeling magazine’s Cost Vs Value Report figures, but that doesn’t tell the whole story. You will likely fare better by sticking to moderate changes that improve the look and function of your bathroom without making major, and expensive, plumbing and electrical modifications. This includes updating the fixtures and lighting, installing a water wise toilet and adding a double sink or otherwise updated vanity.
9. Spruce Up The Kitchen
Home buyers pay particular attention to the appearance and feel of both a home’s kitchen and bathroom(s), so updates in these areas are typically pretty good investments as long as they stay within the general caliber of the home’s other amenities, and are consistent with the features available in similar nearby homes. This means updating your countertops is probably a great idea, but adding a restaurant quality range may be taking things too far. It’s difficult to second guess what a future potential buyer might want, so investing in, say, a wine chiller system would probably have a poor return in most real estate markets.
For 2015, the Appraisal Institute, a global association of professional real estate appraisers, recommends small updates over complete renovations, suggesting they’re more likely to have a favorable ROI. Some upgrade options include: new countertops, resurfacing cabinets, replacing standard appliances and updating faucet and light fixtures.
10. Replace Your Garage Doors
Over the last few years, garage door replacement has become one of the highest ROI home improvements. This update increases curb appeal, improves home security and often enhances access to the home as well, all at a relatively attractive price (midrange doors run between $1,500 and $3,000). Garage door replacement carries an approximate 88.4 percent ROI.
