Spring is almost here, and that means it’s time to start thinking about home improvement projects. But you don’t want to update just anything. There are some projects that net better returns than others. Here are three home improvement projects that add plenty of value.
Update the Kitchen
You can update your kitchen and receive a positive return on your investment (ROI). It doesn’t have to be a complete remodel. Think of replacing countertops, updating cabinets, and adding storage. If you do want to go big, a study from the National Association of the Remodeling Industry found that the average return on kitchen remodels is about 70 percent.
Speaking of going big, updating or adding hardwood floors to your home is expensive, but also comes with a big ROI. The same report found that spending $3,400 to refinish hardwood floors could increase your home’s value by $5,000, which is a whopping 147 percent ROI. If you don’t have hardwood floors and you install them, they add an average of $6,500 to a home; a 118 percent ROI.
Simply replacing your front door is not only one of the easiest home improvement projects, but it also adds a ton of value. According to a report from a real estate app, adding a new front door has an average ROI of 488 percent. If you have a garage, replacing the door will reap a 93 percent ROI. Whatever home improvement project you decide on, make sure to set a budget first.
This article by Chris O'Shea originally appeared on SavvyMoney blog(Opens in a new Window), and is used by permission.
[Equal Housing Lender]