Most people know that remodeling a bathroom, basement or kitchen will increase a home’s value and make the house easier to sell. However, while these big ticket renovations can provide a “wow” factor for potential buyers, there are other renovations you can do that will also provide a good return on your investment and make your home more attractive.
Some of these renovations can provide a pretty significant return on your investment, and many are things you may not think about.
So what are some of the commonly overlooked renovations you should be doing? Here are five great ideas.
1- Replacing exterior siding with fiber cement instead
Curb appeal is key to selling a home, and when your house looks tired and dated, this is a big turn-off to potential buyers. Switching vinyl siding to fiber cement can spruce up the outside of your home and make it much more inviting.
You’ll have a wide selection of color choices to choose from and could even add extra insulation during your project to make the home more energy efficient, although this adds to your cost. Upgrading to upscale fiber cement for your home’s exterior can provide you with a pretty good return on your investment too. In fact, Remodeling Magazine’s 2011-2012 Cost Value Report indicates that you may get back a 78% return on average.
Average return: 78%
2- Changing out your entry door
Adding a new mid-level 20-gauge steel door may cost you about $1,200, but the impact on your curb appeal will pay dividends. You can expect to get back about 73% of what you spent.
Average return: 73%
3- Replacing the garage door
Are you seeing a trend? It seems as if making changes to the outside of your home to make your home look less dated and in better shape can make a big difference.
When you replace a garage door, the amount you will recoup varies slightly depending upon whether you opt for a mid-range or a high-end model. With a mid-range door, you’ll spend just over $1,500 on average and get back about 71.9% of that.
If you opt for a higher end garage door, you’ll get back slightly less of your money at 71.1%, and your cost may nearly double to just under $3,000 on average.
Average return: 71.9% if you spend $1,500
Average return: 71.1% if you spend $3,000
4- Switching out your siding
If you are going to keep your siding instead of upgrading to fiber cement, you can still make your home look a lot better by adding new midrange vinyl siding to achieve a new look.
Average return: 69.5% if you spend $11,700
5- Upgrading your windows
You’ll get a 69.1% return if you spring for upscale vinyl windows, and you may lower your home’s energy bills for the time when you are living in the home.
Average return: 69.1%
While these upgrades may not seem obvious to you since you probably don’t really stop to look at the outside of your home that much, they can have a major impact on whether you are even able to get prospective buyers in the front door of your home.
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