Which Home Upgrades Are Worth the Money?

Home renovations are expensive, plain and simple. Even worse is the fact that the housing market is still volatile after years in a slump due to the downturned economy.

Nonetheless, this doesn’t mean that homeowners have to throw in the towel and give up on renovating their properties. Instead, it literally pays to put thought into the type of home improvements that you invest in to enhance both the appeal and value of your home.

Get a New Paint Job

Painting is one of the best home improvement investments that you can make, hands down. The reason why? A new interior or exterior paint job will offer impressive results with a reasonable price tag. When hiring a professional to get the job done, the average price runs anywhere from $3600-$6000 for a house interior of 2400 ft.². An exterior paint job for a home of the same size could cost a minimum of $5000.

Experts also recommend painting the exterior of your home in an attractive color, like pale yellow, if you hope to sell it quickly on the market. Or, consider painting your home in a complementary color to all surrounding homes and buildings so that it doesn’t detract from the ambience of the neighborhood.

Replace Your Front Door

Boosting the value of your home can be as simple as making a security upgrade by replacing your front door. Installing a new steel entry door can provide an excellent ROI in a home remodel when it comes to cost versus value.

On the one hand, a new front door can help to support the curb appeal of your home and make an attractive first impression on guests and potential buyers. On the other hand, a security-enhanced entry door can be used as a selling feature to improve the resale value of your property.

Transform Your Kitchen

If you’re going to spend any money redecorating and renovating a room in your house, the kitchen is the perfect place to begin. Many people consider the kitchen to be the heart of a home and will make their purchase decision based on the quality and size of a kitchen alone.

If you’re hoping to sell your home in the near future, upgrading to stainless steel appliances is the first step in the right direction. It also helps to expand a single kitchen sink into a double sink, along with upgrading cabinets and flooring to improve the appeal of your kitchen with a few simple renovations.

Home Improvements: What Not to Do

While the above renovations may provide an impressive return on your investment, there are several home improvements that will essentially pour money down the drain. For starters, replacing a roof completely instead of repairing and patching any leaks could run you roughly $21,000. A new roof at that price will provide a return of only $12,000 after a house has been sold.

Likewise, while a new pool may have family fun written all over it, it could cost up to $50,000 with $2000 a year in maintenance. All of that work, and it may increase a home’s resale value by only 8%.

To put your money where your mouth is, make wise decisions in cost-effective home renovations to improve the appearance and value of your property!