Even if you are not thinking of selling your home next year, it never hurts to pick home improvement projects that add value to the property. With real estate prices still in flux, value-adding projects make more sense than pleasure projects that may actually take away from the home's overall worth. So what are some of the top home improvement projects that also add value to your home?
Interior Paint Upgrade: 250% Return on Investment (ROI)
A can of paint does not cost much more than about $30. Yet Kiplinger reports that a home with freshly painted walls provides home sellers with a hefty ROI. If money is tight, make this your one top project for next year. Of course, take care not to go overboard with outlandish color schemes that are unlikely to net you a sizable return.
Steel Front Door Upgrade: 129% ROI
A steel front door is an upgrade homebuyers look for. It adds not only safety but also a lot of curb appeal to your home's facade. Old-fashioned steel is still the material of choice. Fiberglass, although typically much more expensive, only nets you a 65% ROI.
Add or Replace Insulation: 100% ROI
When was the last time you checked on your insulation? If you live in an older home, the original insulation may no longer be in keeping with the guidelines. Indiana Public Media advises that adding insulation offers a full return.
Kitchen Remodels: 88% ROI
The University of Kentucky counsels that a kitchen remodel features an 88% ROI. Pricing the average kitchen remodel at $8,655, it makes sense to upgrade cabinets, appliances, window treatments and paint. Note: this type of home improvement project does not take into account specialty items, such as built-in wine cabinets or custom-made window treatments.
Bathroom Remodels: 81% ROI
With an average remodel cost of $9,135, the ROI is nearly that of a kitchen remodel. Once again, this expense does not factor in specialty appliances or furnishings.
Plant Trees: 10% Property Value Increase
Ohio's Department of Natural Resources discloses that trees appreciate in value. Mature trees have the potential to increase your home's overall value by 10% according to the United States Forest Service.
So what is a home improvement project that may offer you some additional creature comforts but does precious little for your home's value? It is the setup of a pool. It is costly to undertake and costly to maintain. Future homebuyers are not enthusiastic about homes with pools because of the upkeep and potential safety concerns.