According to Remodeling Magazine ‘s 2013 Cost vs. Value Report, rising home prices mean that homeowners are getting a better return on their remodeling dollar today than a year ago. Homeowners nationwide are getting back an average of 61% of their remodeling dollars when they sell – an encouraging improvement over the last survey in late 2011, when the average project returned 58%. Here we’ll take a look at the home improvement projects experts agree give you the most bang for your buck when increasing the value of your home.
- A new steel entry door – Replacing your front door with a stout, 20-gauge steel entry door is the standout improvement project. The best steel doors are surprisingly good-looking, and they add a sense of security to a home, which is why homebuyers value them so highly.
- Replace exterior siding with fiber cement – It's no wonder that fiber-cement siding – made of cement, wood fiber and sand – is a hit with homeowners. It's rot-resistant and durable in a wide range of climates. Plus, it’s often backed by a 25- or 30-year warranty.
- Wood deck addition – A great return on investment here. You get roughly three-quarters of your money back, on average. In fact, in eight of the 81 cities surveyed, homeowners are earning a payback of more than 100%. In nine other cities, the return averaged 87%.
- Install a new garage door - You'll get the best bang for the buck these days from exterior replacement projects including doors, windows and exterior siding, according to Remodeling Magazine. It delivers about 76% of the investment back when you sell your home.
- Minor kitchen remodel – Your best kitchen remodel for the money is a modest project. A remodel of this nature might include midpriced granite-like countertops and new raised-panel fronts and hardware for the cabinets and drawers. Throw in a new, energy-efficient cooktop and wall oven, new medium-quality faucet and sink, new wall coverings and resilient flooring and repainted kitchen trim and you’re looking at a 75% return when selling.