If you were asked to list the top five home upgrades with the biggest return on your investment, what would you say? The answers according to a 2015 Cost vs Value (CVR) Report may surprise you. The projects that offer the biggest return on investment are not the big budget items you might expect. While each region of the country does differ somewhat, many small improvements, including several that improve security, top the list.
Rather than make you sift through the report alone, we’ve curated the top five home upgrades with the biggest return on your investment here:
#5. Minor Kitchen Remodeling
Given the wow-factor kitchen updates usually bring you might be surprised an update like this isn’t #1. The CVR report shows, that while complete kitchen remodeling has come down 10% on its return on investment in recent years, in select markets it does provide a more than 100% ROI.
Simple updates in this, the heart of the home, can have a big impact. For just under $20K, you can install new cabinetry, add stainless steel appliances, and upgraded countertops and flooring to improve the resale value of your home.
#4. Siding Replacement
Not nearly as sexy as the preceding kitchen remodel, a utilitarian update like siding can, in fact, can net you anywhere from 77%-84% ROI. Siding is important because in addition to providing an overall look to your home, it protects you and your family from the elements.
#3. Garage Door Replacement
This update ranks high on ROI at 88% for for its added security and curb appeal. If your home has a front-facing garage door, an updated look can increase your home’s curb appeal making it instantly more appealing. Additionally, secure doors on your home’s most porous entrance also go a long way to making potential new homeowners feel like they’re making a safe investment – literally – by purchasing your home.
#2. Stone Veneers
According to the CVR, the only upgrade that even came close to the #1 item on the return on investment list is a stone veneer upgrade to your siding. Upgrading the siding on your home may not be splashy, but adding a stone veneer is cost effective. They average around $7K but you will make more than 90% of that money back on resale by replacing just 300 square feet of your home’s siding with stone veneers.
#1. Front Door Replacement
Swapping your current front door for a new, steel one will bring you nearly 102% return on your investment, making it the only improvement to entirely pay for itself – and then some. Not only does an up to date front door increase your curb appeal, but one specifically of steel can do wonders to make perspective buyers feel safe and secure in their potential new home.
Author Bio: Agent Ace is a free service empowering homebuyers and sellers with the tools to identify real estate agents in their area with the most expertise in order to save money and time.