The Best Improvement Projects to Increase Your Home's Value

James Brey/Getty Images New wood deck on a residential home.

NEW YORK (MainStreet) Home improvements are seldom easy to accomplish and rarely inexpensive, but with a little judicious decision-making, the average homeowner can not only make his house more livable and sellable but also receive an excellent return on investment.

While very few jobs will generate a full ROI, almost any improvement will recoup more than half of the job's cost when it comes time to value a home for resale, according to a report issued by the National Association of Retailers 2015 Remodeling Cost vs. Value Report, which was compiled in collaboration with Remodeling Magazine. That's why it's important for consumers to choose their project carefully. Since appearance plays a crucial role in forming a positive opinion of a home, it is no surprise that the projects with the highest ROI all center on a home's exterior.

"Realtors know what buyers are looking for during their search, and curb appeal is and always will be important," said NAR president Chris Polychron. "That explains why Realtors once again rated exterior projects as some of the most attractive and valuable for homeowners."

Provided by MainStreet

The project that will give homeowners the biggest bang for their buck is also the least expensive to implement. Replacing a fiberglass or wooden front-entry door with one made of steel. The report states that the national average price for this task is $1,230, but it adds $1,252 of value to a home for a 101.8% return. The report found that using a fiberglass replacement door costs almost $3,000, with a much lower return of just 72%. These prices vary depending upon where the house is located, but in all cases, this project has the highest pay off. It certainly can help grease the wheels for a sale.

Another door is the next best project -- garage doors. Replacing a garage door averages about $1,595 to complete, but it generates an 88.4% return on investment.

For people looking to spend even less, certain simple changes can have a huge impact.

"Put on new, inexpensive shutters or repaint the old ones," said Sheryl Grider Whitehurst, NAR regional vice president and a Realtor in Peoria, Ill. "Many people will do a drive by before the make an appointment to see a house and you need to have the house look nice."

Taking the exterior makeover to the next level by redoing the siding is also a great place to spend home improvement funds, the report stated. New vinyl siding generally costs around $12,013, but 80.7% will be recouped upon sale. For those folks looking to step it up a notch, replacing the lower third of a home's siding with a manufactured stone veneer offers an even higher return at 92.2% on an investment of around $7,150.

See original here:
The Best Improvement Projects to Increase Your Home's Value