When it comes to your home and the local real estate market, there are many factors that determine the value of the building. These factors can be anything from the neighborhood, the yard size, nearby schools, or the number of rooms in the home. Some of these factors aren’t under your control, but there is always a lot you can do to your home to increase its value.
And, fortunately, not all of these options will cost $10,000. Here are some budget-friendly options for homeowners looking to increase the value of their homes.
Front Door Replacement
You might not think that a door replacement can have a large effect on a home’s worth, but the truth is that replacing your front door can lead to a 97.2% return on investment. The front door is the focal point of your home’s curb appeal; it’s what people see when they first walk to your home.
For this simple reason, choosing a safe and secure replacement front door can set buyer’s minds at ease and increase the overall price of the home. Of course, you won’t double the price of your home simply by adding a door, but in terms of ROI, it’s a savvy home improvement project. Make sure the door you choose is made from steel or other sturdy materials such as fiberglass or hardwood. Steel may be economical and sturdy, but it is only a little stronger than the alternatives. You also need to make sure that you choose a high quality lock to ensure maximum safety.
Replacing Your Home Siding
Your home’s outward appearance is extremely important. For this reason, siding that is in a poor state of repair can decrease the value of your home by as much as 10%, according to The National Association of Realtors’ “Remodeling Impact Report.” Whether you decide to invest in siding repair or siding replacement, there are a number of materials to choose from. Vinyl siding is a popular choice due to its low maintenance and long lasting nature.
No matter what you choose, make sure the exterior of your home doesn’t look as old as your home itself!
Getting a New Roof
Roof replacement is another large overhaul for your home that can tremendously increase its value. Few homeowners are interested in purchasing a home if they know they’ll have to pay for a total roof replacement in the next few years. And we do mean replacement; adding a new roof directly over the old shingles will actually cut its lifespan by as much as 20%, and that means a poor return on investment in the long term.
Of course, these are just three of the many options for improving your home’s appearance and value (we haven’t even discussed the inside of your home. That being said, if you’re looking for simple home improvement projects that offer a strong return on investment, these are three great places to start.
If you have any other ideas on how to improve your home’s value, let us know on social media.