Home improvement projects are more popular than ever, and in 2020 around 61% of homeowners made improvements due to having more time to spend at home. According to the NerdWallet August survey, these homeowners spent around $6,438 on average on their improvements. However, not all home improvements have the same ability to increase the value of your home, and some have a greater ROI than others. If you’re looking for improvements that will boost your home’s value the most, here is what you need to know.
1. Updating Doors and Windows
Old doors and windows can lower the value of your home, and they can also cost you money while you live there. The U.S. Department of Energy states that the air that leaks out of windows and doors that aren’t rated to be energy efficient can add more than 10% to your heating bills. Replacing your old doors and windows with energy-saving updates can boost your home’s value significantly, while also helping you save on energy costs while you live there.
2. Roofing Updates
Old roofing can put your home at risk for water damage, and it can lower value due to its age or lackluster appearance. There are many different types of roofing that can increase the value of your home. For instance, stone-coated steel roofing is chic, lightweight, and 100% recyclable. Weighing only 1.4lbs per sq ft, it is both a class A fire-rated material and a class 4 hail impact-resistant material. This makes a durable and long-lasting choice for homes in areas that experience a lot of storms, as well as areas that have a high fire risk.
3. Open Your Floor Plan
An interior update that you can make includes updating your home to be more open-concept. Open-concept homes are becoming increasingly popular, and many homebuyers are shying away from closed-concept homes due to the claustrophobic feeling that they can often provide. Getting rid of a few walls and opening up your living space can boost the value of your home, and help make even small areas look much bigger.
4. Replace Your Garage Door
As strange as it may sound, replacing your garage door can actually be one of the best improvements with the largest ROI. In some cases, you can even recoup around 95% of the costs when you sell. Some garage doors and openers can also be integrated with smart technology, making them harder for thieves to open, while also making it easier for you to monitor them.
5. Fix Up Your Siding
Repainting your siding is a good project if you’re just looking to improve the appearance of your exterior without spending a lot of money. However, re-siding your home is also an option that you should keep in mind. If you live in a fire-prone area, re-siding your home with ignition-resistant materials can help keep it protected from stray embers. Similarly, replacing your current siding with energy-saving options can provide more insulation for your home and help keep it more comfortable inside.
Additionally, replacing old siding can also help shore up weak spots that could be entryways for rodents and other pests. Getting rid of these points and covering them can help ensure that you won’t have to deal with any unwelcome visitors.
The Best Improvements for Your Home
When it comes to choosing the best improvement options for your home, keep in mind what will make you happy while living there, while also keeping in mind how it will impact your home’s value overall. If you’re unsure if a project is worth investing in, consider speaking with a contractor to learn more about if it will work for your home. Speaking to a real estate agent can also help give you a better idea of the improvements that are big selling points in your neighborhood.
