Don’t Remodel Your Kitchen; Buy a New Garage Door!January 21, 2016
According to a recent survey by Echo Research, 72% of American homeowners have at least one major home improvement project on their to-do-list. On average, these projects will cost about $4,000.
Of this group, more than 30 million homeowners plan to sell their homes in the coming year. So, the strategy behind home improvements is to enhance the resale value of their homes. What’s interesting, however, is that the projects that get the most attention (and cost the most money) do not necessarily return the greatest resale value.
The web-site Remodeling.HW, recently released an extensive study on the cost/value relationship of major home improvement projects. Here’s something you may not have considered: for a mid-range price home, the home improvement project returning the greatest resale value is: a NEW Replacement Entry Door. Here are the top five, mid-range home improvement projects based on the “cost-recouped” during resale:
- Entry Door Replacement: 96.6%
- Deck Addition (Wood): 87.4%
- Attic Bedroom: 84.3%
- Garage Door Replacement: 83.7%
- Minor Kitchen Remodel: 82.7%
Really, when you consider the importance of “curb appeal” to the resale value of your home, it’s not surprising that Entry Doors and Garage Doors make it into the top five. These are the aspects of your home that make an immediate, visual impact to people who may be house-hunting.
What, you might ask, is at the bottom of the list? A Sunroom Addition, at a projected cost of $73,546, only recoups 51.7% of its value.
The most expensive home improvement project is a Two-Story Addition, which recoups 71.8% of its cost.
When we look at more upscale homes, the story doesn’t change much. The home improvement project that delivers the highest return on investment is a Garage Door Replacement, at 82.9%. Indeed, the garage doors of many high-end homes are distinctive and draw attention to the home.
Clearly, replacing a garage or entry door does not have the sex appeal of a kitchen or master suite remodel. But if you are anxious to move your home, it might be worth considering projects that will add to the curb appeal of your home and deliver the greatest return on investment.