It’s impossible to put a price tag on your family’s quality of life.
Some renovations will make your home more comfortable. You may be looking for a better kitchen. Or, you may want a cozier space to enjoy movies with your family.
But if you are selling, improving your home value may be most important. In that case, you may be most concerned with your return on investment. To accomplish this, you should focus on home improvements that increase value.
These projects may get you the most bang for your buck.
When it comes to improving home value, bigger isn’t necessarily better.
In the home renovation world, not all projects are equal.
That’s according to Remodeling Magazine’s 2019 Cost vs. Value report—which looked at the cost of remodeling projects and their average return on investment.
Doing a midrange kitchen remodel ($66,196) may seem like a solid choice—but you may only recoup 62.1% of your expenses. The same goes for a backyard patio ($56,906), which may return even less.
Luckily, there are more affordable projects with bigger payoffs.
Top ROI Home improvement Projects
If you are preparing to sell your home, you may have limited funds to get it ready for prospective buyers. Rather than breaking the bank on a bathroom remodel or a new roof, consider something smaller.
If you want home improvements that increase value, these eight projects under $20,000 may be worth considering.
1. Replace your front door with steel – $1,826
Replacing your front door and jambs won’t cost a fortune or take a long time to complete. Prospective homebuyers may appreciate a newer, safer entrance. Best of all, you can expect to recoup 74.9% of the cost.
2. Install a new garage door – $3,611
Improving your home’s curb appeal with a new garage door is another solid investment. According to the report, you may recoup almost the entire cost—97.5% of your expenses.
3. Add manufactured stone veneer to your home’s exterior – $8,907
If you are trying to improve the look of your home’s exterior, try adding manufactured stone veneer to the facade. It may catch a prospective home buyer’s eye—and return 94.9% of your investment.
4. Increase the footprint of your front door with fiberglass – $8,994
Are you looking to spice up your entryway? You may improve your grand entrance by reframing the door with fiberglass. It’s a project that may return up to 71.9% of your costs.
5. Add a wood deck – $13,333
Nothing says summer like enjoying a frosty beverage outdoors. Prospective homebuyers may appreciate your new wood deck—which may recoup 75.6% of the money you spent on it.
6. Replace your exterior siding – $16,036
If your home’s siding is looking a little shabby, replacing it could be a good move. It’s an instant upgrade and may recoup 75.6% of your costs for the project.
7. Replace your windows with fiberglass – $16,802
Replacing old, drafty windows with insulated vinyl ones is another worthwhile investment. Sellers report recouping 73.4% of their expenses on the project.
8. Add a composite deck – $19,150
Prospective buyers love attractive outdoor spaces. By adding a composite deck—made from recycled wood fibers and plastic—you may recoup 69.1% of the cost.
Save for your home improvement projects with Twine.
No matter how you slice it, home improvement projects are expensive. Whether you are looking for cosmetic fixes or home improvements that increase value, having a dedicated fund makes it easier to pay for.
By keeping the money separate, you may be less likely to blow it on a last-minute getaway or your new fall wardrobe.
Apps like Twine make joint savings for home renovations a breeze. The money may add up faster than you expect—bringing you one step closer to improving home value.