When the economy is as troubled as it is today, some homeowners are wary about doing home renovations. However, there are items that can be done where you can still get a return on your money. There is a significant decline in value over the past year. In past years a steel entry door would have increased your home value 102 percent of the cost, while in today’s market it only increases it 73 percent. Your dollar spent is only returning approximately 58 cents of value, down from 70 cents in 2007. While you won’t recoup all of the cost, here are some of the top four home renovations, according to value, that a homeowner can do.
Add A Deck
Improving your home by adding a wood deck to the property will cost the homeowner approximately $10,000. It will add about 70 percent value, for a return of $7,000. Decks are well loved by home shoppers and adding one to a house that currently doesn’t have a deck is a great source of value for the market.
Replace Two Specific Doors
Replacing the front door of your home with a steel door in the midrange of pricing, approximately $1,200, will return about 73 percent value for a total return of $900. In addition, replacing the garage door will cost you about $1,500 but will give you a return of $1,000, for a net value of 72 percent.
Remodeling a kitchen is a great choice for home renovations. Costing approximately $20,000 to do, remodeling a kitchen adds 72 percent value for a return of around $14,000. Remodeling a bathroom could be approximately $16,500 to do, but with a 62 percent return will net you $10,200 in value.
Completely Redo Two Areas
Take that attic that is just being a storage area and turn it into a bedroom. Doing so will not only boost your home’s selling power by adding a bedroom, but there is a good return on this investment. For approximately $50,000, you are recouping 72.5 percent for a $36,000 return. Additionally, finishing out a basement will cost nearly $63,000, but will give you 66.8 percent return for your money, or $42,000 in value.
Additional ways to help out on the return is to find less expensive parts, material, and labor. A do-it-yourself handyman may increase the return rate, as the above prices have professional labor factored in. Consider all the options and choose the home renovations that are right for you and your family.