1. Steel front door
Replacing your existing front door with a new steel version is the only home improvement that will pay for itself – and then some. New steel doors have a 102% ROI; in addition to being safer and more secure, a new front door can also improve your home’s curb appeal and help it look more updated and modern.
Although replacing your home’s siding can be pricy – averaging about $10,000 – it can provide as much as an 80% ROI. Upgrading to stone veneers can provide an even bigger ROI; replacing just 300 square feet of siding with stone veneers can cost around $7,000 but has a 90% ROI.
3. Garage door
If your garage faces the street, a new garage door can instantly improve curb appeal and give your home an updated look. In addition, a new, sturdy garage door can help your home feel more secure. Both of these factors give new garage doors an 88% ROI.
4. Minor kitchen remodels
Depending on the state of your existing kitchen and the market your home is in, a minor kitchen remodel can have as much as a 100% ROI. Simple changes such as refinishing cabinets, adding new counters, or replacing older appliances with stainless steel can make a big impact.
However, it should be noted that major kitchen remodels have one of the lowest ROIs. Many homeowners fall prey to outpricing their homes on kitchen remodels; if your home is valued at $200,000, a $50,000 kitchen remodel can price your house out of the local market.
5. Attic bedrooms
Turning an attic into a bedroom has as much as a 73% ROI. However, it is one of the most pricy home improvement projects, averaging more than $50,000. Despite this, the added square footage and additional bedroom can add serious resale value to your home.
When updating your home, it is important to consider the return on investment you will get. These five home elements will give you the biggest ROI while making your home more updated and modern.