Your home is a major investment of your time and money. Most likely, you’re going to want to make a few changes while you own it. Some projects you’ll do because they improve your lifestyle. Other projects you do because they improve your home’s value. Here are some of the best home improvement projects for the money.
Best Home Improvement Projects for the Money
Replace the Roof
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Does your roof look a little worse for wear? Replacing it costs about $7500 on average. But your ROI runs around 109%, making it the best home improvement project you can do. As time goes on, however, that ROI lessens (due to wear and tear on the roof itself). Whether you plan on selling your Westfield home soon or want to live there indefinitely, you need a good roof over your head to protect you from the elements. So, this is always a good investment.
Plant Some Trees
Trees provide shade in the summer and protection against harsh winter weather. They also help the environment and make your Westfield home look more appealing. But did you know that they’re one of the best home improvement projects you can find? At 100% ROI, they’re well worth the investment. Be careful with which trees you plant. Keep them far enough from the house so that the roots don’t hurt your foundation. Consult with professionals at your local nursery to find out which trees work best and where to plant them.
Wood Flooring
Another one of the best home improvement projects Westfield homeowners should consider is replacing your old flooring with new wood floors. Carpet in the bedrooms and tile in the bathrooms is fine. But today’s home buyers want to see beautiful hardwood floors everywhere else. The cost of materials and installation runs around $10-$15 per square foot. However, your ROI comes in at 91%. If your home currently features hardwood floors that look a little worn out, save some money by refinishing them instead of replacing them. That bumps your ROI up to 100%.
Replace the Garage Door
One of the most underlooked home improvement projects that offers an excellent ROI (87%) is replacing the garage door. Not only is it a minimal cost to install (around $2300 on average), it takes a short amount of time to complete and can totally change the look of your home right away. This also becomes an energy efficient feature when you install an insulated garage door.
Add an Outdoor Kitchen
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Do you love your summer barbecues? Many people do. Another one of the best home improvement projects for the money is adding an outdoor kitchen/grilling station. A $14,000 investment offers a 71% ROI. Charcoal or gas grills cost less than an electric grill. If you keep your outdoor kitchen near your indoor kitchen, you can use the plumbing from there instead of running it out to an area further away. This helps reduce costs and increase your ROI.
Basement Conversion
Basements are very popular here in the Westfield real estate market. They create extra living space. You get to mold it to fit with your family’s lifestyle. As far as being one of the best home improvement projects for the money? Not so much. The cost to finish your basement and convert it into usable space runs around $40,000. If you plan on adding a bathroom or wet bar, you’re looking at much more. The ROI comes in at around 63%. So, if you want to do this, go ahead. Get creative. Just don’t expect to recoup all your costs when you sell your home.
Indoor Kitchen Remodel
One of the most popular home improvement projects actually offers the least ROI (62%) out of all the projects on my list. On average, you’re looking at around $65,000 to completely overhaul an outdated kitchen. Even so, if you want to sell your property in today’s Westfield luxury market, you’re going to need to bring your kitchen up to date. One way to keep remodeling costs to a minimum is to keep the same footprint as the original kitchen, ie, don’t move the plumbing or electrical. If your cabinets are in good shape, sand them down and refinish them instead of replacing them with new ones. Doing the demo work and painting yourself also shaves some money off the costs of remodeling.
Scott Gleason, CRS at RE/MAX Select, Luxury Homes