When owning a home, it’s normal to feel like there’s always work to be done. However, as you hire individuals to repaint walls, renovate cabinets or update furniture, you’ll soon realize most projects come with a hefty price tag. Sure, chances are when you’re ready to sell your home your renovations will increase the overall worth of your house, but what if you completed the projects yourself? Studies show that completing certain DIY projects, rather than seeking to contract, can produce the highest return on investment. So, here are the top five home DIY projects which produce the highest return on investment.
1. Entry Door Replacement – 98% ROI
Want a project which will not only provide you with a great return on interest, but also spark your curb appeal? Consider replacing your front door with a steel replacement. With the highest return based on this year’s “Cost vs. Value Report”, other benefits to this project include its built-in energy upgrade and the fact that it requires little to no maintenance after completion. This renovation is doable in a matter of hours, or over the span of a weekend.
2. Siding Replacement (fiber-cement) – 83.9% ROI
You can also enhance your curb appeal by updating your siding to a fiber-cement-base. This can help to prevent your home from suffering a home value loss of up to 10%. Fiber-cement is a building material which combines cement, sand and cellulous fiber to imitate the appearance of wood. What’s great in particular about fiber-cement siding is that is versatile in its design, provides dimensional tolerances and stability, possesses warranty benefits and can be painted. However, fiber-cement siding does tend to be more expensive to purchase than traditional siding.
3. Minor Kitchen Remodel (midrange) – 81.8% ROI
One of the most utilized rooms in the home, the kitchen is a space always up for a remodel. However, a remodel costing thousands of dollars may not be necessary. Many individuals chose to break up their kitchen renovation project into smaller, more feasible parts at a time. For example, simply replacing the knobs on cabinets, painting the cabinets, adding a backsplash, installing new light fixtures or adding an island can dramatically enhance a kitchen’s aesthetics. In addition, replacing older laminate countertops with newer ones will add energy-efficient technology, bringing that particular return investment to around 70%.
4. Siding replacement (vinyl – midrange) – 81.5% ROI
Again, replacing old siding with new, more energy efficient siding can make a huge visual difference to one’s home. The benefit of vinyl specifically is that it can save you around 5.5% energy over a two-year period, according to technical analysis firm, Newport Ventures. And today, energy efficiency is the second most sought after characteristic of any home. Along with being sustainable, home owners chose vinyl siding for its maintainability, affordability, installability and durability. According to the Vinyl Siding Institute, vinyl siding is also one of the few materials which complies with the stringent National Fire Protection Association (NFPA) requirements for insulating electrical and data transmission cables.
5. Garage Door Replacement (midrange) – 80.7% ROI
Although updating a garage door can cost around $1,600, the affects it has on curb appeal is limitless! Choosing the right style of door can also benefit one’s home energy efficiency while providing better durability and a more finished interior design. Typical garage doors come in a variety of different aluminum, wood and steel displays. When deciding which style is right for you and your home, consider the style you are aiming to achieve and your desired usability.
We hope you can use these project insights next time you decide to embark on a home renovation! Remember, determining how to best remodel, not only to suit your needs, but also to plan for the best return on interest, can help save you money in the long run! Although the Pinterest-style, more dramatic home renovations are both expensive and often unrealistic, these smaller-scale projects are all manageable with the right materials and preparation. Now, get planning and start the path to your best home!