In this article, we have compiled a list of savvy Return on Investment (ROI) projects! These projects are prospected to give you the most return on your investments without crippling your bank account. Here is the countdown of our top 5 affordable projects.
#5 – Front Door Replacement
To kick off the list, the current trend we are seeing the most of in 2019 is a replacement of your front door. But, this is no ordinary replacement. It on average is a 20-gauge steel unit with a clear, dual frame, half glass panel. There are other bells and whistles, but the main goal is to fill the previous listed criteria, and have the door the same color on both sides. The expected return on your investment is 74.9%. If you do not want to completely replace the door, then it would be a stellar idea to at least paint the door to add value and curb appeal.
#4 – Wooden Deck Addition
At number four on the list we have the addition of a wooden deck. A nice 16×20 deck with a few steps to grade and wrap around railing is sure to be an effective addition to your home. It might also be nice to add a built in bench and planter. The deck should be composed of pressure treated wood and arranged in a linear fashion. The benefit of a wooden deck addition is that it doesn’t require any extreme add-ons to gain value. The return on the addition of a wooden deck is 75.6%.
#3 – Minor Kitchen Remodel
The word “minor” is stressed, because if you completely remodel your kitchen on a major scale, then you will not get as much return from your investment. There are many minor projects you can do in your kitchen to enhance its value. You can replace kitchen appliances with sleek and energy efficient new models. You should also replace laminate countertops and install a mid-priced sink and faucet. Finally, you should add new resilient flooring and finish with painting walls, ceiling, and trim. This sprucing up can lead to 80.5% return on your investment.
#2 – Stone Veneer
For this project, you are recommended to remove at least 300-square-feet of vinyl siding from the bottom third of the side of the home facing the street. This project improves the curb appeal of your home and has a national average return of 94.9%!
#1 – Garage Door Replacement
With this upgrade you are expected to receive more than 95.7% of your initial investment or $3,520 on average. However, there is a specific set of criteria you should fulfill in order to get the maximum return on your investment.
This criteria is based upon a 16×7-foot garage door.
- Four-section
- Heavy duty galvanized steel tracks
- Made of high-tensile-strength steel
- 2 coats of factory paint
- Foam insulation with a R-12 minimum
- Thermal seals
- Pinch resistant panels
*All information is according to the Remodeling 2019 Cost vs. Value 2019 Report (www.costvsvalue.com).
