Like many of us, you may find yourself at home for long periods of time due to the pandemic. How can you make that time count by adding value to your house or condominium?
This article is going to show you some home improvement projects that cost less than $10,000 each that will increase the value of your residence.
The calculations come from home improvement site Remodeling's 2020 Cost vs. Value report, which lists the renovations along with the resale value and how much of your expense you can recoup.
These Home Improvements Add the Most Value for Less Than $10,000
1. Garage Door Replacement
Since 2015, homeowners who chose to replace their garage doors have seen solid returns when they sold their houses.
- Job cost: $3,695
- Resale value: $3,491
- Cost recouped: 94.5%
2. Manufactured Stone Veneer
If you’re thinking of removing vinyl siding from the facade of your home and putting a stone veneer there instead, you’ll get back nearly all of what you paid, according to figures in the report. The figures below apply to replacing the bottom third of a home’s facade.
- Job cost: $9,357
- Resale value: $8,943
- Cost recouped: 95.6%
3. Entry Door Replacement (Steel)
Replacing an entry door with a new 20-gauge steel one could be a good move, according to the survey.
- Job cost: $1,881
- Resale value: $1,294
- Cost recouped: 68.8%
4. Grand Entrance
For an upscale home, widening the grand entrance to include a door with sidelights has consistently added value for homeowners who have had it done over the past five years.
- Job cost: $9,254
- Resale value: $4,930
- Cost recouped: 53.3%
See the full 2020 Cost vs. Value report for more home improvement options.
Money expert Clark Howard says home renovation projects are well and good, but you shouldn’t bust your bank account to upgrade your home. However, that doesn’t mean you should forgo needed repairs.
"The actual house itself — the structure — requires continual tender loving care, maintenance and repair," he says.
Clark says you should always set aside some money to take care of things that need to be fixed around the house. Here's how to create a home fix-it fund.
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