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Home Projects that Pay Off

January 5, 2011

Which home improvements will recoup the most money when it is time to resell is a common topic in the real estate world.  Historically, the answer is always kitchen and bath upgrades.  There is reasons for this, buyers want clean, updated kitchens and bathrooms.  Simple as that.  However, kitchen and bath remodels are costly and time consuming.  I was looking at this month’s Realtor Magazine this morning and was surprised to see that in their list of top 5 upgrades to make, the kitchen was listed as number four and the bathroom didn’t even make the list.  What was number one?  Replacing your front door.  And number two was replacing the garage door.  Both are relatively inexpensive and both (based on national averages) will recoup all or almost all of the original cost.  Curb appeal matters.  Here’s the thing, though.  Just throwing a new door on the house isn’t enough.  It has to look good.  Which means you have to do more than go down to Home Depot and pick the first door you see.  Take the time to  research the right style of door for your house and neighborhood.  There is no need to go too foofy either.  A basic, tasteful, steel door painted in a complimentary color to your home is just right. 

So without further ado, here are the numbers, courtesy of Realtor magazine:

Top 5 upgrades:

1. Replace Entry Door: Cost $1,218, Resale Value $1,243, Recoup 102.1%

2. Replace Garage Door: Cost $1,291, Resale Value $1,083, Recoup 83.9%

3. Replace Siding: Cost $13,382, Resale Value $10,707, Recoup 80%

4. Minor Kitchen Remodel: Cost $21,695, Resale Value $15,790, Recoup 72.8%

5. Deck Addition: Cost %10,973, Resale Value $7,986, Recoup 72.8%

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