Are you thinking about a home improvement? It can be hard to decide what is a good investment and what is not. Thankfully, the folks over at the Remodeling website have done the legwork for you. Their site compares the average cost for 36 popular remodeling projects with the value those projects retain at resale. Their data is drawn from 102 U.S. markets, and easily navigable on their site. But before you bounce over there, take a look at this quick break down.
What is a good investment?
Obviously, your first concern is going to be: Will this add to the quality of my life? But somewhere in your decision process you should also consider whether or not you’re going to get a return on your money. Let’s see if we can satisfy both of these criteria.
A bad investment.
When it comes to whether or not a home improvement will add quality to your life, only you can say. But when you look at the raw financial data, there are good investments and there are bad investments. On the bottom of the list are improvements like home office remodel, sunroom addition, bathroom addition, backup power generator and master suite addition. These may add to your quality of life, but they’re not going to give you a very good return on your investment. In the Cleveland area a typical bathroom addition will cost you $40,392. What do you get for your money? Well, besides the fact that you don’t have to wait to get in a bathroom, you will generally add to the value of your home by about $20,392. That’s pretty good, right? Your home is now worth $20,392 more. Yes, but you lost $20,000 in the deal. That is a lot of cash to pay for the convenience of having another bathroom.
A good investment.
What does the Remodeling Cost vs. Value report say is the best value for your home? No matter where you live, a new entry door is the best bang for your buck. In Cleveland it will give you a 86.3% return on your investment! Not only that, a new entry door will add value to your life. Every day when you come home from work you will be greeted by that beautiful entry way, and it will remind you that all your hard work has been worth it. You can’t put a price on that kind of positive reinforcement.
Getting a new entry door is also one of the least expensive ways to improve the value of your home. It even beats out garage door replacement as the most inexpensive home repair on the list.
If you haven’t looked at entry doors recently, take a peek at all of the incredible styles Window Nation has available for your Cleveland home. This is one home improvement that makes sense.