8 Home Projects with a High ROI
PS: This numbers is are based on national average and can vary significantly in different areas.
With warmer weather and longer days, summer is the ideal time of year to take on a project in or around your home. Many contractors and other pros often find this time of year a little slower, as many homeowners are waiting until fall to tackle big interior projects, which means that you’ll have an easier time finding the right person for the job.
These eight projects are designed to add value to your home, without breaking the bank at the same time. Tackling them now will make your home more comfortable for the coming months, while ensuring that you can get maximum ROI when the time comes to sell.
1. Fix Window Leaks
Air gap around your windows could be driving your air conditioning bill up higher than it needs to be this summer. Old or leaking windows can cause you to lose as much as 20% of the energy you use to heat and cool your home, which can also make it less comfortable as well.
There are two ways to fix window leaks: installing new replacement windows, or installing weatherstripping around your existing windows. While both will help you save money on your energy bills, replacement windows will also help you recoup about 73.9% ROI at time of resale.
Cost: Weatherstripping your windows costs around $168 on average, while replacement windows cost between $650 and $1,500.
Money Saving Tips: Get an energy audit done on your home before you start replacing windows. You may find that only a few need to be replaced, while the rest can be caulked or weatherstripped to save.
2. Basement Remodel
Remodeling your basement is a great way to increase your existing living space, without the hassle or expense of a major addition. Basements are often cooler in the hot summer months than the rest of the home, so remodeling can help you gain more usable living areas during this time of year. A basement remodel featuring things like waterproofing or french drain installations can also recoup you about 70% at time of resale.
Cost: A full basement remodel including a new bathroom can cost around $50,000. However, waterproofing costs around $5,000, while installing a new set of stairs costs around $1,000 to $2,000.
Money Saving Tips: Simply waterproofing your basement will help make the area livable, allowing you to simply paint the concrete walls and floors, and begin furnishing the room for less.
3. Bathroom Remodel
Bathrooms are among the most frequently used rooms in the home. During the humid summer months, older bathrooms can often become home to things like mold and mildew, which makes now the best time to start remodeling. A bathroom remodel, including all new fixtures, shower, and ceramic tile can recoup you around 64.8% at time of resale, while making your home healthier and more functional at the same time.
Cost: A full scale bathroom remodel costs around $18,000. However, there are many components that can be done for less, such as installing a new bathroom fan to help dry out the room for $350 – $400 or putting in a new mirror for $120 – $150.
Money Saving Tips: Cosmetic updates to an otherwise functional bathroom can save you a lot of money. Simply painting the walls or replacing the sink and faucet can give your bathroom a facelift for less.
4. Add Attic Insulation
Another way to help lower energy costs this summer is to add some insulation to your attic. Most homes are underinsulated, particularly in this area, which can contribute to higher energy costs. Insulating your attic will make your home more comfortable, while saving you money on your AC bill this summer. Best of all, attic insulation recoups a whopping 107% at time of resale.
Cost: The cost to insulate an attic is around $400 for fiberglass insulation.
Money Saving Tips: Purchase the highest R-value you can find for your climate, and you’ll save even more on your energy bills year round.
5. Build a New Deck
Enjoy more time spent outdoors this summer on a new wood deck. Decks increase your usable outdoor space, make entertaining easier, and have a rate of return at around 71.5%. Start this project early in the summer to make the most of your new space before fall.
Cost: The average cost to build a new deck is around $10,630.
Money Saving Tips: If you have an existing deck, consider having it repaired, rather than replacing it. Often pressure washing and staining a deck, while replacing some of the boards can help extend its life.
6. Replace Your Roof
After a long winter filled with ice dams, your roof may be in poor condition and in need of replacement. Don’t wait until summer storms send water pouring in through your ceiling; have your roof taken care of at the start of the season to ensure that it’s in good condition for the rain to come. A new roof will help you recoup about 68.8% at time of resale as well.
Cost: The average cost of a roof replacement is around $6,000.
Money Saving Tips: If the majority of your roof is in good condition, you may want to opt for a partial replacement or roof repair to save money.
7. Replace Your Siding
Siding is just as important as your roof when it comes to both protecting your home from the elements, and to giving it its curb appeal. The nicer weather of the summer makes this the ideal time of year to take care of this important project. Replacing your siding can recoup you as much as 76.4% at time of resale. Replacing your siding can also help you take care of other issues such as rotting fascia, and can improve the appearance of your home at the same time.
Cost: The average cost of replacing your siding is around $7,510 for vinyl siding.
Money Saving Tips: If your siding is in decent condition, consider making repairs to those areas that require it, and painting the entire exterior to give it a fresh look for less.
8. Universal Bathroom Design
Universal design is one of the newest trends that’s recouping costs in a big way. In many cases, universal design costs less than a complete bathroom remodel, but can make your home easier to sell because it appeals to a wider group of people. Take on the project this summer when plumbers aren’t as busy to get the job done faster. This type of project also recoups about 68.4% at time of resale.
Cost: The average cost of universal bathroom design is around $9,000.