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With the rising cost of just about everything, homeowners look to make smarter choices in improving their homes, especially if they plan on selling it soon. While installing a pool sounds like a great way to increase your home’s value, it actually offers one of the lowest ROIs of any project. Truth be told, most home improvement projects cost more than they actually receive in return. However, the following projects give you a 100+% return on your investment.
Home Improvement Projects with the Best ROI
#4 – New Entry Door
Coming in at #4 for ROI, experts suggest replacing your entry door with a new, stronger steel door. According to the 2023 Cost vs. Value Report conducted by Zonda Media, the average cost to install a brand new, quality steel door runs about $2214. But upon sale, homeowners can expect to receive $2235. That provides a 101% return on investment.
#3 – Update Siding
If your Southern California home actually has siding on it that looks worse for wear, you definitely need to replace it. But for the best ROI, replace that typical siding with manufactured stone veneer. The average cost of replacement runs about $10,925. However, it raises the value of your property when you sell it to $11,177. That is over 102% ROI.
#2 – Replace the Garage Door
This may come as a surprise to some, but it shouldn’t. After all, the garage door takes up a large portion of a home’s facade. The simple act of replacing this one thing creates a massive change in your home’s appearance as well as its curb appeal. In fact, this was one of the areas I suggest that homeowners focus on when they want to make any upgrades. On average, garage door replacement costs just over $4300. However, its value rises to $4418 when you sell your home. That means an almost 103% return on your investment.
#1 – Updating Your HVAC System to Electric
Home buyers continually look to decrease their carbon footprint and increase their home’s energy efficiency. Converting a natural gas-fueled HVAC system to an electrical one is becoming more and more in demand. But changing the HVAC to an electric heat pump comes at a cost. While #1 in ROI (at 103.5% on average), this also tends to be the most expensive. On average, it costs homeowners $17,747 to change over from fossil-fueled heating and air to an electric system. In turn, this increases your value to $18,366 during the sale of your home.
Some of these home improvement projects seem a little more budget-friendly than others. But they all recoup their costs and then some when you go to sell your Southern California home. So they are well worth the investment. When you are ready to put your property on the market, please make sure to contact me.
Muna Dionne, your Inland Empire specialist with Coldwell Banker Realty
