One thing any homeowner looks for when considering a home improvement project is the potential return on investment. A high ROI increases the value of the project by giving a boost to the home’s value overall. Of course, that’s not to say that ROI should be the deciding factor in whether or not you choose to undertake a home improvement project. The deciding factor should be whether the project improves your quality of life in your home. Still, a high ROI is a nice bonus. With this in mind, here are a few home improvement projects that consistently have a great ROI.
Three Home Improvement Projects with a Great ROI
Front Door Replacement
This simple project has an amazing 98% ROI. The front door gets a lot of attention as the entry point to your home, so replacing an old door with a nice new steel door brings a big boost to your curb appeal. Steel doors are safer than wood doors, and they also reduce energy loss to the outside, which improves the energy efficiency of your home. At an average cost of $1,200, this project won’t break the bank either.
Replacing old siding is another project with a big potential for ROI. The actual return will vary based on what kind of siding you install. Here are the ROI figures for the three main home siding materials.
New Fiber Cement Siding – 83.9%
New Vinyl Siding (Midrange) – 81.5%
New Foam-Backed Vinyl Siding – 79.5%
While fiber cement siding has a slightly higher potential for return on investment, homeowners’ perceptions of quality siding actually favor vinyl over fiber cement. The quality of vinyl siding has improved dramatically even in just the last 10 years, which means it’s definitely worth it to replace any siding older than that.
Minor Kitchen Remodel
Americans love remodeling their kitchens. In fact, over the past decade, “homeowners have spent more on kitchen remodeling than any other home improvement category.”
A minor kitchen remodel (one that costs around $20,000) has an average return of 81.8%. Minor kitchen remodels have consistently had higher returns than high-end kitchen remodels, which makes this home improvement project ideal for many homeowners. With the amount of use the kitchen gets in a home, it’s well worth it to remodel this space if for nothing more than to improve your quality of life. The great ROI is a nice bonus.
Pay Off Your Bills and Remodel Your Home Today
Are you thinking about remodeling your kitchen or installing new siding? Are unpaid bills and debts preventing you from doing the home improvement projects you need? With a loan from Your Project Loan, you can pay off your bills and tackle home improvement projects at the same time! It has never been easier to take on your debt and home improvement projects with just one loan. Contact us today or fill out a simple 60-second loan application to learn more!