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Perhaps the biggest benefit of owning your own home is that you can finally update it to your heart’s content. You no longer have to seek permission to paint the walls, or find workarounds for dated appliances. Every decision is now yours to make, literally down to the studs.
But if there’s a guardrail for this freedom, it’s your budget. After all, buying a home is expensive enough, so it’s wise to make improvements that will likely bolster your bottom line. It’s not always easy to know what will make that happen, though, which is why your best bet is to count on advice from the National Association of Realtors.
According to a new report released by this association and its research group, the project most likely to recover its full cost is installing a heavy duty front door—so much so that the upgrade ends up being free. “The highest percentage cost recovered on a project was 100% for a new steel door,” the report says. This calculation is based on the estimated value each undertaking would add to the house at resale, and steel doors are heralded for increasing a home’s safety with less maintenance and more durability than alternatives. So they might be worth looking into this spring, along with curb-appeal additions like fresh house numbers and a porch light. (Couldn’t hurt.)
Curious about which tasks were the runners-up? Completing a closet renovation scored the second spot at 83 percent of the initial cost, followed by a fiberglass front door at 80 percent. Other upgrades on the list included fresh vinyl or wood windows, converting a basement or attic into a living area, and wrapping up a kitchen overhaul. By the looks of it, focusing on a front door may be the most straightforward project with the most surefire reward. And if you plan on writing your to-do based this report’s findings, you’ll have the dual benefit of making a choice that appeals to your style and bottom line.
