Home Improvements That Add The Most Value
When we’re talking about real estate, a home’s condition can generally be categorized into one of four categories: poor, fair, good, and excellent. Often before people get ready to sell their house they ask themselves: “Should I make the condition of my home into ‘good’ condition?” and “What will this update do in terms of value to my house?”.
Even if moving isn’t in the immediate future for you, many home improvements do indeed have an impact on the value of your house. The harsh reality is that not every single home improvement will increase the value of your house.
Sometimes the value that you gain from the home improvements won’t even cover the full cost of making those improvements. Talk about a bad investment! However, in some cases, home improvements can be a great investment and will increase the value of your home drastically.
With a little help from our expert real estate agents, we were able to come up with a list of fairly easy home improvements that can improve the value of your home, so that when it comes time to sell your house, you can be sure to get the most money for your house.
Remodel your kitchen
The first home improvement that you can do is a minor kitchen remodel. The kitchen is considered the “heart” of the home and is oftentimes where gatherings are held. Aside from that (besides the bedroom) it’s where many people spend the most time in their home.
The average cost of a minor kitchen remodel is around $20,000 and you can expect to cover around 75% of this cost on the selling of your house. A great example of a minor kitchen remodel is a fresh coat of paint. Other great projects can include replacing dated cabinets with updated ones and adding recessed lighting to your countertops.
In addition to that, small inexpensive updates such as new knobs on drawers, faucets, and drawer handles can have a big impact on the heart of your house.
Upgrade your bathroom
A mid-range bathroom remodel can allow many investors to recoup nearly 64% of their investment when it comes time to sell your house Much like the kitchen, you can give your bathroom a nice facelift just by replacing some of the fixtures.
Simple things like swapping out the faucet, vanity lights, a new coat of paint, and replacing old shower doors will typically do the trick. To make your bathroom more efficient you can even replace your old toilet with a new one that uses less water.
If your house only has one bathroom it might not be a bad idea to add a second bathroom somewhere in the house. A second bath or half-bath will not only improve the interior of your house but also increase the value of a home.
Many families view more bathrooms as a major plus when searching for a new home. You could even consider converting an unused space such as a walk-in closet, an area under the staircase, or an old laundry room into another bathroom.
Remodel an existing space or add square footage
If you find yourself with a little bit of extra money and time, it’s never a bad idea to add more square footage to your house, especially if you can do it without undergoing a massive construction project. Finishing unused areas of your house such as the attic or the basement and turning them into an entertainment area, a bar, or even an extra bedroom can drastically increase the value of your home.
Another idea is converting a walk-in closet into an at-home workspace. Aside from the fact that this remodeling will surely add value to your house, if you decide to stay for another couple of years you will be able to reap the benefits of this remodel. Your family will be able to enjoy the new and improved area of your house.
Upgrade your windows
Nothing can turn off a buyer more nowadays than old, outdated, single-pane windows, especially if energy efficiency is in the mind of those home buyers. This could be one of the reasons that installing bigger double-paned windows with insulated low-emissivity vinyl recover around 70% of their investment.
Windows with this insulation help keep the temperature of the home more consistent by reflecting the interior temperatures to the inside of the house. Whereas windows without this insulation tend to let the temperature house seep through the window, not only increasing the amount of heat or air you use but costing you more money in the process.
Patio, deck, or porch additions
From the events that have happened in the last year, many homeowners are realizing that they like spending time at home and want to improve their at-home experience. When the weather is nice, many homeowners like to enjoy their yard and be outside. Having plenty of yard space has become ideal as we continue our lives under the new-normal.
Adding a deck, patio, or porch to your house can drastically increase the value of your home. The average cost to add a deck to your house can range anywhere from $14,000 to around $20,000 and most people recoup 72% of this investment when you sell your house. If your house already has a deck, consider doing a simple facelift. Adding a new coat of paint, putting small fixtures on the deck, or even small furniture can make your deck much more attractive.
Front door replacement
Replacing your front door with a nice new door can have one of the best returns on investment. Old doors that let in hot and cold air can be a massive turn-off to potential buyers. New steel door replacements can cost more than $2,000, but often recoup nearly 70% of their value when it comes time to sell your house. The new door can help save the new buyers of the house money, energy, and time in maintenance. For a one-day project, this investment could be well worth your time.
Replace your garage door
Speaking of doors, garage door replacements nearly pay for themselves. Many garage door replacements will recoup nearly 95% of their investment when you got to sell your house. New garage doors can make a good first impression on homebuyers, it will improve security, and help improve your home's curb appeal.
Replace the roof
This project might be a little bit bigger and cost a little bit more money. No, a roof replacement is not a show stopper such as a new kitchen or newly updated master bathroom, but a new roof oftentimes recoups around 65% of the investment when you sell your house.
Homebuyers will appreciate a new room as it means that they should be free of replacing the door again for quite some time. It’s especially a good idea to replace your room if it is leaking, crooked, or nearing the end of its lifespan. Not taking care of these relatively easy fixes can severely damage the value of your house.
Add some stone veneer
Installing some manufactured stone veneer doesn’t only make your home more beautiful and stand out, but it also increases the value of your home. The average cost of this update will run you around $10,000 but recovers as much as 96% when you sell your home.
Not only is this a great improvement to your home, but it’s also extremely versatile. You can add stone veneer to multiple different places of your house such as the front porch, around the fireplace, or even in the kitchen or bathroom.
Minor fixes like paint and replacing fixtures
Never underestimate the power of making some basic updates to boost the value of your home. A lot of these projects will be small and inexpensive. Examples can include touching up on chipped or cracked paint jobs, removing mold and dirt, painting your front door, replacing handles and knobs on doors, and even something like replacing your mailbox can add significant value to your home when you decide to sell it. These can help to keep your home in tip-top shape, and show homebuyers that you have a safe and well-maintained home.
The bottom line is this…
At the end of the day, kitchen and bathroom remodels have been proved to be two of the best investments that you can make to improve the appeal and value of your home.
That’s not to say that you shouldn’t take on any of these other home improvements, because if you can, you definitely should. If you have any questions about which of these home improvements would be best for the area that you live in, speak to one of our agents.
They might even have ideas that didn’t make this list but will still add value to your home when you sell it.
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