Home renovation projects are on the rise. Last year, homeowners spent more money on home improvement projects than they ever have before.
Why?
Because people want to improve their property and raise the value of their home. When it comes time to move, they can get more money from the home than they initially bought it for.
Whether you’re planning to sell now or sometime in the future, raising the value of your home will always pay off.
We’ve put together a quick list of home renovations that’ll give you the best return on investment.
So take a look at these best value home remodeling tips below.
1. Kitchen Upgrades
Your kitchen is the most important room in your home. Whether you spend a lot of time cooking or not, kitchens have become social gathering spots for friends and family alike. It’s also the room many buyers will look at first and have the most concerns about.
Upgrading your kitchen can add more value to your home than any other renovation.
But that doesn’t mean you’ll get a 100% return on investment for your trouble. In fact, the average ROI for kitchen remodels is about 87%. Because of this, a full-scale kitchen remodel might not be the best option when you’re trying to sell.
Focus on smaller, less expensive upgrades instead.
You don’t have to redesign your entire kitchen to add value. Sometimes buying new appliances, refinishing your cabinet doors, or installing new countertops is enough.
Know your neighborhood before you make any changes. While a granite countertop can raise the value of your home in some areas, it can actually hurt other low-value homes.
2. Bathroom Remodels
Coming in just below kitchens, bathrooms are another main selling point of your home. Your bathrooms also take more wear and tear than any other room in your house. So remodeling an out-of-date bathroom is a quick, straightforward way to add value to your home.
What should you replace first?
Do your best to make your bathroom as relaxing, luxurious, and modern as possible. Switch out your plastic tub for a tile shower. Install an under-mount sink instead of a drop-sink. Ditch the overhead lighting and add softer, wall-mounted lighting.
Most importantly, keep it well maintained and clean.
Remove any old caulk around the shower, sink, or toilet and replace it. Re-grout your tile. Keep your appliances clean to prevent any gunk from embedding into their surfaces.
And don’t forget about the mirrors. Make sure there’s even lighting around the mirrors so the reflection isn’t covered in shadows.
3. Repaint Your Walls
Giving your walls a fresh coat of paint can do wonders on your home’s value. In fact, you can get a return on investment of nearly 110% with a new paint job.
How?
Let’s take a closer look.
Most homeowners don’t realize the wear the walls of their home take during the time they live in a home. Old paint might contain scratches, stains, or chips that’ll make the entire space appear worn-down.
A fresh coat of paint fixes those damages.
Make sure you pick a neutral color when you buy your new paint. This will allow buyers to better envision what their life will look like in your home when you’re getting ready to sell.
You might like the look of blue bathroom walls, but your buyers probably won’t.
4. Update Your Curb Appeal
First impressions matter. Interested buyers will make assumptions about your home based on how it looks from the outside. If they don’t like what they see, they might not even step through the front door.
That’s why you shouldn’t forget about the outside of your home.
Just like an interior paint job, repainting the outside of your home can make the value of your house go up. You should also think about replacing your front door. You can pick a bright colored front door to catch people’s attention or a steel door to add better security.
A new garage door will also increase your home value. Make sure the door has better security and insulation than your old one. This can give you a 98% return on investment.
You should also spend some time on your landscaping. Whether you’re selling now or later, keep the lawn mowed, the weeds pulled, and the shrubs trimmed. This will make your property look clean and in good condition.
5. Make Your Home Energy Efficient
If your home was built before the 1980s, there’s a good chance it’s not as energy efficient as it could be. Making your home more efficient can lower your or your buyer’s energy bills.
Here’s how you should start.
Check your insulation, especially in your attic. If it’s old or lacking, install new insulation. If your home has single-pane windows, you might also be losing hundreds of dollars of energy every year. Make the change to double-pane windows instead.
You might also want to upgrade your home’s heating and cooling system. New HVAC systems can up the value of your home and give you a nice return on investment whenever you decide to sell.
6. Install or Refinish Hardwood Floor
Wood flooring is another renovation that can add value to your home. Replacing carpet or another type of flooring with hardwood will attract buyers and give you a high return on investment when you sell.
If you already have hardwood flooring that isn’t in very good condition, you might want to upgrade it with something new.
If your hardwood flooring doesn’t have a lot of damage, simply refinishing it can increase your home’s value during a sale.
7. Increase Your Liveable Square Footage
Adding more liveable square footage to your home will instantly give your house a higher value. But that doesn’t mean you should knock down a wall and attach a new bedroom.
Something major like a new addition might not pay back what you spent to build it.
Instead, focus on the space you already have in your house.
Finish your attic and turn it into a loft bedroom. Hang drywall in your basement and set up a workspace or playroom for the kids. You might even consider building a deck in your backyard.
This will give your home more square footage without requiring an extensive knock-down rebuild type of project.
Best Value Home Remodeling Tips
The best value home remodeling doesn’t have to cost you your savings. Instead, focus on smaller home renovations first. New kitchen appliances or a fresh coat of paint can go a long way.
Are you ready to increase the value of your home?
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