10 Renovations Guaranteed To Increase Your Home's Value
Property value just isn't what it used to be, and because of this, many homeowners are now looking at effective ways of increasing their home's value without breaking the bank.
Now, there are certain home renovations which you can take on without forking out large amounts and which would still be worth it once you decide to sell. A well thought out home renovation, when the day comes, will allow you to capitalize on the sale of your house.
Here we investigate various home renovations to find out which projects had the highest value for money.
How To Get The Best Return on Investment (ROI)
1. Entrance Ways and Doors
Never underestimate the importance of a home's front door. Your entranceway and front door is their first view of what your home represents on the inside.
Remember, if you want to impress guests, most people already make up their mind within the first 7 seconds of seeing your home.
A new front door will really transform the look and feel of a home's exterior. But besides adding curb appeal, it's a low-cost project offering up to 75% return on investment. Steel doors are one of the best options, and the latest door designs can also improve a home's energy efficiency.
Painting the exterior and interior of your home is considered a basic home renovation. A fresh paint job, however, shows the home has been well maintained and looked after.
Modern colors will show off the home much to your advantage, but keep in mind that bolder colors aren't for everyone. Try sticking to neutral colors as they are flexible, subtle, and stylish. Painting the exterior of your home can offer anywhere between 50 - 100% ROI.
3. Energy Efficient Windows
How often have you considered new window installation or replacing the old ones with energy saving windows? In this day and age, energy efficient homes are on the radar.
Those old single pane windows with multiple layers of paint need to go; drafty old windows aren't going to hold any value when you decide to sell. Installing energy efficient windows will see a 60% - 90% ROI. And according to Energy Star, you can save up to $465 a year on energy costs annually. One of the biggest benefits includes a 10% green energy tax credit once you upgrade and some states and utilities may even offer additional credits!
4. Decks and Patios
Deck building and patios have always been popular, but these type of home renovations are on the rise. If you want to upgrade the exterior of your home, look no further. You could get almost 100% return on investment when you install a deck or patio on your property. A properly designed and installed deck can be a real eye catcher and can really dress up your outdoor area. If it's completed by a professional contractor, and built with the right materials, it will last for years to come. This home addition increases living space and is a relatively low-cost home renovation.
Flooring is an important piece of any home and can make a world of difference once you spend some time on them. Always choose a floor that won't clash with furniture or further home upgrades.
Did you know that 95% of real estate professionals will recommend renovating your floors before trying to sell a home?
You don't necessarily have to replace the entire floor, but broken tiles, floor boards, and old carpeting will require your attention. Engineered hardwood floors offer arguably the best value for money option available on the market today.
Lighting has become the number one 'bang for your buck' home renovation choice. for very little effort or money, you can create a massive impact. From skylights and sun tubes to the basic dimmer switch, installing new lighting will enhance the appeal of your home and, with the right placement, allow you to create the mood you want in the home. Install new lighting or add to your current ones for an instant makeover.
7. Basement Remodel
If you want to add more living space to your home why not consider a basement remodel. Why build a home addition, which can cost thousands of dollars, when you can simply remodel, save money, and convert your basement into a new living space?
Think about how you want to use the room before you begin demolishing walls. A basement with a high ceiling is a great games or living room. Create a versatile area for potential home buyers in the future that, according to Remodel Magazine's annual survey, offers a 70.4% ROI.
8. Garage Door
A new garage addition will cost thousands of dollars and could only have a 62% ROI. However, expect a 91% ROI when you install a new garage door, according to the same annual cost vs value report.
Building a new garage is not one of the best options unless you plan on staying in your home for a while. A new garage door replacement, on the other hand, is always a good option. It's relatively cheap and adds a much-needed facelift to the home's curb appeal.
9. Kitchen Remodel
The kitchen is the heart of the home and one of the first rooms that potential buyers will inspect. Updates will really pay off but small kitchen remodels offer the best value for money with an 83% ROI. For a larger kitchen remodel, expect around a 65%.
Consider refacing cabinets and painting for a lower cost effective update. Replace cupboard handles, flooring, and countertops in the kitchen as well as updating the lighting. It's important to note that the kitchen should never look fancier than the rest of the home or neighborhood.
10. Bathroom Addition or Remodel
If your home only has one bathroom, adding another one can recover a large amount of your investment. A new bathroom addition can have a 56% ROI. Like most projects, the cost of a bathroom addition will depend on the type of bathroom you create and the accessories you plan on using. Apart from the kitchen, bathrooms are one of the most important rooms you can remodel. A bathroom remodeling project will recover roughly 66% return on investment.
Bathroom floors can be easily recovered with vinyl tile or sheeting. Mangy bathtubs and showers can be brought back to life with some new grouting and tile. New shower surrounds are generally cheaper than retiling or refinishing a worn out bathtub but will need to be installed by a contractor.
Why Should I Hire a Professional Home Renovation Contractor?
Having a professional home renovation contractor visit your home will provide you with valuable insight before you begin your project. Local room designers, architects, and general contractors can all assist you with their hands-on knowledge and experience.
They know what future home buyers look for and what upgrades and materials will hold the most value. In the long run, a professional contractor will save you money.
Get a Free Local Estimate
Are considering some renovation work? Would you like to start comparing estimates on the cost of your particular project?
Simply enter your ZIP in the form provided below. This will help you connect with selected local contractors who will be happy to personally visit your home and offer you an absolutely FREE estimate on the cost of your unique renovation.