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Home renovations can be small or large, and the value they add to your home could be dramatically positive or negative. Here are four renovation ideas that will add the most value to your home.
Updates to Market Standards
Updating a bathroom to make it more accessible, environmentally friendly, and contain new fixtures has a positive ROI. Implementing universal design elements like showers you can simply walk into are worth doing.
Updating a kitchen by replacing the appliances with modern ones has a nearly hundred percent return on the investment since the new appliances are more efficient and provide the features people want. However, putting a chef grade kitchen in a small home is a waste of money since it is excessive compared to what home buyers expect. Use sites like housingpredictor.com to figure out what type of home renovations have the greatest payoff.
A Finished Basement
One nearly certain way to add value to your home is to add to the livable space. Raising the roof is expensive, while a cramped attic bedroom isn’t attractive to most home buyers. Pouring new slab and building new walls is expensive. Finishing an existing basement, probably improving insulation, wiring, and drainage is, in contrast, quite cheap. For this reason, a finished basement adds significant value to your home at relatively little cost, giving you a high return on the investment for the project.
Make sure the new space is generally used either as a living room or bedrooms. A separate living suite, especially one you can rent out as a mortgage helper, has a high return on investment. Conversely, creating very specific rooms like an office or craft room won’t have as broad an appeal and hurt the value of the project.
A Better First Impression
Replacing your worn front door with a solid steel entry door raises the value of your home at least by the value of the door. Don’t forget to repair the door frame if it is damaged or worn; any apparent damage from insects or a prior break-in will hurt the value of your home.
Another renovation to consider is replacing the garage door. Garage doors with windows are a popular amenity; they are so hot that some people are painting fake windows on the door to look more upscale. A new garage door that is sturdier, insulated, and lets light into the garage has a roughly 100% return on the investment.
Practical Improvements that Save Money
While home renovation shows tend to focus on making the inside and outside of the home look brand new like ripping out the kitchen and bathroom and installing new ones, home buyers appreciate changes that will save them money. This is why adding fiberglass attic insulation has a high return on the investment since everyone appreciates lower heating bills. Replacing old single pane windows with double or triple pane windows is a worthwhile project. If you replace an aging furnace or HVAC system, you’ll see a high return on the project because buyers like knowing that the equipment isn’t going to need repair or replacement.
These home remodeling ideas are a great way to add thousands of dollars to your property’s value.
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