What Improvements Increase the Value of Your Home?
Your home is most likely your largest personal investment. When it comes to home renovations, not all fixes are created equal. Some updates will yield a higher return on your investment and increase the value of your home. There are other repairs that are important and will help your home sell quickly, but won’t increase the sale price. Here are a few of the things that are likely to increase the value of your home and help your home sell quickly.
The heart of the modern home is the kitchen. Most buyers are looking for an updated kitchen. The more open, the better. The sky’s the limit on how much you can spend on a kitchen. However, according to the magazine Remodeling, a minor kitchen remodel yields a higher return than a full redesign. Refacing or repainting cabinets, some new countertops, new appliances, new faucet, and some updated flooring can go a long way on recouping the money spent. An $18,000 renovation can return approximately 83% of the money spent. A major kitchen renovation can cost an estimated $55,000 and only return 74%. Design and layout to the family room is important so if there’s a chance to improve the flow of the room it’s well worth the extra money.
Although it’s not the highest yielding return, bathroom remodels can boost the value of your home. Bathroom remodels are also great renovations because they can be done relatively inexpensively. You don’t necessarily need to rip out the entire bathtub. Regrouting, new faucet, a framed mirror, new lighting fixture, and a few other minor tweaks can give your bathroom an instant facelift. Retailers like Home Depot carry vanity combos for as low as $100. Since the square footage in bathrooms tends to be smaller, replacing the floors can be done quickly and cheaply.
Another big way to increase the value of your home is to add finished square footage to your home. Finishing off an unfinished basement, adding a room in the attic, or building an addition is a quick way to increase your living space and boost your value. If you’re able to go from a two bedroom to a three bedroom home OR a three bedroom to a four bedroom, you’ll definitely see a bump in your investment.
Adding some more living space in the outdoors is also a great way to increase the value of your home. The addition of a deck is one of the highest yielding returns on investment according to Remodeling. A $9500 deck project can boost your resale value by as much as $8300. In our market, the added feature of a screened-in porch is a sought after amenity. Stamped concrete patios are also becoming relatively popular and can be installed rather inexpensively. The average buyer these days looks for a home that offers space for entertaining. An open floor plan on the inside is equally important to having some space on the outside for guests and for family occasions.
Lastly, there are several small updates that can recoup a high percentage of your investment. Topping the charts for the highest yield is replacing your entry door. Other small fixes include replacing your garage doors, replacing some windows, caulking and repainting exterior/interior trim, laying new mulch, minor landscaping additions, repainting rooms, adding insulation, updating some plumbing, removing paneling, removing wallpaper, cleaning your carpets, and more. Anything that can make your home appear fresh and clean will increase the value and produce a quick sale.
When it comes to home improvements, you will have many choices on how to spend your money. Some you will certainly love. And some, you’ll love AND will increase the value of your home. If you have to make a choice on which renovation to tackle next, consider some of the previously mentioned updates. Be sure to keep your resale value in mind before undergoing any major project. It’s likely your largest single investment, so choose wisely. For other tips on simple DIY projects, be sure to check out our DIY Improvement section.