Renovations are always worthwhile, whether you are preparing your home to sell or turning it into your dream home. One of the main concerns for homeowners when deciding what to change in their home is whether the changes will add value to their home and secure them a return on their investment. Here are 10 home improvements that will increase the value of your home.
1. Minor Kitchen Remodel
Kitchens are an important selling feature for buyers when shopping for a new home. The kitchen is one of the best places to spend your renovation budget, as long as you don’t go overboard.
Kitchen remodels vary from major renovations that leave you with a brand new kitchen, to minor remodels that give you the best version of your current kitchen.
To get the most return on your investment, opt for a minor kitchen remodel. This could include refacing cabinets, replacing countertops, changing the faucets, updating appliances, and more. While a major kitchen renovation will still add significant value to your home, it will cost much more and you will likely recoup less of the investment than you will with a minor kitchen remodel.
2. Flooring Upgrades
According to the National Association of Realtors, adding hardwood floors to your home might be one of the best investments you can make in your home since the average homeowner recoups 106% of the cost. The durability and visual appeal of hardwood flooring make it a selling feature for buyers. Swapping out your carpet or old flooring for hardwood floors will add significant value to your home. If you have existing hardwood floors, you can add value by refinishing them.
3. Insulation Upgrade
If the insulation in your home is due for an upgrade, this can be a great way to increase the value of your home. New insulation will allow for increased energy efficiency and will save you money in the long run. On average, the homeowner recovers 83% of the costs associated with insulation upgrades, according to the National Association of Realtors.
4. Updated HVAC System
Another way to improve the energy efficiency in your home is to replace your HVAC system. This can lead to lower energy bills, a more comfortable home, and increased house value! On average, homeowners get back 85% of the project’s cost when they sell their homes.
5. Window Replacement
To continue the topic of how you can increase energy efficiency in the home, let’s talk about windows. Windows have a great effect on the climate of your home. New windows improve energy efficiency, saving you money on utility bills and according to the National Association of Realtors, homeowners recoup 70% of the cost of new vinyl windows.
6. Siding Replacement
If you want to turn heads and up the curb appeal of your home, you should spend your renovation budget on the exterior. Upgrading your existing siding to a more durable option like fibre-cement siding or stone veneer will look good and increase your home’s value. Although stone veneer is initially costly, the average homeowner recoups 95% of the expense according to the National Association of Realtors.
7. New Roofing
Another home improvement project that will add curb appeal to your home is a new roof. Your roof is critical for protecting your home from outside elements and it can also affect the entire look of a home. If your roof is nearing the end of its useful lifespan, replacing it might be the best way to spend your home improvement budget. A new roof adds significant value to your home and is a major selling factor in the eyes of buyers.
8. New front door
The front door is often the focal point of the home’s exterior. Changing the front door can dramatically change the appearance of the home. According to the National Association of Realtors, if you upgrade the front door simply for visual appeal, you are likely to recoup 75% of that cost in added value. That return on investment is even greater if your current door is outdated, in rough shape, or not functioning properly.
9. New garage door
Similar to the front door, the garage door can also change the whole look of the home. Swapping an old garage door for a new, upscale one adds immense value to the home and homeowners can expect to recoup almost all of this expense upon the sale of their home. High-quality garage doors can make the home much more attractive and appealing to buyers.
10. Deck addition
One of the elements that are critical to a home’s value is the backyard or outdoor space. Adding a deck is a great way to add value to your home and make it more appealing to buyers. On average, traditional wood decks have a higher ROI than the more expensive composite decks.
Whether you are getting your home ready to put up for sale or renovating to stay, home improvements are always a good idea. This list of 10 home improvements is sure to add value to your home. When you are ready to increase the value of your home or if you want to know other beneficial ways to utilize your renovation budget, contact us!