You’re ready to make the renovations you’ve planned for your home. It’s exciting to think about how much you’ll enjoy these changes once they’re done. But before you get started, you also want to make sure the money you spend on upgrades may improve your home’s value.
Here are six popular home renovation ideas that may add value to your home — and increase your chances for a higher selling price down the road.
Renovation #1: Improve your curb appeal.
One of the quickest ways to add value to your home is to improve your curb appeal. According to the Remodeling 2018 Cost vs. Value Report (www.costvsvalue.com),i the following are some of the best options to consider in this area:
- Install a new garage door.
- Replace the vinyl siding on your house with manufactured stone veneer, which is a big aesthetic improvement to your home.
- Replace your front door.
- Add basic landscaping such as grass seed, flowers, plants, and bushes to give a pleasing and inviting entrance to your home
Renovation #2: Add a wood deck.
One of the many reasons people buy a home is to have a yard. Adding a deck (if feasible) may not only increase the value of your home, but allow you to provide a relaxing and inviting place for friends and family to relax. You can either build the deck yourself or hire a contractor to do the work. Either way, the investment you make may pay off in the long-run.
Renovation #3: Consider a minor kitchen remodel.
Your kitchen is usually the heart of any home. It’s where you gather to eat, laugh, and discuss the happenings of the day with family and friends. Naturally, this is an area where upgrades or a remodel may pay off; however, be cautious with how much you spend (and be true to your home’s style). You may want to replace the laminate countertops and swap out older appliances with new energy-efficient ones. Or, upgrade your sink and faucet, repaint, and replace any vinyl flooring.
Renovation #4: Add energy-efficient windows
Replacing older and drafty windows with energy-efficient ones is a cost-effective upgrade. You may save money immediately on utility costs and potentially increase the selling cost of your home.
Renovation #5: Replace your roof.
Replacing a roof when needed is important, because a worn roof may lead to additional problems and repair costs. Additionally, stating you have a “new roof” may be a strong selling point if you put your home on the market.
Renovation #6: Make basic or necessary updates.
Doing simple things can do wonders to improve the value of your home. Add a coat of fresh paint inside, get rid of any mold you find, replace flooring with sensible options, or re-wire your home (if needed). Making basic updates when necessary will help your home continue to maintain or improve its value.
The ideas we’ve mentioned above are only a start along your renovation journey. Whether you plan to stay in your home for a long time or just a few years, the most valuable home improvements are not just the ones that provide the best return on your investment, but also those you can enjoy as long as you live there.