While home improvements can make your property the dream home you want it to be, they can also give you the best value out of the property.
Of course, you will have to spend a considerable amount of money on them. But you can always consider it a worthy investment in the long run. You may be looking to sell your home soon, or you may only desire to revamp it for aesthetic purposes.
But whatever the case is, here are some home improvement ideas to increase the resale value of your home.
1. Replace your garage door
According to Bankrate, garage door replacement offers you one of the highest returns, with almost 94% cost recovered on your home sale.
As you or anyone else approach your house, your garage door is among the first things they see. A great-looking door, therefore, boosts curb appeal and ultimately improves the resale value of your home.
The cost of execution is also on the low side, costing only $3,907, and you can get this done very quickly.
2. Purchase an artificial stone veneer
Even if you already have vinyl siding, replacing it with an artificial stone veneer is a way to crank up your home’s appeal and value.
Also known as faux stone, this manufactured material appears like natural stone such as granite. You can use its impressive appearance around your wall or columns to make a statement.
Expect to spend around $10,000 with a 92.1% return on investment.
3. Do a kitchen remodel
Most people, especially women (of course, men like taking their wives along for a house showing), take great delight in their kitchen’s appearance.
A modern-looking kitchen will typically attract a higher value to the home and can also elevate how much you enjoy preparing dinner in your new kitchen.
According to the 2021 Cost Vs. Value Report, the average cost of a kitchen remodel is $26,214, and you can recover up to 72.2% of the cost when you sell the home.
But note, you don’t have to upgrade the entire kitchen. A minor kitchen remodeling will do.
And one way to go is to get a ready-to-assemble (RTA) kitchen cabinet. As the name suggests, RTA kitchen cabinets are those cabinets that come with the parts stacked and wrapped, ready for installation.
And the good news is RTA kitchen cabinets offer you cost savings on your kitchen remodel since you’re not transporting an already assembled cabinet, and you do the assembly yourself.
4. Window replacement
Your home probably has outdated windows, and replacing them with modern ones can enrich the outlook. Statistics show that window upgrades can increase your home’s resale value by over $13,000 for vinyl and over $15,000 for wooden windows.
Statistics also show that you can recover as much as 67% of the cost of this home improvement option.
Using double-paned or Low-E (low emissivity) windows is also a great idea to get cost savings on energy. And this will typically attract homebuyers who are on a budget.
5. Vinyl or fiber-cement siding replacement
Obviously, an old-looking siding will make your home look unrefined. Even when the interior is picturesque, a poor-looking exterior creates the first impression you don’t want to give your potential home buyers.
So if you feel you can do much better than a stone veneer, a fiber-cement or vinyl siding is a sure-fire way to improve your home’s value.
A fiber-cement siding replacement typically costs around $19,000, while that of vinyl costs around $16,000.
Although this improvement choice adds more value to your home (about $11,000-$13,000), its return on investment is relatively lower than stone veneer siding.
6. Upgrade your bathroom
Just as it is with kitchens, the bathroom is one notable place where home buyers typically run to when they’re checking a new house.
Everyone wants a bathroom or toilet that feels comfortable, private, and refined. So having one that encompasses these elements can significantly increase your home’s resale value.
A typical bathroom remodeling can cost anything around $16,000, and you will likely recover about 70% of the cost from the home sale.
Also, consider adding accessibility features to your bathroom. Accessibility features are those add-ons that make life easier for senior citizens and people with special needs. You do not know who’s coming into your home.
So making it comfortable for such persons can make them prefer your home above all else, which ultimately translates to a higher price.
If you are going for this home improvement option, consider bringing in things like wheelchair-height switches, adjustable showerheads, and a shower without a curb for easy access.
Some Tips to Consider When Improving Your Home
When deciding on the right improvement option to go for, you also have to be mindful of the wrong choices. You may be excited about upgrading your home with valuable features.
But not all expensive remodeling options bring equally high returns. So when considering what to do, always try to differentiate what’s relevant from what’s merely superfluous.
Do not personalize the features.
Again, increasing your home’s value as a concept has to do with how you can make more money from selling the house.
Notably, homebuyers are not always interested in buying a home with features that overly reflect the tastes of the former owner.
So you should always choose features and colors that are appealing to a broader range of buyers.
Also Read: Three Easy Ways to Increase Your Land Value
One thing with real property is that they are highly durable. A home can stay for hundreds of years.
So if you know you’re not yet ready to sell, you do not want to spend money on a trendy feature that will go out of fashion in a few years.
If you do so, it means you will have to spend money again on another update when you become ready to sell. So always consider features that are more durable and avoid trendy, custom ones.
However, you can make modern, trendy updates if you’re ready to sell as soon as possible.
There are many ways to remodel a home to boost its resale value, but choosing the right one is key.
While remodeling your home facilitates a better lifestyle, always remember to keep your future buyers in mind.
Therefore, ensure that whatever changes you make align with what potential buyers will typically find appealing.
And interestingly, homebuyers will always like to pay for a home that’s well-kept, clean, and welcoming.
So if you do not have the funds to make expensive improvements, you can execute repairs and deep cleaning to ensure it’s appealing enough to buyers.