Purchasing a home is an investment and by regularly renovating it, you can increase its resale value while you live there. But you have to know which upgrades and remodels offer the highest return on investment. Instead of getting swamped by home improvement ideas, evaluate carefully how you can add value to your home not just for yourself and your family, but for potential buyers as well.
Whether you live in an old home or a new one, there are always renovations and upgrades that can help improve your space.
From simple renovations like a fresh coat of paint to major undertakings such as a full kitchen remodel, the following are some home renovations that can help increase your home’s value while adding convenience and comfort to your life as a homeowner:
1. Bathroom Upgrades
Bathroom renovations are one of the most popular home improvement projects, where you can expect to recover up to 75% of your investment. Simple renovations like adding small bathroom radiators or replacing old lighting fixtures and plumbing can uplift your bathroom and give it a trendy look.
On the other hand, if you are looking for a full bathroom remodel, you will need to change both fixtures and fittings. Make sure that all your upgrades are energy-efficient, as they have a positive impact on your home’s resale value.
2. Kitchen Remodels
Kitchen upgrades are another common way to increase the value of your home. This includes putting in a new backsplash, adding an island, refitting faucets, updating light fixtures, etc. You can recover up to 80% on your kitchen remodel, depending on the materials you use, the type of renovation that you do, and where you live.
Another thing that you can do is enhance the functionality and accessibility of your kitchen. Lowered countertops, switches, and cabinets can make it easier for older people or people with a disability to work in the kitchen. This could act as an incentive for potential buyers.
3. Curb Appeal Boosters
Outdoor structures that increase the functionality and accessibility of your home help increase its value. For instance, a new fence adds privacy and keeps the kids safe as well. This enhances your curb appeal while having a positive effect on the value of your home. Installing a deck or a patio can have an ROI (return on investment) of up to 65%.
If there is already a patio or a deck at your home, be sure to keep it in tip-top condition. Replace or repair any broken pavers or rotting boards, and strip away the flaking paint before repainting. Uplifting your existing outdoor structures is an inexpensive way to increase the overall desirability of your home.
4. Transform Unused Area
Many homes feature extra, unfinished spaces like attics, basements, and bonus rooms that can be utilized as the need arises. Leaving these rooms untouched means that you are not taking advantage of the usable square footage. You can increase your living space and your home’s value by making the most of these unused spaces.
5. Roof Replacement
It is advisable to regularly check your roof to find out if the shingles are curled, buckling, or missing altogether. Replacing your roof increases your home’s value and makes it more desirable to potential buyers.
Think about installing solar panels as well. Buyers may not be too keen on installing solar panels themselves, but will look favorably upon houses that have solar panels already installed.
6. Replacing Old Windows
New windows can give your home a fresh and trendy look. Also, replacing your old windows with energy-efficient options can help you save huge sums in heating and cooling costs. You can reduce the environmental impact of your home by replacing drafty windows, investing in a smart thermostat, investing in Energy Star appliances, improving insulation, etc.
7. Make Small Changes to the Interior Design
Small interior design changes can go a long way. Carrying out straightforward and simple design updates can make your home considerably attractive to potential buyers while putting a very little burden on your pocket.
Updating light fixtures, replacing old doorknobs and hardware, applying a fresh coat of paint, and installing custom window coverings like blinds are some home improvement projects that can help you entice buyers to your property.
8. Replacing Your Garage Door
An old, outdated garage door can seriously affect the overall curb appeal of your property. Your garage door is the first thing that a potential buyer sees, and having a manual garage door may create an unfavorable first impression. Installing a motorized garage door is an excellent option as it uplifts the exterior of your home.
Another great thing about replacing your old garage door with a new one is that you can recoup almost 95% of your cost.
Landscaping makes your home look more attractive and adds to its curb appeal. Potential landscaping projects include weeding flower beds, planting trees, raking up old grass and leaves, adding hanging baskets, etc. Most of these projects are inexpensive and DIY-friendly and allow you to recover your investment handsomely.
10. Install Smart Home Technology
Smart devices such as smart locks, security cameras, water leak detectors, smart smoke detectors, smart lights, and smart thermostats are becoming quite popular in the real estate world.
Homebuyers prefer homes that come with such smart devices as they offer greater convenience, enhanced security, and excellent energy management. With the help of these in-demand smart home upgrades, you can boost your home value and make it more appealing to prospective buyers.
It can be quite difficult to prioritize which upgrades are going to benefit your home the most. That is why it is essential to properly plan and finalize a budget for renovations that come with the most benefits. You should focus on renovations and upgrades that will increase your home’s value if you plan on selling it in a few years. It is also better to consult with a realtor to find out what steps you should take to boost its value.