5 Home Renovations That Provide the Best Returns
When you choose to invest in small improvements or even a whole house renovation, you can add comfort to your home and improve your lifestyle. Renovation is all about meeting your needs of today and preparing for the future. Your investment could also increase the value of your home, making it more marketable should you ever choose to sell.
As a homeowner, it’s sometimes hard to determine which projects will give you the best return on your investment. If you want to upgrade your home but don’t know where to start, then these five home renovation ideas will show you what’s possible on any budget.
1) Siding Improvements
No matter what your home looks like inside, a run-down exterior will turn potential buyers away. Curbside appeal is a huge factor in closing a home sale.
New siding can last for decades, so it will create value when you sell your home. Upon home value appraisal, you could recoup up to 75% of your investment in siding. Siding will improve the aesthetic of your home while also protecting the structure. Modern siding will reduce maintenance needs for you and any potential buyer.
You could also take the opportunity to install feature siding. The front façade and entryway of your home would be the perfect location for a stone veneer.
2) Partial or Whole Kitchen Remodel
The kitchen is the best room to focus on if you are performing partial home renovations. This will be a key selling point when your home goes on the market, and the quality of your kitchen could make all the difference when buyers are considering your home.
Whether you choose to make minor improvements, or go big with a whole kitchen remodel, you can typically get up to 80% return on your investment if you sell your home within five years of the upgrade.
Quality renovated kitchens can raise appraisal value, but you’ll need to focus on the right features. The best improvements include:
- New kitchen flooring. Tiles and laminated floors both offer excellent durability and moisture resilience.
- New cabinets. Upgrading your cabinets will refresh the look and feel of your kitchen.
- New countertops. Real estate agents agree that countertops are the single most important feature in any kitchen. Marble is the premium choice that will attract discerning buyers. Quartz is an excellent mid-cost alternative.
A kitchen renovation will also benefit you and your family for as long as you stay in your home. Focus on improving aspects of your kitchen that are dated or worn out.
3) Adding an Outdoor Living Space with Home Renovation
Modern living is all about indoor/outdoor flow. You can remodel with a new deck or renovate your existing one. Natural timber decks are hardwearing and will provide decades of use with the right maintenance. You could even reduce your landscaping needs by extending your living space with a wooden deck.
Add features that provide convenience and beauty. Integrated planters will turn the ordinary deck into a feature that is beautiful and functional. Your deck could be the perfect spot for a small vegetable garden, where you can grow your own produce while educating your children.
Integrated benches will be great for entertaining family and friends.
The average cost for a 16×20 foot deck is just over $13,000, but your actual home renovation cost will come down to the materials and design that you choose. The good news is that you can reclaim up to 75% of the value on this investment, as large outdoor living spaces are in high demand on the home market.
4) Garage Door Replacement
Your garage door is one of the most important exterior features of your home. A new garage door could raise curbside appeal and provide increased convenience and security.
According to real estate agents and renovation experts, a new garage door and motor could return almost all your investment when you sell your home.
The key with this improvement is to think long term. Heavy duty galvanized tracks will ensure that the door doesn’t fail in the future. Sectional garage doors are more durable than single panel equivalents, as they can resist wind, temperature changes, and warping over time.
5) Improving the Essentials
The average buyer isn’t looking for a project home. They seek out homes that are well maintained and ready for years of stress-free comfort. Improving the essentials during home renovation could add lasting value and appeal for discerning buyers.
Wiring, light fixtures, and even your air conditioning system could all be improved during a renovation project. Upgraded wiring that is ready for modern appliances will add decades of value. New insulated ducting and a modern air conditioning unit would also add value and appeal. Replacing light fixtures with modern designs could result in a higher appraised value.
Of course, you can enjoy all these upgrades while living in your home. Even if a sale is a few years off, you’ll still get a personal return from your investment.
Plan a Home Renovation Project That Adds Value
A partial or complete renovation is not strictly an expense. It’s an investment in your home that can benefit your family now and provide a financial return should you sell your house later.
Careful planning will bring you the best returns. If you need help finding the best improvements for your unique home, you can work with the team at HomeWorx. Our home renovation consulting and contractor service will take you from design, right up to construction.
The result: a more valuable and comfortable home!