Renovation Projects that Will Add Value to Your Home
According to LendingTree, late spring and early summer are the best times to sell your home. Warm weather brings out the buyers, enabling you to charge a premium for a home in May, June, and July. Those months are approaching quickly; and, if you’re planning to sell anytime soon, you may want to consider some remodeling projects.
Are your kitchen and bathrooms looking a bit outdated, or is your garage door showing signs of wear? How about the exterior of your home? Does your landscaping need a lift, and what about that dreary siding? Curb appeal is important and can mean the difference between a prospective buyer viewing your home or moving on to look at the well-kept home in the next block.
Home improvement projects can be expensive and messy. It’s ideal to lease a self storage unit for the clutter and overflow that will consume your living space during this time. You can be assured that Universal Storage Group locations have the sizes and types of storage units that will fit your needs and your budget.
To be certain that you get the best return on your investment, check out the following list of upgrades that will appeal to buyers and boost your home’s value. With the data from Remodeling Magazine’s 2021 Cost vs. Value Report, you’ll be able to determine your return on investment for each project.
Renovation Projects that Add Value to Your Home
Upgrade the Kitchen
Adding an $80,000 kitchen to a $125,000 home isn’t the best idea. You can start small by replacing your kitchen faucet, adding new hardware, and updating the light fixtures. If the cabinets are worn, rather than replacing them, try repainting them or hiring a refacing company to install new doors and drawers. For appliances that are older and don’t match, consider ordering updated face panels or purchasing new models. If you decide on a major renovation, your return on investment won’t be as high as less opulent upgrades.
Minor Upgrades: Recoup 72.2% of your investment.
Major Renovation: Recoup 57.4% of your investment.
Give the Bathroom a Lift
You don’t necessarily need to rip out tiles or add all new fixtures. A few simple updates can be very effective. Replacing vanity lights and mirrors, recaulking or reglazing the tub, and upgrading the fixtures can easily transform the look of your space. If you feel that you need an upscale makeover, buyers do love the spa look.
Midrange Update: Recoup 60.1% of your investment.
Upscale Spa Update: Recoup 52.8% of your investment.
Add a Deck
A high return on investment makes adding either a wood or composite deck a worthwhile improvement. A deck will actually increase the living space without the high cost per square foot.
Wood Deck: Recoup 106.7% of your investment.
Composite Deck: Recoup 122% of your investment.
First Impressions Count – Boost Your Curb Appeal
The first thing that buyers see online and in-person is your home’s exterior. Enhancing your home’s curb appeal can be as simple as scrubbing your siding or buying a new front door. Siding that is worn or dented should be replaced. If your garage door is looking dreary and faces the street, consider replacing it. A patched, faded roof is another factor that can detract from curb appeal and may need to be replaced.
Prune the shrubs and trees, add mulch, and keep the lawn regularly mowed and edged. Add pots and planters with attractive greenery and floral arrangements. It’s not necessary to create an outdoor paradise. In fact, that can be a deterrent to people who aren’t interested in the time and expense it takes to keep up complicated landscaping. The key is to keep the exterior neat and attractive.
New Front Door: Recoup 65% of your investment.
New Garage Door: Recoup 93.8% of your investment.
Vinyl Siding: Recoup 68.3%
Fiber Siding: Recoup 69.4%
New Roof: Recoup 60.7%
Improve Energy Efficiency
Lack of sufficient insulation and drafty windows lead to higher energy costs. You can alleviate this problem by adding extra insulation in your attic and sealing cracks around doors and windows. This will prevent energy loss and lower expenses. Buyers will expect drafty, single-pane windows to be replaced. If your home doesn’t have new, energy-efficient windows, your asking price will decrease.
Vinyl Window Replacement: Recoup 68.6%
Wood Window Replacement: 67.4%
Conclusion
Not every home improvement is guaranteed to attract more buyers; some updates can actually have a negative effect on the resale value of your home.
Typically, the more personalized your project, the less likely it is to appeal to the majority of potential buyers. If you’re not planning to sell in the near future and the purpose of your renovations is your personal enjoyment, by all means, go for it. In the final analysis, though, don’t expect your buyers to pay for massive murals in the dining room, Italian marble floors in the entryway, or a swimming pool shaped like your home state. They’ll be imagining your home with their own personal touch.
