It always feels great when you update your smartphone to the latest version, there is something about being updated with the best of technology. The same logic applies to your home, where there is always room for improvement. Improving the overall look and adding value to the home is something that is desirable, whether it’s a modest modification in the interior or a major overhaul of the flooring or structure.
Home improvements have proven to increase the value of the property and help in getting a better Return on Investments (ROI). Depending on the size of your house, the type of improvements you wish to carry out, and the cost of equipment in your area, the total cost of the entire makeover may vary. The average spends by an American house on home improvements is about $13,000.
Before we get into the many types of home upgrades, it’s crucial to establish whether you want to increase the house’s quality for yourself or potential buyers. Here are some of the most valuable house improvements you can do.
Bathroom remodeling is one of the best ways to enhance your property’s value. It could include installing a new sink, adding a bathtub, showerhead, upgrading your storage capacity, flooring revamps, and changing lighting.
One other aspect of bathroom remodeling includes adding a new bathroom, especially if your house has a single bathroom. A good master bathroom is a good way to propel your property value. Not to forget, it becomes a lot more convenient for people living in the house too.
An average bathroom remodeling costs around $15,000 for a regular-sized house. Adding another bathroom would invite higher costs but could help with good returns if done correctly. It goes without saying, your cost may increase depending on the size and the extent of remodeling you desire.
Potential home buyers often look for a completely done kitchen with all updated appliances to avoid the hassle of remodeling it after purchasing. Minor kitchen remodeling has proven to provide more returns as compared to major remodeling. It’s important to assess the value of your house first before you start to remodel your cooking haven. If your house is valued at $150,000 currently, and your estimated cost for kitchen remodeling amounts to around $60,000 or more, that wouldn’t fair well with the ROI.
The kitchen is one of the liveliest places in the entire house and giving it a fresh look from time to time ensures the conversations never stop. Minor kitchen remodeling includes replacing the leaky faucets, painting old cabinets, updating lighting, upgrading to the latest energy-efficient appliances, installing an attractive backsplash. This is easy on the pocket and has greater returns. Major kitchen remodeling includes complete revamp like hardwood flooring, changing the layout of the entire kitchen.
An average minor kitchen remodeling will cost around $25,000 while a major kitchen remodeling costs around $60,000.
If it looks wonderful from the outside, it must have something to offer on the inside, according to a popular real estate strategy. Increasing the value of your home by improving its general appearance from the outside is a good place to start. You may read our article on Simple DIY Ideas For Front Of House Landscaping to get more idea about landscaping.
Keeping your lawn area clutter-free and maintaining an optimal grass level with neatly cut shrubs gives it a gleaming and appealing look. If you want to get more particular about the grass, plants, or trees you want to cultivate, consider the weather patterns that are best for the plants you want to grow. The amount of work and regular care it would require should also be a key aspect to be considered.
Consider limiting your overall spend on landscaping to about 9-10% of your overall home’s value. This way, you can increase the value of your home without punching a hole in your bank account.
Replacing a roof or updating the existing one from time to time is an effective way to maintain the charm and elegance of your house from the outside. Replacing a roof recovers almost the entire cost at resale which sounds like a hard-to-miss opportunity. The condition of the roof can dictate the value of the entire property and can either attract prospective buyers or compel them to look for different options.
Look for cracks and holes that could become a problem if left unattended for an extended period of time. Repairing these cracks is also necessary to safeguard your house from different insects and pests. In addition to that, a good roof also provides protection against extreme weather conditions. All in all, a roof replacement or upgrade would always be beneficial.
Read our article on Choosing Metal Roofing For Your Home to help you get more idea about roofing.
Updating your garage door to a more modern appearance sends a subtle message to potential buyers that your home is worth considering. Choose a garage door material that will last a long time and can withstand all types of weather.
According to recent studies, along with kitchen and bathroom remodeling, an upgraded garage provides one of the greatest returns. It isn’t very heavy on your pockets too, as the average cost for a garage door replacement is around $4,000.
Stone veneers are a terrific method to give your home a stylish and natural appearance. A stone veneer is usually a thin layer of stone that is used as a decorative facing material. It increases the style quotient of your house to quite some extent. Manufactured stone veneers can be utilized on both interior and exterior walls, as well as fireplace facings. This is yet another strategy to boost your investment returns.
The average installation cost for a manufactured stone veneer is about $10,400.
If you have a small budget dedicated to home improvements, consider a fresh look by giving it a touch of the brush. Instead of painting the entire house, consider painting over the flaky and nail holes on the walls. You can also choose to customize a wall in your house with murals or your favorite paint pieces. Not only will it make your house look clean and complete, but it will also drive up the price of your property for sure.
The moment you step foot into the house, it should provide a homely feeling. Good hardwood flooring is a nice way to help you with that. If you have pets, a new flooring job is a good choice to make sure your furry friends’ paws don’t hurt. Hardwood floorings are priced per square foot and may vary depending on the labor costs and the type of wood you choose.
The average cost of hardwood flooring is roughly $4,000, with a fair return on investment.
If you haven’t already, we suggest adding a wooden deck to your house exterior. Not only does it make your place look spacious enough, but it also serves as a great hangout spot during parties and family get-togethers. Add a good railing system to ensure the deck stays sturdy and long-lasting. You may also install decorative plants and overhead lighting to make it eye-candy for anyone who passes by. A wooden deck provides a more authentic and natural look as compared to composite, plastic, and aluminum ones.
An attractive deck is sure to pique everyone’s interest and attract potential buyers. A wooden deck has a return rate of more than 90% and it will set you back an average of about $16,800.
Steel Entry Door
Being the very first thing you notice when entering the house, a new door will always increase your home’s value. Painting it with bright contrast color will make sure your eyes find the door in a jiffy. Not just look-wise, but a sturdy door also ensures that there are no air leaks and that your interior is well protected. Consider installing a steel door as it has proven the highest returns than any other type of door. Another important factor that you can consider when adding a sturdy door is safety. A good door with a safe lock would definitely increase the safety quotient of your house.
An average entry door replacement will cost you around $2,000 with a 65% recoup.
It’s time to retire those old appliances in favor of newer, more energy-efficient models. Old appliances use more energy to work at their full potential, putting a strain on your wallet. Always check for the Energy Star and WaterSense emblems when purchasing new appliances, as these are proof of their energy efficiency.
Potential homebuyers always look for ways to save money in the long run and upgrading to energy-efficient appliances could work in your favor. Even if you aren’t planning on selling your house, using energy-efficient appliances would be an environment-conscious step that you take in the right direction.
If you are not high on a budget to redo the entire bathroom, consider starting small by installing low-flow toilets and showerheads. With advancements in technology, these low-flow fixtures tend to use significantly less amount of water as compared to the older ones. This definitely saves you lots of bucks on your electricity bills. A WaterSense certification on the fixture ensures that it is energy-efficient.
Homebuyers often look for cost-efficient and energy-saving appliances to save on utilities. Taking this step would definitely be beneficial for reasons more than one.
Smart Home Automation
One of the most rapidly growing demands is seen in smart home automation devices. Installing equipment like a smart thermostat, smoke detectors, high-quality security cameras, and smart lights provide ease of access as they can be operated from even a remote location with the help of smartphones.
A home with the most up-to-date automation technology is sure to appeal to the younger generation, which is well-versed in all technological advancements. It makes life convenient in a lot of ways too.
Upgrade To Energy-Efficient Windows
Constant energy loss through your windows is one of the reasons for high electricity bills. If your windows are in good condition, consider updating them by applying weatherstrips, sealing all the gaps that could lead to air leaks, insulation, or adding energy-efficient window coverings.
If your windows have seen enough stormy weather and protected your house from them, it is time to replace them with new energy-efficient windows. Always look for Energy-star rated windows to ensure that you don’t spend a fortune on heating and cooling.
Energy-efficient windows are a key factor considered by potential home buyers. Upgrading to energy-efficient windows costs around $20,000 on average.
Things To Consider
Improvements to your home do not always yield favorable results. The following are a few instances of things you should avoid doing.
The maintenance aspect of certain things can be off-putting for potential homebuyers. Swimming pool being one of the things that require regular care and maintenance, not many would be willing to dedicate the time and effort to it. Not to mention the health hazard it brings for children. A swimming pool is also not that ideal for weather all year round. During summers, it’s a great selling point. But, during the rest of the year, it will only invite unnecessary maintenance and insurance costs without actually being able to come to use. So, you may want to consider other ways to increase the appeal and returns.
Luxury upgrades in the house are a great way to live but if you look from a selling point of view, there is a very small market you can hit. Not everyone will be looking for marble or granite flooring. To expand your target audience and enhance your chances, look for upgrades that are useful and also appeal to a wider audience.
At the end of the day, it’s your house and the budget and type of improvements depend solely on you. If you’ve lived in the same house for several years, it’s possible that you may want to sell it and look for a new home a few years down the road. Keeping that in mind while making home improvements will help you in the long run. There is no denying that home improvements will enhance the value and appearance of the property, but making the right choices when it comes to those improvements is essential to eliminate the possibility of needless upgrades and burning a hole in your pocket.
FAQs On Most Valuable Home Improvements
Which Home Improvements Add The Most Value?
Home improvements that have proven to add the most value are as follows:
● Minor kitchen remodeling
● Bathroom upgrade
● Adding a deck/patio
● Garage door replacement
● Installing stone veneers
● Roof replacement
What Brings Down Property Value?
Adding luxurious upgrades like marble finish, swimming pool, and extravagant landscaping will not necessarily appeal to a wider audience and hence, tend to bring down the value of the property.
What Features Are Most Important To Homebuyers?
Apart from energy efficiency and low maintenance features, homebuyers primarily look for well-updated kitchens and bathrooms, more storage space, a good ventilation system. Depending on the home buyers and the kind of house they are looking for, the demands may vary.