7 High-ROI Home Improvement Projects (AND 3 THAT DON’T)
Remodeling and upgrading your home can make it more enjoyable to live in a while and increase your home’s value if done correctly. However, not all renovations are equal. While certain projects might significantly increase the value of your property, others can lower the selling price. So, what should a homeowner do? Work on Home Improvement Projects.
Home Improvement Projects: Projects To Increase The Value Of Your Home
1. Renovate Your Kitchen.
Kitchen renovations are paying off when it comes to home improvement projects. Many prospective homeowners seek kitchens that are modern and up to date. A kitchen makeover can return 62.7 to 81.6 percent of your investment, according to Remodeling Magazine’s annual Cost vs. Value Report for 2018. But don’t overdo it. It’s not a good idea to add an $80,000 kitchen to a $125,000 house.
Start small while redesigning your kitchen. Replace the kitchen faucet, cabinet hardware, and light fixtures with modern, energy-saving alternatives. Paint the cabinets a new color or pay a refacing business to refinish the cabinet boxes and install new doors, drawers, and hardware instead of replacing them. These minor changes will enhance the overall appearance of your kitchen.
2. Renovate Your Appliances.
Consider buying new doors and face panels from the manufacturer if your appliances don’t match. This will offer your kitchen a more coherent appearance without the exorbitant appliance replacement costs.
Consider upgrading to new energy-efficient appliances, better for the environment and consume less energy. Many potential buyers seek methods to save money when looking for a new house.
3. Increase The Amount Of Time Spent In The Bathrooms.
According to the Cost vs. Value Report, the bathroom will recuperate 87.7% to 93.5 percent of your investment. Don’t go crazy as you did in the kitchen for your home improvement projects. Replace the light fixtures, paint the room, and re-grout the bathtub. A new mirror and light fixtures may completely change the appearance of a bathroom.
4. Renovate The Basement Or Attic.
Adding square footage to your home can quickly spiral out of control, costing far more than anticipated. Instead of trying to expand your home, renovate what you already have. Consider using the attic as a second bedroom or an exercise space. Make a family room out of the basement as one of your home improvement projects. The more adaptable a room is, the more appealing it is to potential buyers who want to personalize it.
5. Prepare To Be Decked Out.
Adding a deck is worthwhile because of the large return on investment when it comes to home improvement projects. One explanation for this is that decks improve living space while costing less per square foot to construct.
6. Increase Curb Appeal
It is important to make a good first impression. Thus, home improvement projects are a must. It might be as basic as washing your home’s siding or as complex as installing a new walkway to improve your home’s curb appeal. It does not have to be costly to be effective. Installing a new front door is a quick and low-cost approach to improving the appearance of your property instantly. On the Cost vs. Value Report, a new front door is one of the highest-ranking home upgrades.
For a polished effect, prune shrubs and mulch around bushes and trees. A flowerbed or geranium pot can add a splash of color. Scrub the siding of your home to eliminate years of grime buildup. Any worn parts should be retouched.
Don’t go overboard with this or any other items on this list. It’s lovely to have a backyard oasis, but it won’t increase your asking price. All you need to increase the “wow” factor is well-kept grass and some strategically planted bushes and vegetation.
7. Enhance Your Energy Efficiency.
A home inspector will notice if your home lacks good insulation or has drafty doors and windows. This leads to increased energy use, which is costly to the homeowner. You might begin by making minor changes, such as adding more insulation to your attic. To prevent energy losses, seal cracks around doors, windows, light switches, and electrical outlets.
Single-paned windows that are drafty may put off potential purchasers. Energy-efficient windows can help you save money on your heating and cooling bills. Because buyers want windows to be in good working order when they purchase, replacing them may not add much to your asking price. However, failing to replace them may reduce it.
PROJECTS THAT MAY HARM HOME VALUE
Some home renovation work can depreciate your house’s resale value. The general rule is that the more tailored a project is to your personality, needs, and tastes, the less likely it will increase resale value. While you may enjoy having a home recording studio, a young family may not. They may become utterly disconnected from their home if forced to redecorate the area.
However, this does not rule out the possibility of completing any of the initiatives on the list. Don’t expect a potential buyer to pay more for your $10,000 cooking range or your bathroom’s marble tiles.
Here are some examples of projects with a negative resale value.
1. Swimming Pools
While an in-ground swimming pool may appear to be the ultimate luxury, it may depreciate the value of your home. Pools can be a safety threat for families with little children. Some potential purchasers aren’t interested in having a pool’s extra energy and insurance expenditures. Consider whether it can be used all year.
2. Luxury Amendments
While you may adore the marble flooring in your bathroom, a buyer may not be so enthusiastic. The finest quality modifications rarely have the same resale value as great mid-range additions unless you live in a high-end property. Rather, spend money on high-quality appliances, carpeting, and enhancements that appeal to a wide range of people.
Make an effort to stay up with your neighbors’ renovations. You don’t want to be the most costly house on the street.
3. Garage Modifications
Converting garages to living space might add square footage to your home, but most purchasers prefer garages. This will not raise the value of your home.
In The End, It’s Still Your House.
Begin by concentrating on little projects that will make your home more appealing and energy-efficient, but keep in mind that it is, after all, your home. While you should enjoy your home while you live there, remember that not all renovations will pay for themselves when it’s time to sell.
Are You In Need Of A Home Improvement Projects Loan?
Property List Hub offers home equity loans at low rates and without many of the “gotcha” fees, you’ll encounter at other banks if you need financial assistance with your home improvement projects. Our mortgage lending professionals will meet with you to discuss your objectives and strive to locate the best deal for you. To get started, give us a call at 234 901 552 5389.
Home Improvement Projects: Do You Want To Continue Building Equity In Your Home?
Personal loans feature lower interest rates than credit cards and give you the freedom to use the money any way you want. If your credit isn’t in fantastic shape, getting approved for a personal loan can be difficult, especially one with a low-interest rate. You can receive an idea of what you might qualify for when you pre-qualify for a personal loan, which can help you make financial decisions.