3 Best Renovation Projects to Increase Home Value
Is your roof leaking? Is your siding peeling or looking old? Do you have one or more dead trees in your yard that need to come down?
One of the best home renovation projects to increase home value is simply doing both big and little maintenance projects outside of your home. Most realtors call this curb appeal, and if you’re planning on selling your home soon, these projects will be more influential than a great kitchen, says Renovation Magazine.
According to the 2016 Cost vs. Value Report, four of the top five home renovation projects were outside jobs, including garage door replacement for new and up-scale models, manufactured stone veneer and entry door replacement. All three of these projects recouped over 90 percent of their cost.
Curb appeal is what gets potential buyers in the door. While having a great kitchen would be nice, buyers are more concerned about how their home will look to most people - who will never see the interior anyway - on the street.
Kitchen and Bath
The two busiest rooms in the home are also some of the best renovations projects to increase home value. A great kitchen never fails to wow home buyers, and having functional and stylish bathrooms goes a long way for a busy family.
These are also some of the two most expensive remodeling projects. The average kitchen and bathroom remodeling job cost roughly $60,000. Though the end result is well worth the cost, homeowners should definitely plan ahead with their general contractors before launching these projects.
Before you launch into a full-scale home improvement project, know this: minor kitchen and bath renovations actually have a higher return on investment than large-scale projects. A minor kitchen remodel actually has an 83 percent return on investment, compared to a major kitchen renovation at 64 percent. Major and minor bathroom renovations only slightly differ, 70 and 65 percent respectively.
Be smart about the remodeling decisions you make. If your home is worth $200,000, installing a stove worth $10,000 won’t help much. Updating the look or layout of your kitchen may be more conducive to your needs than granite countertops and stainless steel appliances.
Perhaps the least thrilling renovation on this list, attic insulation actually has the highest return on investment according to the 2016 Cost vs. Value Report. On average, the job itself costs a little over $1,200 and it recoups over 110 percent of its cost in home value within one year.
Speak with your general contractor about this home improvement opportunity and see your home value grow.
Remember, practicality trumps luxury. If your roof leaks, buyers won’t even want to look at your home, even if you have granite countertops in the kitchen.
So tell us, which of these renovation projects to increase home value sounds right for you?