In many cases, renovating is more than just a desire to add a personal touch to your home. Homeowners want to add value as well. Knowing which renovations will add to your home value can be tough, so here is a quick list of some renovations to make if you want to add some value to your home.
Finish the Basement and Attic
Unfinished basements will not only drag down the value of your home but can also turn away buyers as well. The return on a finished basement is extremely high. Be sure to examine your space before getting to work. Attic renovations may make the home more enjoyable while you live there, but they do not add as much value to your home. Just be sure things are up to code so your money isn’t wasted.
Add a Deck
Everyone loves a beautiful backyard area, particularly if that backyard has a deck or patio. Decks have come to replace front porches as summer suburban social centers. Enhanced and upgraded outdoor spaces consistently rank at the top of many homebuyers’ wish list, and a well-designed deck can be a significant selling point for your home. With a new composite deck, you could receive a 65% return on investment (ROI), or with wood decks like cedar, you could get more than 71% ROI. In some areas of the U.S. (such as the Pacific and South Atlantic regions), the ROI on a deck has been almost 90%. A lot of it depends on your area and how usable the deck is. Obviously, places with colder weather have less use for a deck than those with warmer weather.
Dirty, damaged, or dilapidated siding can make even the most gorgeous home look dated and worn-out. One thing is for sure, the choice to re-side a home has consistently increased a home's resale value. Siding replacement is one of the aspects that can add to a property's curb appeal. Not only that but re-siding your home can also curb energy cost by blocking reflecting the sun's rays and reducing the heat load on your home. Completely replacing siding can be a little on the expensive side, but between 75-90% of the cost can be regained upon resale of your home.
Replace the Windows
Another big one in terms of curb appeal, windows are something that can easily date a home, and both buyers and appraisers will look closely at them. New windows will freshen up the appearance of your home and eliminate drafts that could turn away potential buyers. If you replace your old windows with newer, more energy-efficient ones, you can save you between $30 and $500 a year in heating and cooling costs. That’s a plus for both you and the future owners of your home. The kicker? Average ROI on replaced windows can come up to 89%!
The majority of real estate agents will recommend that you repaint or touch up the rooms of your home before you put it on the market. A fresh coat of paint makes your home look beautiful and updated, and it can also add thousands to your selling price. Repainting is one of the easiest and cheapest ways to fix up your living space for prospective buyers (or just for yourself, if you're not looking to sell immediately). Interior painting offers a whopping 107% ROI, and exterior paint provides 55% ROI. Warm neutral colors are typically the most popular colors among buyers, if you were wondering.
Landscaping is a major part of a home’s curb appeal, a little splash of color at the front of the house is an eye-catching feature that prospective buyers will love. Keep in mind that you only have one first impression, and having a well-maintained, beautiful yard can help your home make the best first impression on buyers. On average, good landscaping can range from 5.5-12.7% ROI. That may not seem like much, but it can quickly add up.
Update Your Insulation
This is a major one, updating or adding attic insulation has been at the top of the remodeling list with an average of 107% ROI. It's recommended that homes have at least 11 inches of fiberglass insulation or eight inches of cellulose insulation, but studies have shown that nine in 10 houses across the U.S. are under-insulated (it's more common in older homes). Adding more insulation to your home will immediately add resale value, and it'll save you more money in the long run. The project can easily up your homes energy-efficiency and help you save hundreds on heating and cooling bills.
Replacing or simply maintaining your roof can give you an immediate 67-69% ROI while enhancing your homes curb appeal. A big thing to keep in mind is that not only does a shabby roof turn off prospective buyers, but mortgage companies may not lend money to buyers if the roof shows any significant signs of damage. Updating your roof also has a ton of extra benefits aside from keeping you safe from the elements. Without replacing your roof, you could face several complications such as gutter failure, leaks, floods, chimney damage, and so many more. So, save yourself and the buyers the hassle.
Gutter Installation and Upkeep
Definitely not the most glamorous improvement on this list, but important nonetheless, and with an 83% ROI, it's a good one keep in mind. Properly-working gutters is a major requirement on a lot of buyers lists and having them will give your home more of that curb appeal that we've been stressing so much. If you're wanting to make things easier on yourself and your potential buyers, LeafLock gutters have revolutionary no-clean technology that removes one more item from your to-do list! Gutters will help your home look great while also having practical applications that justify their necessity. Plus, they add years to your roof's lifespan!
Install or Refinish Hardwood Flooring
New or refinished hardwood flooring is all the rage for homebuyers and also very highly rated on the list of upgrades that will draw them in. Yes, hardwood is expensive, but the lifespan is longer than laminate and easier to repair if there are any scratches or damage. Hardwood floors are durable, easy to clean and maintain, and gorgeous to look at, making them an instant hit with any potential buyers that may come your way. Installing wood floors can see upward of 91% ROI. If you're not ready to shell out the big bucks for real hardwood floors, there's also faux hardwood that's been engineered to be as durable and almost as good looking as the real thing.
New Garage Door
A new garage door is at the top of the list of top updates buyers want. It can either make a bold statement or help tie in your home's color scheme. It also helps save on energy costs by maintaining your garage’s temperature. Newer models can also increase the security of your home thanks to loads of new equipment and technology (safety-sensors, auto-reverse systems, etc.). So, a garage door can you help you save money while you live there, but also make money when you sell your home! Updating that dated garage door with an upscale steel model can land you an ROI of about 98.3%.