It’s no secret–renovations can take a toll. For starters, they take months to complete and have the potential to last much longer than you originally planned. If your kitchen cabinet delivery gets delayed a few weeks, that’s even more time to go without a functional kitchen, or another month you have to wait to move into your new home.
Altering your lifestyle to account for any ongoing construction can become a challenge for anyone, not to mention the amount of money it costs to get these projects done. Many take out loans to finance remodels or renovations only to find that the updates they made weren’t worth it in the long run.This is why it’s so important to know whether or not a project will add value to your home. In other words, you should be able to recoup a certain percentage of the money spent on that specific improvement when you go to resell the home down the road. Needless to say, if it’s not going to earn money back, then you might not want to start that particular project.
Curious to learn which improvements will add the most value to your home? Read on to learn some crucial details about some of the most profitable home renovations.
Kitchen Remodel
Remodeling a kitchen is oftentimes one of the most common improvements people make, even before they move into the home. It’s also one of the most expensive, averaging a cost of approximately $22,000. While you can complete a tamer remodel instead, it will still likely cost a lot even without all the bells and whistles. Still, you can recoup as much as 80% of your investment.
Since it’s one of the more intensive updates you can make, evaluate what’s necessary and what’s not before you jump right in to create the kitchen of your dreams. Any projects that improve quality of life can be useful to future residents. Removing walls to enhance an open concept or adding an island to make cooking and entertaining easier can be valuable if you sell the home. Update appliances and accessories, add storage, or increase space and light to promote functionality.
Consider trending features and materials when settling on details. If you plan on selling soon, check out what potential home buyers are liking. And, don’t bite off more than you can chew. Reevaluate your finances and make sure that you can afford to do the projects on your list.
Garage Door Replacement
An outdated or worn-down garage door can dull any home’s curb appeal, which takes away initial attraction and may slow down the selling process. Oddly enough, studies show replacing a garage door can earn you the highest return on your investment at a whopping 97.5%.
A replacement will likely cost you about $3,500 dollars depending on the product and company you choose to install it. So, while it is much faster than a project like a kitchen remodel, it still requires a lot of important decision-making. Experts suggest adding in a four-section door with steel tracks that works with your current motor to get the most out of your investment.
If you don’t have the budget for a complete replacement, there are a couple more cost-efficient ways to update your garage door. Slap on a fresh coat of paint, a faux wood finish, or add some trendy hardware. A presentable, stylish garage door paired with some colorful landscaping can help unify the overall look of your home.
New Siding
Replacing siding is a surefire way to increase the curb appeal of your home. When paired with the right accessories and landscaping, it can make an older home look new and stand out in any neighborhood. That said, it is a substantial project. With materials and installation, new siding can cost an average of $10,000, regaining back about 75% of your money at resale.
More specifically, if you’re looking to enhance curb appeal, installing manufactured stone veneer around the entryway or porch can strengthen the overall exterior of your home. Shockingly, incorporating this material in even a small capacity can redeem a 95% return on investment later on. This process is usually less invasive and is definitely worthwhile.
Stone accents combined with new siding can add depth and sophistication to your exterior and help your home sell faster than homes with less curb appeal. Keep in mind, also, that dilapidated siding often stems from dry rot, leaks, or mold infestations, so if you see any obvious signs, this project should be at the top of your list.
Deck Addition
Since you’d most likely opt to hire a professional for the projects listed above, here’s where some of your DIY building skills can finally come in handy. If you have the time, skills, and experience, building a deck can add significant value to your home. Don’t have what it takes? That’s okay– find a professional to build a deck for your backyard for an average cost of $13,000.
Having outdoor space to gather and entertain is a huge plus in the eyes of hopeful home buyers, especially when there’s a structurally sound, properly permitted deck. More livable space outdoors makes for more perceived square footage and salability. In fact, research shows you’ll get about three quarters of your money back when you build a deck.
You can save on construction by buying materials out of season or in bulk, and exploring multiple contractors, especially in the off-season. It’s also important to consider the area’s climate when building a deck. Drier areas require different materials and maintenance than regions that experience a lot of moisture.
Installing hardwood floors
Not only do hardwood floors make your home more appealing to house hunters with all different decor tastes, but they’re also easy to maintain and extremely durable. You can either get them installed or refinish your existing hardwoods to boost the character in your home. It’s also believed that you can get a 100% return on this project, so it’s pretty much a no-brainer.
Get eco-friendly
When making updates, think about the environment, as many home buyers consider energy-saving features one of their top priorities. Energy-efficient appliances range from washers and dryers, kitchen devices, or even toilets. These will save you both energy and knock money off of monthly expenses down the road.
Bathroom updates
Bathrooms can make or break your home’s chances of reselling, but that doesn’t mean you need to flip the room upside down– you can make a bathroom look brand new without executing a total remodel. Installing unique tile, putting in a new toilet, daubing a new coat of paint, and switching out hardware can add life and charm to an outdated bathroom.
Renovations don’t need to be as stressful and time-consuming as you think. There are ways to update your home that don’t break the bank or drive you completely insane. Before you dive into your next home reno, do some research. Think about what will regain your money and what future home buyers will benefit from.
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