Whether your home is already on the market, or you’re simply interested in enhancing its long-term value, home renovations are some of the best ways to increase property values. From bathroom remodeling to landscape design, you can make a large return on investment (ROI) by first putting in some time, money, and elbow grease into improving your home.
Replace Old Exteriors
Replacing your front door can recoup 96.6% of its original investment. The outward-facing components of your home are some of the most important when it comes to assessing property values. You can begin your renovations simply by fixing up and upgrading items like doors, windows, or even a garage door. A subtle benefit of this is that it will attract potential buyers who would otherwise ignore your property after seeing the exterior.
Like doors and windows, your home’s siding is a major factor in home value. The average cost of a siding replacement is $15,072, and adds about $11,554 in value, about a 76.7% ROI. While this may not add a direct profit, it’s important to note that old siding might turn away buyers from your home in the first place. If your home is old and unappealing from the outside, many buyers will leave without even looking at the inside.
Upgrading your home’s insulation is a great way to retain value as well as heat. Having a fully modern and up-to-date insulation system will add significant value to your property. Nobody wants to live in a cold home, so it’s important you have the best insulation on hand when selling your house.
Room remodeling is much easier than it may seem. Simple remodels are straightforward, you can usually repaint your walls or replace appliances without professional experience. A kitchen remodel can recoup 82.7% of your investment on the market. The best part of a remodel is that you get to appreciate the fruits of your labor and be compensated for it down the road.
Some rooms are easier to remodel, yourself. A minor bathroom upgrade, for example, can actually have an ROI of 102%, and many elements of the remodel are easy to do on your own. Caulking a bathtub, for example, only requires patience and elbow grease. Painting the walls and glazing your tub or porcelain are cheap and easy investments that can vastly improve your home’s interior and value.
One of the easiest ways to improve your home is by planting a few trees and bushes around the exterior. Depending on how far you want to take the process, landscaping can be as simple as a few saplings and a fresh coat of paint on the fence, all the way to a full-blown flower garden and patio. Once again, upgrading the outside of your home will be sure to draw in interested home buyers who would otherwise pass you up. It doesn’t have to take a green thumb to add a little landscaping; all it takes is the commitment to see the process through.