Home improvement projects are an excellent way to add value to any home. Chances are if you plan on selling your home or using it as collateral for future investments you’ll want to prioritize home improvement projects that have the greatest impact on your home’s value.
With this in mind, it’s important to compile a home improvement project checklist to ensure you get the most return for your renovation expense. In this article, we’ve compiled a list of high value home renovation ideas you can use to maximize the value of your home. These projects include:
Attic Insulation UpgradeInsulating your attic will help you maintain favorable indoor temperatures all year round. Keeping your home cooler in the summer might be very expensive. However, insulating your attic may help cut down on your bill. Moreover, an added benefit is that attic insulation makes your home more green or eco-friendly. These subtle additions are appealing features to potential buyers.
Generally, installing a mid-priced garage door can cost between $500 to $800 plus labor costs. While the average handy homeowner can complete installation in nine hours, a professional can in roughly five hours. A garage door is a smart but simple home renovation that can be tackled over the weekend but quickly add both value and curb appeal to your home.
Replacing old windows comes with multiple benefits including updated finishings, enhancing curb appeal, and improving energy efficiency. New windows are almost instantly noticed by both appraisers and potential buyers. Especially if your new windows are impact windows for hurricane purposes.
Kitchen remodels are value home improvement projects. The scope of a remodel is oftentimes quite larger to other home improvement projects. It may include floors, fixtures, countertops, cabinets, appliances, and much more. While a kitchen remodel is valuable, express caution with upgrades if you intend to sell your home in the future as some upgrades may be too costly to recoup based on market timing and the location of your home.
Appraisers take every little detail of a home into account. You can be sure that a chipping paint job or old siding will produce a lower valuation. Whether it be paint or siding, these components are important because they protect homes from outdoor elements including weather, insects, corrosion, and mold. Ultimately, exterior renovations are simple opportunities to quickly increase the value of your home while improving its appearance.
A deck addition will add value to your home. In fact the bigger the deck, the higher the value added. A deck offers homeowners more exterior space to enjoy and is a welcome addition for any potential buyer as many homeowners prefer the extra space.
An old roof is often a red flag for most buyers. At minimum it's certainly on the list of first impression features. Consequently, if you’re looking for a home improvement project that will instantly add value to your home this is definitely a sound project to take on. Based on 2019 national average data via Remodeling Magazine ,a new roof can increase the value of your home upon resale by up to $23,000 depending on the type of roofing material used.
Smart home technology takes full advantage of today’s technological advancements. Previously manual tasks like dimming lights, turning on the espresso machine, or even flushing toilets while you’re away from home can now be done programmatically with smart home technology. Smart home integration has become more and more popular to home buyers. However, it’s important to stick to small functional changes like temperature control, lighting, and security systems as technology is constantly adapting.
Above we focused on home improvement projects that increase the value of your home. However, if you’re looking for post renovation equity or a good sale price in the near future there are certainly some home renovation ideas you should consider avoiding. Let’s explore a few of these projects below.
Regardless of how fun the idea of installing a whirlpool bath sounds, there is more than meets the eye about this renovation. In addition to the higher heating bills you will pay, and other monthly maintenance costs, you might also need a larger hot water tank. Likewise, this improvement will increase the price of your home and chase many potential buyers away as very few people will agree to pay for a newly installed whirlpool bath.
Installing a swimming pool or spa is a renovation you should do only because you want to enjoy it yourself. It will not increase the value of your home as many buyers would rather not have to deal with the maintenance costs and safety issues associated with such amenities.
Stick to a neutral design as opposed to fleeting trends. The more universally acceptable your house is the easier it will be to sell. Of course while you are living at your home you’re free to paint, put up wallpaper, or add new trendy fixtures. However, when it’s time to sell your home you may need to revert these changes.
As a homeowner it’s always a good idea to make smart improvements. Whether you plan on staying in your home long-term or plan to put your home on the market in the near future. For example, maybe you intend to stay in your home long-term. However, you might not have a substantial home renovation budget at the onset to make major updates. Starting with smart home improvement projects allows you to build homeowner’s equity. As time goes by, you can use the equity you’ve built to borrow a Home Equity Line of Credit or HELOC. Borrowing a HELOC will give you access to a line of credit typically repayable in fixed payments. You can use a HELOC for major expenses including substantial home renovations or even college tuition. Smart financial sequencing will ensure you are making small but feasible steps towards the home of your dreams.
Topics: Home Ownership
Equal Housing Lender. Member FDIC. NMLS# 608046
