Whether or not you’re looking to sell your home in the near future, investing in home improvements here and there is a good idea if you want to add value to your investment. But it’s important to realize that some improvement projects and renovations will add more value and lead you to a larger return on investment than others. For example, $10,000 spent to update your home’s plumbing likely won’t bring you the same return on investment that a brand new wooden deck will. Read on to explore the five best ways to add value to your home. All return on investment estimates are from the Remodeling Magazines Cost vs Value 2014 Survey.
1. Updating the Kitchen
In today’s competitive real estate market, potential home buyers expect kitchen spaces to be updated and modern. This includes not only the cabinetry and countertops, but the flooring, appliances, lighting, and everything in between.
Fortunately, money put into a kitchen renovation can truly go a long way, especially when it comes to your return on investment. By bringing your kitchen into the modern era, you can add a great deal of value while improving functionality as well. Need some inspiration? Use Modernize to get kitchen ideas.
2. Adding a Deck or Patio
Another feature that many prospective home buyers want these days is outdoor living space. Therefore, if you don’t currently have a deck or patio (or if yours has been poorly maintained over the years), now is a great time to consider having one built. For around $5,000 to $15,000 (depending on the material used and the size of the deck or patio), you can have a lovely new outdoor living space built that’s perfect for gatherings and barbecues. You’ll also enjoy as much as a 78% return on investment.
3. Remodeling the Bathroom
To many home buyers, updated bathrooms are just as important as an updated kitchen. Take the time to replace outdated plumbing appliances, refinish damaged bathtubs, and re-tile old floors as a means of updating the bathrooms in your home. If financially feasible, install new countertops, cabinets, and lighting as well.
By doing so, you’ll enjoy a 50% return on investment or more.
4. Working on Curb Appeal
Another way to add value to your home is to work on its overall curb appeal. After all, most home buyers these days won’t even consider setting foot inside a home if the outside doesn’t look appealing to them. Fortunately, a little bit of money can go a long way when it comes to your home’s curb appeal.
Consider hiring a landscape company and/or landscape architect to add shrubs, trees, flowers, and mulch to your yard. Furthermore, work with a local contractor to have your home power washed (or possibly even re-painted) to freshen up the look. By doing so, you can add anywhere from 5-10% to the value of your home.
Finally, if you’re looking for a way to add value to your home on a tight budget, one of the cheapest and easiest things you can do is simply paint. Bright, inviting colors can make smaller spaces appear larger and more open. Darker or bolder colors can be used to create lovely accent walls. Just be careful not to do anything too crazy, as your idea of a great paint scheme may be a turn-off to a potential buyer down the road.
Written by Timothy Smith. Tim enjoys spending time with his family and working on DIY projects. He is a former home improvement contractor.