You may have been thinking about remodeling your home. And with a new year fast approaching, this may be the year you finally get around to making those home improvements that you’ve been putting off. But which home improvement will give you the most bang for your buck and increase the value of your home?
Before telling you which home improvement will increase your home’s value. I’d like to explain a bit about how value is determined. In any market, the value of your home is determined by what a homebuyer is willing to pay for your home. And homebuyers will typically pay top dollar for a home that has been remodeled — a “move in ready” home.
Now that you have a better understanding about value, here are the top 5 upgrades that will increase your home’s value the most.
The kitchen is the heart of the home, it’s usually the place where everyone seems to congregate. And whether you’re a cook or not, a well designed, efficient kitchen will add value to your home.
Take a look at your existing kitchen, what improvements can you make to bring it up to today’s design trends? Do your cabinets, countertop, backsplash, faucet, appliances, flooring and light fixtures need to be upgraded? Depending on what your remodeling budget will allow, you may opt for a full remodel or only change out a few items.
When deciding on your kitchen remodel, here are a few things to keep in mind. White cabinets are timeless. Granite countertops are less favorable, but quartz and marble are the rage. A touchless kitchen faucet is more convenient. And stainless steel appliances can still give your kitchen a modern look at an affordable cost.
Like the kitchen, bathrooms are a home’s feature that when remodeled will add value to your home. When done right, your bathrooms can make a big impact on the appearance of your home. Bathrooms that are light and bright are most appealing. Based on the condition of your bathrooms, you may choose to do a full or partial remodel.
The type of flooring that homebuyers prefer is hardwood. Hardwood on the main level of your home is ideal. Check under your carpets, you may have hardwood that can easily be refinished. Hardwood flooring is easier to keep clean and maintain. If hardwood flooring is not in your budget, there are several other options that can give you the look and feel of hardwood at a more affordable price.
In the bathrooms, the most common choice is porcelain tile. Porcelain tile is durable, and better suited for heavy usage. The tile is one color throughout, so if you happen to chip it, the chip will be invisible. Porcelain is available in many styles and designs.
An upgraded exterior says “welcome” to all your family and friends. And with a few minor tweaks, it can be easily achieved. Look at your home from the curb, what do you see that if upgraded will give your home’s exterior new life? Things to look at are:
- Front Door: If you don’t have a new front door, consider a fiberglass door. A fiberglass door comes in an array of styles, it’s durable, energy-efficient, and secure.
- Garage Door: As with the front door, a new fiberglass garage door is secure, more functional, and it enhances your home’s appearance.
- Roof: The average lifespan of a roof is 25 years. If your roof is close to that time frame. You may consider replacing it.
- Windows: If you have older windows, consider replacing them with energy-efficient, low-E windows. Over time they’ll same you money on your monthly bills.
- Siding: If your siding is in good condition overall it may only need a good power wash.
- Light Fixtures: They are an easy fix to enhance the look of your exterior.
- Landscaping: Another easy fix. You may only need a few new shrubs, new rocks or mulch to spruce up your landscaping.
All in all curb appeal boosts the value of your home.
Insulation is not something that can be seen (unless you go up to the attic), but you know that it’s there. It’s what keeps your home cool in the summer and warm in the winter.
A well insulated home can save you money and will boost your home’s value. There are several different types of insulation to choose from. You can either opt to install the standard fiberglass insulation, or select to go the green route which is much more environmentally friendly and energy-efficient at the same time. The choice is yours based on your home remodeling budget.
Although these 5 upgrades can boost your home’s value. Keep in mind not to over-improve. Know your home’s maximum value for your neighborhood (your real estate agent can help) and stay within that range when making your home improvements. Don’t make the mistake of adding top of the line, high end materials during your remodel that will cause you to over-improve.
More Helpful Home Remodeling Resources
- Improvements That Will Boost Your Home’s Value by Bill Gassett
- How to Budget for Home Renovations by Wendy Weir
- Top 10 Projects to Add Value to a Home on a Budget by Kyle Hiscock
- Easy Home Improvements to Help Your Home Sell by Anita Clark
- Home Improvements That Can Suck the Value Out of Your Home by Paul Sian