Taking care of your house and completing required improvements is an essential aspect of owning a home. Neglecting to upgrade your roof, heating and cooling systems, and plumbing can result in significant problems in the future and a decrease in the value of your property.
Simultaneously, making improvements such as renovating your bathroom or completely transforming your kitchen can increase the functionality and attractiveness of your home for potential buyers. Which enhancements genuinely maintain their worth over time?
Examining information from the cost vs. value report, here are the top five renovations for boosting your home’s value.
The study examined the typical expenses for 23 significant house renovation tasks in the top 150 cities in the United States and estimated the anticipated ROI.
Keep reading to know more about it.
1. Front Door Replacements
When someone enters your home, the first thing they see is the entrance door.
On average, the price for upgrading a front door to a steel one with a dual-pane half-glass panel is $2,355, and the typical resale value is $4,430.
When thinking about getting a new front door, it’s enticing to choose something striking. Having some personality is beneficial but be cautious because being too bold could drive away potential customers. Consider what’s stylish and harmonious with the overall look of your home’s outside.
Steel doors are among the most affordable choices available. If you’re prepared to spend more money, fiberglass doors provide better insulation and a larger variety of styles.
Wooden doors are some of the pricier choices, however, they are preferred by a lot of people for their high quality and organic appearance.
If you’re looking for a professional home improvement company, consider a reputable brand.
2. Manufactured Stone Veneer
A lot of purchasers are attracted to artificial stone veneer on a house’s outer surface. Artificial stone is a less expensive option compared to real stone, providing similar visual appeal for a lower cost and simpler installation process.
Adding 300 square feet of manufactured stone veneer to the lower third of your facade costs an average of $11,287, with an average resale value of $17,291.
When selecting manufactured stone veneer, take into account colors and styles that enhance other features of your home’s exterior, like paint color and architecture.
A different stone veneer may complement a Craftsman home better than a contemporary home. Typical color schemes include combinations of beige-and-cream or gray-and-blue.
For shape and texture preferences, some common choices include irregular shapes resembling cobblestones or rectangular shapes with defined edges.
3. Kitchen Remodeling
The average cost for a small kitchen renovation is $27,492, and when selling, there is an average return of $26,406. If your kitchen only requires a cosmetic refresh, opt for a minor remodel instead of a complete redesign of the floor plan.
An update for the kitchen costing $27,500 includes:
- Re-facing 30 feet of cabinets and drawers,
- A new energy-efficient cooktop/oven and refrigerator,
- Sink and fixtures,
- Countertops,
- Resilient flooring, and
- Painted walls
Space recessed lights every 3-5 ft apart and keep them 18-in away from cabinets to illuminate the countertops. It is simpler to run the lights between two joists than to run them through the joists.
Add some light to the kitchen by sanding down and painting the current cabinets. This costs a lot less than purchasing brand new cabinets. An alternative method to renovate your kitchen without spending much is to replace hardware or paint countertops and backsplashes.
To save money on flooring, choose vinyl or laminate options – or splurge on slate, hardwood, or engineered wood for a higher budget.
If you’re on a budget, you don’t have to purchase expensive appliances. Many mid-range options are stylish and energy-efficient, which can still increase your kitchen’s resale value.
4. Energy-Efficient Improvements
Improvements that save energy in your home are very popular and can greatly impact the value when selling, as more buyers inquire about eco-friendly attributes or renewable energy options.
A real estate agent from Compass in New York City, suggests that switching to energy-efficient options can reduce utility costs and enhance your home’s sustainability, making it appealing to potential buyers.
Example: Consider an HVAC conversion where a conventional furnace that burns fossil fuels is transformed into an electric heat pump for both cooling and heating. Although the average cost is $17,747, it has a projected ROI of 103.5%, exceeding Remodeling’s Cost vs Value list.
5. Improve Curb Appeal
The initial impression is important. Improving the appearance of your home’s exterior can range from cleaning the siding to installing a new pathway. Being effective does not require a high cost.
Putting in a fresh front door is a quick, cost-effective way to immediately enhance the look of your home. A recently installed front door ranks high among home improvements in the Cost vs. Value Report. Trim bushes; encircle trees and shrubs with mulch for a polished appearance. Enhance your space with a flowerbed or pots of geraniums for a pop of color.
Clean the siding of your house to eliminate dirt accumulation that has built up over time. Touch up any worn spots. Similar to other items listed, avoid going too far. Designing a beautiful outdoor oasis is enjoyable, but it will not increase the value of your home. All that is needed to enhance the impressive appeal is a tidy lawn and strategically placed shrubs and plants.