When it comes to making changes to your home, not all renovations are created equal. If you’re like most Americans, your home is probably your biggest investment, so it’s important to focus on renovations that add value to that investment, first and foremost. Of course, you need to make upgrades that are pleasing to you as the homeowner, but if you have any intention of selling your house in the future, you’ll also want to focus on improvements that provide the most value, too.
Before you go knocking down walls and installing subway tiles, it’s important to know which renovations will give you the most return on your investment. Here are six renovations to consider that add value to your home.
1. Landscape and curb appeal.
There’s nothing like a first impression, especially when it comes time to sell your home. You only get one chance to impress a buyer when they see your home for the first time, so it’s worth making sure that impression is a good one. According to a remodeling.net research study comparing the cost of renovations with the return you get on the investment, replacing your garage door yields the highest ROI, followed by adding stone veneer to the exterior and replacing your front door. Landscaping is also an important area to focus on, where simple things like refreshing the mulch, trimming back overgrown shrubs and planting colorful, seasonal flowers can be great curb appeal enhancers.
The kitchen is the heart of the home, and creating an updated, modern kitchen will add more than just value to your home, it will also increase your enjoyment while you’re living in it. When it comes time to sell, the kitchen is the focal point of most listing showings, and many home buyers will be more forgiving of other outdated areas as long as the kitchen is upgraded. Consider replacing appliances with new, more energy-efficient models, refacing or painting your cabinets, replacing hardware, installing new countertops and new flooring, and adding a new sink and faucet.
Next to the kitchen, bathrooms are another space that make a huge impact not only in your enjoyment of your home, but also its resale value. Opting for a walk-in shower, and replacing and updating the vanity, mirror and fixtures will go a long way to improve the look and feel of the bathroom.
4. Outdoor Space.
Especially in a place like Colorado where we get plenty of sunshine all year-round (even in the winter!), adding a deck for outdoor entertaining is a great investment for your home. According to the remodeling.net research study, adding a deck will increase the value of your home enough to nearly cover the cost of installing it. Adding features like a fire pit will also increase the value, as it allows you to make the most out of the space in all seasons.
5. A fresh coat of paint.
Painting the interior of your home is one of the least expensive updates you can do that will make a huge impact on the look and feel of your home. Lighten up dark, cramped rooms with a light, bright tone that will make the space feel fresh, clean, and more spacious. If you’re selling the home, opt for neutral color choices that would be appealing to a variety of people, such as creams, grays and pastels.
In addition to light, bright walls, flooring also makes a huge difference in how your house comes across to guests and buyers. Many buyers gravitate to hardwood floors over tile or carpet, especially in common areas like the kitchen and living room.
Ultimately, there are endless projects that can be done around the home to increase its function, livability and value. The important part of any renovation, however, is taking the time to plan and budget accordingly, and focus on things that will not only make a positive impact in how you enjoy the home, but also protect your investment.