Key Remodeling Tips for Increasing the Value of Your Home
When it comes to increasing the value of your home, you have a lot of options. However, not all home renovation returns are made equal, and if you want to get the most bang for your buck it’s important to understand the best remodeling jobs that yield the highest ROI. To get a better understanding of what types of home improvements will net you the greatest returns, let’s break everything down and take a closer look.
Home Remodels with the Best ROI
On average, homeowners remodel over 10.2 million kitchens and 14.2 bathrooms every year, with 35% of remodeling jobs involving the whole home in some capacity. Updated kitchens and bathrooms are significant factors when it comes to increasing the value of your home and achieving a greater ROI; however, this doesn’t mean you have to undergo a major overhaul. Even minor remodels in these areas are likely to give you most of what you put in back when you sell your home.
Minor kitchen remodels can include updated flooring, refurbished cabinets, and new energy-efficient appliances, all of which can make your kitchen look brand new without you having to gut the entire space. Likewise, bathrooms can benefit from updated tile, flooring, and water-saving fixtures, without too much demolition. Overall, the amount of remodeling done in these spacing will depend on three things:
- The age of your home.
- The amount of work that needs to be done.
- How much you wish to spend.
It’s easy to want to go all out in these rooms, but keeping in mind how much you can realistically spend, as well as how much work needs to be done, can help you budget more effectively and ensure that you won’t put in more than you’d like. For instance, if your cabinets are relatively new but could benefit from refurbishing, you shouldn’t rush out and buy all new ones — unless you want to — if your current ones both look and function well. Working with professional renovators and designers can also help give you an idea of how to stretch your remodeling budget and build around what you currently have to create an updated look and feel without worrying about breaking the bank.
Real estate agents can also help give you an idea of features that are currently hot on the market which will garner you the best ROI. Additionally, they can give you pointers on what homebuyers are looking for so that you can design a remodeling plan that fits best with what buyers want.
Another way to increase home value is to add additional rooms or space to older homes. Older homes don’t often have the open concept floor plans that many modern homebuyers are looking for. Removing walls and opening up your home can grant you a large return on investment, in addition to making your home look and feel larger than it is.
Some homes can also benefit from the addition of extra bedrooms or bathrooms if the current layout is awkward or lacking. For instance, having a smaller guest restroom is desirable, especially if the current floorplan only has one for everyone to share. Extra bedrooms will also be more desirable to homebuyers with children or those who need guest space for visitors.
Bathroom additions tend to garner the greatest ROI with additional bedrooms or living spaces coming in second. However, it is important to take into consideration what additions you will personally enjoy most while living in your home. While thinking ahead to the future and investing in your home value is a smart decision, adding features that you won’t use or don’t want isn’t ideal. Consider what features and additions will make your home more enjoyable in the here and now while using market trends as a starting point to build on.
Curb Appeal and Landscaping
Another way to build value and reap a greater ROI is investing in curb appeal and landscaping. Surprisingly, a garage door replacement is one of the renovations that offer the greatest return on investment in this instance, up to 97.5%. Not only does a new garage door look nice from the outside, but it can help save on energy loss and prevent unwanted visitors from getting into your home. A couple of additional improvements you can make to boost curb appeal include:
- Adding a Stone Veneer
Replacing just some of your siding with a stone veneer can grant you up to a 94.9% ROI. Mimicking the look of natural stone, stone veneer improves the curb appeal of your home by breaking up one color siding and adding a pop of texture and color. Stone veneer also puts less stress on the framing and foundation of your home helping to prevent future wear or damage that can occur from heavier options.
- An Updated Entryway
Front doors and entryways are often the first impressions visitors get of your home, and outdated or shabby spaces can quickly drive down curb appeal and value. Update your entryway with a chic new door that either fits with the architecture of the home or offers a pop of color that acts as a focal point. Colorful doors can be a bold choice, but they can draw attention and pay off in the long term.
- Deck Additions
Outdoor seating spaces and decks can also help increase the value of your home and grant you up to a 75.6% return on investment. Anytime you add useable living space to your home you will see an increase in value and desirability, and decks rank high on homebuyers wish lists. For creating the perfect deck, consider working with both a builder and a landscaping expert to achieve the perfect balance of architecture and nature. This deck can also work as a focal point for additional landscaping around your yard.
Over 90% of real estate agents recommend investing in landscaping before selling. This is because landscaping can help bring everything together outside and draw attention to your home. By utilizing low maintenance flowers, grasses, and shrubs you can great a gorgeous and cohesive space that stands out from all others on the block. Low maintenance local plants are good choices for home landscapes as they will naturally be accustomed to the climate, soil type, and amount of rain in the area. This prevents both you and future homeowners from having to worry about extra maintenance to keep your yard looking its best.
The outside of your home is just as important as the inside when you’re looking to boost value, increase ROI, and drive desirability in the real estate market. Additionally, when it comes to understanding the top trends in your local market, there is one partnership you should consider.
Working with a Real Estate Agent
When remodeling your home with home value in mind, partnering with a real estate agent can be beneficial. Nearly 78% of recent homebuyers report that they found their real estate agent t be a useful source of information. This helpfulness also benefits buyers looking to remodel for profit as they know the housing market in the area and can advise on what local buyers are looking for most. This inside knowledge can help you make the best choices when it comes to remodeling your home.
For instance, landscaping desires will be different in temperate climates where greenery flourishes easily as opposed to in desert climates where grass lawns are rare and utilizing the natural plant life is key. Even if you’re planning on DIYing your home remodeling jobs, it’s well worth your while to consult a real estate expert to help put everything into perspective.
If you are looking to remodel your home to increase its value keep in mind that kitchen and bathroom remodels are where the greatest returns are. That said, even minor remodeling projects can have a larger impact on value and desirability. It’s also important to take stock of the improvements that will benefit you most while you’re living in your home, in addition to how much you can realistically spend.
Care must also be taken on the exterior of your home to ensure curb appeal. Since the outside is the first impression buyers will get of your home, it’s important to ensure that you maximize desirability with creative landscaping, siding, and new fixtures. Working alongside professional designers, landscapers, and real estate agents can help give you a better idea of how you can best improve your home and reap the greatest returns without breaking the bank in the short-term.