If you're a homeowner, you know that your home is likely your most valuable asset. Taking care of it is essential to ensure that it increases in value over time. But what are the best ways to increase the value of your home? In this article, we'll explore the top renovation, remodeling and home improvement projects that can help you get the most out of your investment. One of the most effective ways to increase the value of your home is to apply a fresh coat of paint.
This simple task can make a huge difference in the look and feel of your home, and it's relatively inexpensive. You can also give your kitchen an updated look with a kitchen or bathroom remodel. Depending on the finishes you choose and the amount of labor you're willing to do yourself, you could see a return on investment of 100 percent or more. Finishing a 400 to 1500 square foot basement can also offer a great return on investment, with potential ROI of up to 75%, according to HomeAdvisor.
Replacing an existing front door with a steel one has recovered between 65% and 91% in resale over the past four years. Buyers appreciate the energy efficiency, low maintenance and cold blocking power of metal. If your home is between 10 and 15 years old, some expensive items that buyers may need to repair or replace in the coming years could cause them to look elsewhere. To avoid this, do some repairs now to help get the best selling price.
Toilet technology has improved since 1994, when federal law restricted toilet cisterns to 1.6 gallons per flush (GPF). Millennials still represent the largest group of homebuyers at 37%, according to the National Association of Realtors. Some of their top wishes include smart home technology, such as keyless entry and high-end Wi-Fi access. To make your guests and potential buyers feel welcome when they come to your home, install a Planted Design living wall; you'll be in sync with nature, air quality will improve and your home will be greener (environmentally friendly homes have a higher market value).
If you have a renovation budget, kitchen and bathroom upgrades are the best way to increase the value of your home. Remodeling recommends adhering to a 16 ft x 20 ft wooden deck, though the correct size for your home will depend on the size of your home and patio. You'll also want to add a railing system for added functionality and stability. Lush vegetation, healthy lawns and the right mix of flower beds recover approximately 267% of maintenance cost at time of sale, says HomeLight survey. Whether you are planning to sell in the near future or simply want to continue increasing the investment value of your home, there are many steps you can take to increase the value of your home. Adding a room is the obvious way to enlarge your home, but you can also create additional living space by finishing the basement or building a terrace.
We studied 11 projects and ranked them by the average increase in value in the cities where we buy and sell homes. We define this project as adding a second or third bedroom that increases the above floor living space of your home by at least 150 square feet. Usually, rooms should have a closet, a window and a door. The data also shows that adding a third bedroom can have an average increase of 6.2% for the medium-sized home. The opposite is true in the West Coast markets of Los Angeles and Inland Empire, where adding a group results in slightly lower value as home prices rise. The most valuable home improvements are those that increase the value of your home in fair relation to the amount you spent on them.
But since solar panels are a big financial and structural commitment, they only make sense if you expect to increase value in the long term, not if you are looking for a rapid increase in resale value. That can be optimistic, considering that some factors that determine the value of a home, such as its location and the popularity of that market, are beyond your control. If you don't plan to sell your home today, plan for the future with an improvement in landscaping that will mature over time. For Todd and Lisa Miller, making major improvements to their 3,100 square foot ranch, built in the 1970s, is normal for the course. The fate of many homes for sale is decided on the way from the car to the front door - take the time and money to make sure it looks attractive!.