Your home is an investment. Home improvements, repairs, and renovations can add value to that investment. However, not all improvements are alike. Whatever your budget is, we want to offer you the projects that will yield the highest returns. Here are six of our favorite home improvement projects that add value to your property.
Getting Started
When considering home improvement projects that add value, look at curb appeal and common areas to bring the highest return on investment. This means the landscaping and entryway as well as the kitchen. The master suite can also be a great starting point.
Low Cost, High Impact
Work on your brush stroke:
One of the most cost effective and easiest upgrades is new paint. If selling is in your future, consider a neutral color which is more likely to appeal to a larger audience. Estimated cost: less than $100 per gallon in most cases. Grey is becoming the new beige in real estate!
Make Your Entrance
Your front door not only gets used frequently, it’s one of the first things people see. Updating your entry door can make a visible difference for the whole house. If the door is older or shows signs of use, consider replacing the door. If you’re just looking for a revived look, new door hardware may be all you need. Estimated cost: $200 for a new door, $100 for a new lock set (cost can vary).
Mid-Range Cost, High-Range Return
Now You’re Cooking
Upgraded appliances will help add significant value to homebuyers. Current buyers are looking for stainless steel appliances, which can be purchased at reasonable cost, and offer a high rate of return when selling. Estimated cost: $2000
First Impressions Count
They say you never get a second chance to make a first impression, so start your home’s viewing out right with some updated landscaping. For the return on your money, it doesn’t get much better than this. Estimated cost: varies on size of property.
Big Projects for the Highest Return
Making Room
One of the highest value-adding home improvement projects is adding a room. Bathrooms and bedrooms make the highest-yielding additions, but no matter what room you add, more square footage will be one of the best investments you can make. You’ll need to hire a contractor and check with local laws first. Estimated cost: varies.
Let There Be Light
Not only can you build up walls to add values, tearing them down can also prove beneficial. Open floor plans are highly desirable in today’s market, so tearing down walls that separate a kitchen and dining area, for example, can make your home be worth more to potential buyers now and in the future. Estimated cost: $10,000 for a 1-story, or $20,000 for a 2-story.
Not all projects need to have a positive return. Some project may be ideally suited to your needs but may not have the broad market appeal that a buyer might find value in. If you’re going to be in your home to enjoy the fruits of the project, go for it. If you’re doing the project with the idea with the idea of selling soon, it may not be a great idea. We also love projects that bring a lesser feature of the home up to par with the rest: if you have a C+ kitchen in an otherwise A- house, focus on the kitchen to bring it up to par with the rest of the house. We’re also happy to consult on what projects make the most sense for your situation.
