Which Home Improvements Add Value?
Home improvement projects are not cheap, so they shouldn't be done on impulse. In many cases, you get back 75-80% of the money spent in a home through increased value . However, not all improvement projects offer the same return on investment and some improvements will add considerably more value than others.
Spend time to plan and prioritize what is a real ‘must-have’ and what is more of a 'nice-to-have'. Make a list of the items you want to change or upgrade then do research or speak with your Realtor to determine which improvements will offer good return on investment. I offer a free consultation to help you decide which projects to tackle!
DON’T NEGLECT THE SMALL STUFF
Many people spend a bundle on big improvements, while neglecting the small obvious upgrades. Many times small upgrades like changing light fixtures or replacing old faucets are cheap and a quick update. The most important thing to consider when increasing your home's value is the curb appeal. How beautiful does your home appear from the street? Consider trimming the bushes and updating the front door with a coat of paint.
WHICH HOME IMPROVEMENT PROJECTS WORK IN 2018?
According to Remodeling Magazine 2017 Cost vs. Value report, projects that boost curb appeal fare far better than improvements inside the home. Investopedia believes the following five renovations or home improvement projects offer the best value in 2018.
1. Fiberglass insulation in the attic.
While the attic might be the last place you want to carry out a home improvement project, it offers the best value in terms of cost-benefit. You can expect to spend from $1200 to $2000 on this renovation. But you get back 107% in ROI. You'll also see a small difference in your home utility bills with this project.
2. Front door replacement.
This is one of the important projects for curb appeal. You get 90% ROI from an investment of $1,500 to $2,500 on a new stone veneer or steel door. An attractive front door is a winner with home buyers.
3. New siding installation.
80 to 84 percent in returns may not warrant the stress of replacing your siding. But it's good value compared to many other projects. Just be sure to give some thought to your color selection.
4. Garage door upgrade.
Garage door replacement offers roughly 80% ROI. You can upgrade to an attractive wood or carriage style garage door to boost your home's curb appeal.
5. Hardwood floors.
This is an expensive upgrade. You can expect to spend $5000-$6000 on this task. However, you get a considerable portion of your money back with a 78-90% ROI.
Contrary to popular belief that kitchen and bathroom upgrades offer best value when selling, the research proves otherwise. A kitchen upgrade will only give you 65% of your money back. Curb appeal is a winner when you plan to sell. But if you wish to make upgrades for yourself and your family's comfort, then by all means, get that kitchen or bathroom remodel!
I'm touring homes on a daily basis and happy to share the trends that are attractive to buyers. Give me a shout and run your idea past me - I always have an opinion to share :-)
But first ... Check your current home value so you know the starting point Home Value Check