Whether you’re a new homeowner or a home buying veteran, there comes a time when you decide to make home improvements. While it may seem like giving your kitchen a brand-new look would be the go-to home improvement, there are two big factors to consider when talking about improving your home.
Will your proposed improvements increase the value of your home? And will that increase in value be enough to justify the cost of improvements? The most valuable home improvements are those that increase your home’s worth. Particularly, related to the amount you spent on them if/when you ever decide to sell your home.
5 Improvements to Increase Your Home’s Value
1. Landscaping
Often times, landscaping can make or break your home’s overall impact. Get in touch with a local garden center, as some offer free design services. You can also ask the neighbors what works for them. Vibrant colors at the front of the house are always a plus. For a truly striking design, it’s best to pick one color and combine plants of that color with varying heights.
If your doorway is overwhelmed by greenery, bring out the shears. Replace overgrown shrubbery with flowering foundation plants, mixing heights and colors for a dramatic effect. A charming focal point like a walkway or a fountain adds major value to your property.
2. Deck Addition
Like landscaping, there are many exterior renovations that can greatly increase the value of your home. Perhaps one of the most valuable is a deck addition complete with railings for stability.
When it comes to your backyard deck or patio, wood is the way to go. While you may have many options for your deck, none will show as great a return as wood, with a whopping 80 percent return on investment.
3. The Kitchen
And we find ourselves back in the kitchen. As an essential part of every home, it’s important that your cooking area doesn’t seem too dated or cramped. There is a range of valuable home improvements that you can make to the kitchen to fit your budget and preferences. From putting in energy-efficient appliances to painting cabinets and installing modern, new countertops.
The most important thing to note, however, is that you don’t have to break the bank while remodeling the kitchen. A minor kitchen remodel will recoup about 81 percent of its cost in average resale value. While a major upscale kitchen remodel will recoup only about 53 percent of its cost.
The most valuable home improvements in a minor kitchen remodel include modernizing the cabinets and countertops, upgrading to brand new appliances, modernizing the sink and faucet, and updating the flooring.
4. Bathroom
A medium-priced bathroom remodel, involving updated tile, fixtures, toilet, counters, and lighting, will get you a return of 70 percent. Similar to a kitchen remodel, doing more doesn’t equal to getting more. Spending more on an upscale bathroom remodel is only going to get you around a 55 percent return.
Another thing to consider is the size of the bathroom. Widening the doors to allow for wheelchairs, adjusting your shower to create a walk-in, and even changing the light switches can all be very valuable improvements. While this might not seem very relevant, it will give your remodel a longer lifespan. Small accessibility modifications will have major appeal as homeowners and buyers grow older.
5. Basic Updates
Last, but certainly not least is small, basic updates. Basic updates and preventive care can add a lot of value to your home. Showing that it’s been kept in excellent condition is a great selling point.
Refresh the paint, make sure leaks are repaired immediately, replace any rotting wood, and get rid of any mold that you find. These chores will keep your home from deteriorating over time. Buyers want a healthy and safe home and are always on the lookout for signs of routine maintenance.
If you’re looking to make the best and most valuable home improvements, take a look at the 2018 Cost vs. Value Report and hone in on your specific region and city. Our percentages have been coming from national data, but different upgrades may have more or less value depending on where you live.
It’s always important to do the research instead of just assuming that something will definitely give you a return on your investment. It’s also important to note that these improvements are just what we feel are the most valuable. Don’t let that stop you from adding in improvements that will add value to you and to your home.
The following article was provided by The Koehn Mortgage Group, a mortgage lender in Waco, Texas and the surrounding area.