With so much attention being paid to the housing market, you might be thinking about sprucing up your home. Home improvements can be expensive, of course. On average, homeowners spend around $ 15,000, and a kitchen or bathroom can cost significantly more.
If you want to know how to increase the value of your home, keep in mind that some projects will be more profitable than others. Your return on investment may depend on the type of changes you make, your location, and the competitiveness of the housing market. Here’s what you need to know.
When it comes to home improvements, there are two critical factors to consider when deciding where to put your money: whether it’s something that will increase the value of the home for you and whether it’s something that will grow. The value of the house to others. As long as you decide to sell your home. The most valuable home improvements are those that increase the value of your home in proportion to the amount you put into it. And while the progress you might be personally interested in is subjective and hard to quantify, here are 6 improvements to focus on.
Upscale garage door replacement
It might not be the most exciting upgrade, but replacing your current garage door with an updated model will see you recouping 98.3% of the costs nationwide. This number increases dramatically for specific areas, with 46 out of 100 markets in the Cost vs. They see a value greater than 100 per cent in the costs recovered for this project. It is money well spent.
What is a luxury garage door? The best garage doors today are built with durable materials like steel and wood-aluminium composites and high-performance additions like glazing and energy-saving insulation. Wood is a classic option from an aesthetic standpoint, although it is not as resistant to the elements. If you want a wood garage door, get the best of both worlds by looking at fibreglass or wood composite, which can look the same as wood without the sags in the material.
Manufacture stone veneer on the exterior
Another home exterior improvement that offers a great return on your investment is upgrading your home’s exterior with manufactured stone veneer. A fake stone veneer is not stone at all, and it is an artificial composite material formed in moulds. However, it looks like natural stone and is installed the same way. It’s a great way to increase curb appeal and update an old or boring exterior. Even doing just one part of your house (e.g., the area around the main entrance) is enough to make a profit. According to the report, the national average return on investment for manufactured stone veneer is 97.1%.
Addition of a wooden deck
Do you see a model here among the best home improvements? The renovations that give you the most value tend to focus on the exterior of your home. And when it comes to your deck or patio, wood is the way to go. Adding a composite deck or yard will not yield as much as 82.8 per cent lumber (composite decks and patios give an average yield of 63.6 per cent and 47.6 per cent, respectively).
Remodelling recommends sticking with a 16ft x 20ft wood deck addition, although the correct size for your home will depend on your home and yard size. You’ll also want to add a railing system for added functionality and stability.
The kitchen (within reason)
The kitchen is essential when it comes to the most valuable home improvements. Buyers often look here first to determine if a home is worth the price, as most people want an upgraded kitchen without having to pay a ton of money to get it after buying a home. There are a variety of valuable home improvements you can make in the kitchen to suit your budget and particular goals, from installing energy-efficient stainless steel appliances to painting cabinets and installing. New counters.
Interestingly, you don’t have to spend much in the kitchen to get a good return. A minor kitchen renovation will recoup about 81 per cent of its cost in average resale value. In comparison, a significant luxury kitchen renovation will recoup only about 53.5 per cent of its price. The most valuable home improvements in a minor kitchen remodel are modernizing cabinets and counters, upgrading to newer appliances, upgrading the sink and faucet, and levelling the floor.
Replacement of windows and vinyl siding
Old, damaged, or deteriorated siding can seriously date your home’s appearance, not in a charming way. Luckily, upgrading your siding is well worth it, offering a 76.7% cost recovery based on purchasing 1,250 square feet of siding. Make sure you don’t neglect the trim, as this is essential in keeping your upholstery update looking its best.
And while at it, why not compliment the upgraded siding with upgraded windows? Energy-efficient vinyl window replacements provide reasonably similar performance to the siding at 74.3 per cent and will help ensure that your new siding does not conflict with outdated windows.
Bathroom renovation
A mid-range bathroom remodels (think updated tiles, fixtures, toilets, countertops and lighting) will give you a 70.1% efficiency nationwide. And just like in the kitchen, doing more isn’t the same as getting more. A luxury bathroom renovation will only earn 56.2%, and a new bathroom addition only 54.6%.
Another of the most valuable home improvement bathroom renovations involves transforming your standard bathroom into a universally accessible bathroom. This includes widening wheelchair doors, installing a walk-in shower, lowering light switches, and placing grab bars near the toilets. While this may not seem relevant to most buyers today, it will be very soon. We live in an ageing society. By 2050, it is estimated that the population aged 65 and over will more than double its population in 2012, from 43.1 million to 83.7 million. As a result, small accessibility changes will have an enormous appeal as homeowners and buyers age.
If you’re looking to make the best and most valuable home improvement, look at the 2018 cost-to-value ratio and focus on your region and city. While we’ve looked at national data, specific updates may be more or less valuable depending on where you live. It’s always important to do your research rather than just assuming that something will give you a return on your investment.
The bottom line
Renovating your home can improve its livability and increase your chances of selling at the asking price (or higher) quickly when the day comes. However, some projects offer a better return on investment than others. If you plan to sell your home in the short term, consider consulting with a qualified local real estate agent to find out what projects (if any) would make a difference to potential buyers.
