Americans are now spending around $340 billion on home renovations each year.
With fewer homes for sale and an unstable resale market, homeowners have resorted to upgrading their current properties with a view to increasing their home’s future resale value.
But, expensive renovations such as new bathrooms and kitchens don’t always pay off as much as people hope. Instead, it’s better to choose more affordable home improvements if you’re expecting potential buyers to cover most of the expenses.
Table Of Contents
Keep reading to discover the best ways to increase your home’s value for a great return on your investment
1. Fresh Paint
Wondering how to increase your home’s value? One of the easiest, cheapest, and fastest ways is with a fresh lick of paint. You should even be able to handle smaller painting projects such as bedrooms and powder rooms yourself, although it’s better to call in the professionals when repainting larger living spaces.
Go for lighter colors and neutrals in shades of pale gray, beige, and cream for optimum resale potential. Lighter hues will also make your rooms appear bigger and brighter.
2. Kitchen Cabinets
The kitchen is the heart of the house for many modern families, making upgrades to this room a big draw for buyers.
Because of this, it can be tempting to go for a whole new kitchen. But anything too fancy or expensive is unlikely to make as much of a difference to your home’s resale price as you might have hoped.
Instead, go for updates that make a big impression without making a hole in your renovating budget. These affordable home improvements might include attractive discount kitchen cabinets, a flooring update, or a new sink and faucet.
3. Garage Door
The exterior plays a bigger role in your home’s value than you might have realized. As such, upgrading your old garage door for a new heavy-duty door is always a good investment.
Estimates place the cost of removing and disposing of your old garage door and replacing it at around $3,500. But the good news is that you should be able to recoup at least 97 percent of the cost when you sell your home.
4. Wooden Deck
Having a yard makes it a lot easier to sell your home in any case. But with a deck, it’ll be a lot easier for potential buyers to imagine themselves enjoying your home’s outdoor space when they move in. In addition, you can add an outdoor kitchen and find the best outdoor kitchen sinks to complement your design. Well-built outdoor kitchens add substantial value and become more desirable to potential purchasers.
Decking can vary a lot in price depending on the size and design. A wooden deck offers the best return on your investment.
For an idea of the average cost, a 16-by-20-foot wooden deck with extras like railings and a bench is around $13,000. But this expense can increase your home by around $10,000. As such, adding a deck is a great way to make the most of your yard and increase your property value too.
5. Stone Veneer
Adding stone veneer to part of your home’s exterior might not be the most glamorous update, but it’s a great way to add value to your home. For the biggest impact, consider replacing the siding around your entryway with manufactured stone veneer.
Like a new garage door, this feature is a big draw for potential buyers. And, because it’s such a visible and valued upgrade, you should expect to recoup around 95 percent of the average $9,000 cost.
6. Steel Entry Door
Like the other exterior home renovations on this list, a shiny new entry door gives your home instant curb appeal.
Any kind of new front door will offer an attractive update, especially if it’s charcoal grey or black. But if you have the cash, opting for a top-quality steel door with a composite stop and glass panels is a surefire way to attract a potential buyer’s attention.
On average, you should expect to pay around $1,800 for this kind of door. But with a 75 percent return on investment, you’ll add around $1,400 to your home’s resale price straight away.
7. Energy-Efficient Windows
Replacing old and drafty windows with new energy-efficient windows is a surefire way to increase your home’s value.
Not only will buyers notice the visual upgrade, but they’ll also appreciate the improved insulation and reduced utility costs that new windows provide. And, while the price of vinyl windows can cost around $16,800, you can expect your home to be worth around $12,300 more.
8. Lighting Fixtures
While we don’t always notice good lighting fixtures, bad ones often grab our attention, and the same goes for potential buyers. As such, adding or upgrading lighting will often increase property value.
New exterior lighting will give your home added security while also improving your home’s curb appeal. And adding layered lighting options to your home’s interior with wall lights, lamps, and focal lighting is a great way to create a softer and more appealing aesthetic when it’s time to sell your home.
9. Room Reinvention
Adding square footage to your home with a new room is an obvious way to make it more attractive to potential buyers. But it’s far from an affordable or cost-effective way to increase your home’s value.
Instead, consider reinventing an existing room by converting an attic, basement, study, or second living space into an extra bedroom. Depending on your home’s layout, you might even be able to divide an unused space and convert half of it into a small bedroom.
Reinventing a room can vary in price but it can increase your home’s value a great deal. Not only that, an extra bedroom means your home will appeal to a whole new group of buyers, giving you more options when you put it on the market.
Affordable Home Improvements that Add Value to Your Property
As these affordable home improvements show, you don’t have to splash out on a total remodel to see some serious return on your investment.
Often, more visible exterior renovations are the best way to increase home value expectations. What’s more, you’ll be able to enjoy the added curb appeal that these upgrades provide while you still live there.
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