What Home Renovations Add the Most Value?
If you're thinking about making some home improvements in the near future, you might be wondering which renovations will add the most value to your home. After all, you want to make sure that your hard-earned money is going towards something that will pay off down the road, should you ever decide to sell. Here are a few of the best home renovations to consider if you're looking to boost your home's value.
One of the most popular home improvement projects is also one of the most effective when it comes to adding value. A complete kitchen remodel can cost upwards of $50,000, but it will recoup an average of 62% of that cost come resale time. If you don't have the budget for a complete gut job, even smaller projects like refacing cabinets, installing new countertops, or upgrading appliances can still add significant value to your home.
Like kitchen remodels, bathroom remodels are also a great way to add value to your home. A mid-range bathroom remodel—which includes things like new fixtures, tile work, and lighting—will typically cost around $10,000 and recoup around 58% of that cost upon resale. For a high-end bathroom remodel—which might include features like heated floors and custom vanities—you can expect to spend closer to $20,000, but you'll also see a higher return on investment, with an average recoup rate of 60-65%.
If you're looking for a less expensive way to add value to your home, landscaping is always a good bet. Something as simple as planting some flowers or shrubs in your front yard can add curb appeal and potentially increase your home's value by 5% or more. More extensive landscaping projects—like installing a new patio or building a deck—can also be quite valuable, provided they're done well. A well-designed patio can add up to 11% value to your home while a deck will net you an average return of 70-80%.
Additions and Sunrooms
Adding extra living space to your home is also a great way to increase its value. Things like room additions and sunrooms tend to be very popular with buyers and can increase your home's resale value by as much as 20%. However, it's important to keep in mind that these types of projects are also some of the most expensive, so they may not be the best option if you're working with a limited budget.
Making energy-efficient improvements is not only good for the environment; it's also good for your wallet (and potential buyers' wallets). Energy-efficient upgrades like solar paneling and insulated windows tend to be very popular with today's buyers and can result in sizable returns come resale time—anywhere from 50-100% in some cases! Not only will these types of upgrades make your home more valuable; they'll also help you save money on energy costs every month.
There are many different ways to add value to your home through renovation projects large and small. If you're considering making some improvements in the near future, keep these ideas in mind and choose something that makes sense for both your budget and your goals!