Home improvements can do more than give your house a much-needed facelift. If done right, a renovation or upgrade can actually raise the value of your home. Even if you plan on staying a few more years in your home, return on investment should always be something you think about when making improvements to your home.
No renovation or addition is guaranteed to increase your home’s value.”
It’s important to remember that even if a home improvement project is popular one year, it doesn’t guarantee its popularity in the future. No renovation or addition is guaranteed to increase your home’s value.
Curious as to which projects give you the most bang for your buck? We have eight improvements that will make you love your house even more and may even give you a boost on your home’s value.
How to Increase the Value of Your Home
These eight home improvement projects have the potential to increase your home’s value when it comes time to sell.
1. Build a Deck or Patio
The popularity of outdoor living spaces is on the rise, making a deck or trendy patio area an attractive feature for homeowners and buyers. They give people the space to relax, gather, and entertain all while enjoying the great outdoors.
A deck or patio is a great way to expand living space. According to Remodeling Magazine’s latest Cost vs. Value Report, people recoup an average of 72% on a wooden deck addition. Composite decks retain less of their value but are still a great deal at a 67% return.
2. Replace Your Front Door
What is one of the first things you see when you walk up to a house? Chances are, it’s the front door. Your front door works tirelessly, a daily passageway while also sealing your house tight. When Old Faithful gets tired and worn out, don’t hesitate to bring in a quality replacement.
HomeSealed Exteriors in Milwaukie, WI recommends replacing your old front door with a new steel door, a project that kicks up curb appeal and yields a great payback.
“It gives you the best bang for your buck in terms of transforming the look and feel of your home,” says Brandon Erdmann, president of HomeSealed Exteriors. “Plus, old exterior doors can be a huge source of energy loss. So you’re improving the look of your house, improving energy efficiency, and you’re able to do it without breaking the bank.”
3. Install New Windows
Just like installing a new front door, replacing your old windows can boost curb appeal, all while helping you cut back on energy consumption. Energy Star reports that installing their certified windows, doors, and skylights can reduce energy bills by an average of 12% nationwide.
Vinyl window replacements retain a little more value than their wood counterparts. Remodel Magazine reports that vinyl window replacements see an ROI of about 72%, while wooden replacements average around 69%.
Do solar panels increase your home value? ”
4. Add Solar Panels to Your Home
Solar-powered homes are a newer trend popping up across the country that has left people wondering: Do solar panels increase your home value?
So far, research is pointing to yes! As more people make an effort to live sustainably, solar panels are becoming a common sight in residential neighborhoods and a hot commodity on the housing market. One study found that solar panels increased a home’s overall value by 4.1%. Homeowners who install panels on their home benefit from a smaller electric bill, energy independence, and the knowledge that they are doing their part to reduce their carbon footprint.
5. Install New Siding
While there isn’t a specific number for how much home value is lost through older siding, it’s worth replacing for the curb appeal alone. Imagine your home with bright, brand-new siding, instead of the worn-out, graying siding that’s on there now. New siding can breathe new life into your home.
Both vinyl and fiber cement siding are good replacement options. Vinyl siding is low-cost, durable, and easy to install, and it hits all the right notes when it comes to getting a return on your home improvement dollars. Fiber cement siding is the more expensive material but is five times thicker than vinyl and more durable.
There’s good payback for both materials. According to Remodel Magazine, the $14,000 national median cost of a vinyl siding replacement job returns a solid 75% if you should decide to sell your house. Fiber-cement siding also shows a strong payback of 78%. Although its national median cost of $17,000 makes it the pricier option, it has one thing vinyl still lacks — the perception of quality.
Midrange kitchen remodels are the most promising.”
And quality matters. In a survey from the National Association of Home Builders (NAHB), “quality” was one of the most important traits that home buyers focused on when shopping for a house.
6. Upgrade Your Kitchen
Kitchen remodels are ever-popular projects that offer a notable return on your investment. And we’re not talking major tearing-off-the-cabinet or building-a-new-island undertakings, either. The midrange kitchen remodels are the most promising if you’re looking to get some money back. This includes projects like:
- New flooring
- Refinishing cabinets
- Upgraded countertops
- New hardware and faucets
- Replacing old stoves, refrigerators, and dishwashers with efficient appliances
“People are always willing to update their kitchens,” says Dale Contant, 2016 president of the National Association of the Remodeling Industry (NARI) and owner of Atlanta Build and Design. “It’s the hub of the home.”
The ROI on a kitchen update is impressive— Remodeling Magazine says you can expect a return of 78% on the $23,500 national median cost of a kitchen upgrade. Plus, you’ll get lasting satisfaction. Eighty-two percent of homeowners said their updated kitchen gave them a greater desire to be at home, and 95% were happy or satisfied with the result.
7. Convert Your Attic to a Bedroom
Adding more usable space to your floor plan without the hassle of building an addition is a win, and that’s exactly what you get with an attic conversion. You’ll gain living space without having to add on to your home’s footprint since the walls, floor, and ceiling already exist. This helps keep remodeling costs under control.
There is some red tape that you’ll experience with an attic conversion. There are code restrictions when converting an attic to a bedroom, so make sure you have the right permits to do the work. The potential to add hundreds of square footage to your home is always worth a little research.
8. Install New Garage Doors
When you think of what increases home value, the garage door is probably not what comes to mind. Surprisingly, however, it has one of the highest ROIs of the projects on this list.
Like your front door, the garage door is usually front and center for all to see. A new garage door provides a big boost for your home’s curb appeal at a relatively modest cost. A project that replaces an older, two-car, embossed steel door has a current cost of about $3,700, but if you sell, you can expect a healthy 94% return on your investment. There are options galore, too. A host of factory-finish colors, wood-look embossed steel, and glass window insets are just some of the possibilities that’ll give your doors a bankable personality.
Home Renovations and Home Value Increases
These home renovation ideas are a great way to reinvent your living space, while potentially putting more money into your pockets when it comes time to sell. If you’re looking to finance a home renovation, a home equity loan, home improvement loan, or home equity line of credit might be just the financial solution you need. Learn more about what Amplify can do for you!