Home renovations come in many different forms. For some homeowners, it’s about expanding the living space, while for others, it might mean working on a project that adds luxury features to the home. For homeowners that are planning to sell in the near future, the primary concern should be the expected return on investment.
There are several home renovation projects that can add value to the property and make the home more attractive to buyers. Here are a few home renovation projects that can add the most value at resale.
Enhance Your Home’s Curb Appeal
If you want to sell your home for the highest price possible, it needs to make a good first impression. Since the first impression is made when a prospective buyer pulls up out front, you want to make sure to invest both time and money when improving your home’s curb appeal.
Some simple steps include mowing the lawn regularly and keeping the bushes and trees well trimmed. You may need to use your electric chainsaw to cut down large branches if you haven’t been doing regular upkeep.
If you have an old front door, refinishing or replacing it can offer a great return on investment. Power washing your home’s front exterior is another inexpensive way to improve curb appeal and increase the potential resale value of the home.
Upgrade to Energy Efficient Windows
Energy efficient features are some of the most attractive selling points for modern homebuyers. Since windows can account for about 25-30% of a home’s heating and cooling costs, upgrading to newer, more efficient models can be a good way to increase the resale value of the home. It might not be the flashiest home upgrade out there, but smart homebuyers will recognize the potential savings that come with better windows.
Minor Kitchen Remodel
The kitchen is listed as one of the most important rooms among homebuyers. Sellers could go all out and do a complete remodel of the kitchen area, but smaller renovations tend to offer the best value in the kitchen. According to Hanley Wood, a homeowner can recoup upwards of 80% of their investment on a minor kitchen remodel.
When you do a minor kitchen remodel, you are not tearing the room down and starting anew. Instead, homeowners can focus on tasks like repainting fixtures or replacing the fronts of cabinets and drawers with a tool fitted with oscillating saw blades. Changing the kitchen hardware and possibly upgrading the countertops will also provide a strong ROI.
Painting is one of the most affordable home improvements, and it has the potential to return more than you invest. If you have some rooms where the walls look old and scuffed up, a fresh coat of paint will make them look good as new.
While you could certainly just repaint the interior with your standard whites and off-white shades, there is value to be earned by putting more thought into the project. Research has shown that there are colors that can have a bigger impact on the resale value when they are used in certain rooms.
Second only to the kitchen, the bathroom is seen as one of the most important rooms for selling a home. With a simple bathroom remodel, you can increase the value of the home and make it more attractive to buyers.
Just like with the minor kitchen remodel, this project doesn’t require you to remake the space. Simple renovation work like regrouting tiles and replacing the caulk around the tub and toilet will offer good value. Additionally, if fixtures, like your toilet, tub, or sink, are old, you may want to consider having them replaced.
Many options exist for homeowners when it comes to renovations that will add value to the home, and most are affordable DIY projects. With the right tools and a little bit of time, you can significantly increase the value of your home without having to break the bank.