Nobody wants to flush their hard-earned cash down the toilet!
Unfortunately, some homeowners sink money into costly renovations they would never be able to recoup if they ever sold their home. Whether you just bought a house, have owned it for a while and want to renovate, or are thinking about selling and want to get top dollar, make sure you’re investing in high-value renovations.
Renovations That Add Value
Here are the top renovation ideas that help add value to your home.
- Change Doors – According to the Remodeling Cost vs. Value Report, homeowners can expect to recoup 75% of the cost of a front door and 97.5% from replacing a garage door. Doors are integral to good curb appeal, and shoddy, ill-fitting, or just plain old doors can turn buyers off. Investing in new doors is a great way to increase homebuyer interest without losing money on the renovation.
- Replace Windows – Old windows may be leaking energy out of your home, which over time can cost you big bucks. Like doors, old, dirty, or broken windows are eyesores for potential buyers. Whether you plan to sell soon or live in your home another decade, replacing old windows is a smart renovation. Few other home upgrades save you money every month AND keep most of their value when you sell.
- New Paint – Painting is one of the cheapest ways homeowners can breathe new life into an outdated, tired space. A fresh coat of paint in an attractive hue can make a room look bigger, brighter, and more appealing. This renovation is even more of a value if you roll up your sleeves and do the work yourself. Just stay on the spectrum of neutral colors, and painting will almost always be worth the money.
- New Flooring – Flooring is a fantastic way that homeowners can invest in their property while knowing they can get most of their money back if they sell. You just need to be smart about the types of flooring you choose. Hardwood flooring, tile, and even laminate flooring is a smart choice. It lasts a long time, is always in style, and looks good with almost every type of decor. Carpet, however, is not as valuable. It’s not as trendy right now, and it wears and tears much easier.
- Update the Bathroom – One of the most important rooms to spend money on is the bathroom. Buyers like nice flooring, new toilets and fixtures, and luxurious tile and shower heads. Sinking money into a bathroom redo will make your stay in the home more comfortable and helps with buyer appeal should you decide to sell it.
- Update the Kitchen – Homeowners spend lots of time in the kitchen cooking, eating, and entertaining. Old appliances and ugly cabinets may send buyers running out the door. If you decide to upgrade your kitchen, splurge on energy-efficient appliances, a higher-end faucet, and functional cabinet space. Depending on your budget, new cabinets and countertops will also entice homebuyers to offer you more money during negotiations.
- Update Outdoor Areas – The first thing that hits potential buyers is curb appeal. In addition, your family can enjoy outdoor renovations for years. Transform your yard by cleaning up clutter, pruning back bushes, and planting some flowers. If your budget allows, have a patio poured or a deck built, and add a fire pit and a fence or trees for privacy. Turning your outdoor space into an enjoyable, livable area adds fun and relaxation for you and your family and is another selling point if you ever put it on the market.
- Perform General Maintenance – One of the easiest ways to get on track with your home renovations is cleaning and repairing, inside and out. Simple home repairs like changing burned out light bulbs, fixing chipped paint, painting faded shutters, repairing leaky faucets, and fixing broken closet doors are key in creating a comfortable space. Clean your home from top to bottom including ceiling fans, baseboards, and under the beds. Keeping your home clean and everything in it repaired makes your life less stressful and creates a positive, inviting environment to potential buyers.
Renovations to Avoid
The above home updates knock it out of the park both for you to enjoy while you live there, and for buyers to love. There are, however, many ways to spend money on your home that have little impact on its value. These renovations are ones to avoid.
- Over-the-Top, Extra-Unique Updates – Do you think that cool koi pond, gold tile shower, or neon purple kitchen is awesome? Well, few others are going to. Avoid spending money on super-specific home decor geared toward your personal taste alone. You may not just lose the money you spend on the renovation; you might run buyers off.
- Out-Pricing the Neighborhood – Before adding those expensive travertine floors or high-end granite countertops, consider your zip code. If you’re in a modest area, the money you spend for luxurious upgrades is unlikely to ever be recouped. Scale down your design with less expensive, more common materials.
- Adding A Pool – They sound like a ton of fun. They are also money pits. In-ground pools cost a considerable amount of money and add little value to the home if you decide to put it on the market. Think it over carefully before adding a pool to your property, no matter how enticing that cool, crisp water seems.
Deciding where to spend your home budget so you get the most bang for your buck can be difficult. Try to take emotion out of it and tackle the projects that help increase your home’s value. Not only will you and your family enjoy the updates, when and if you decide to sell your home, but you’ll also be glad you spent your money on smart renovations.