Not all home improvement projects are created equal. While some renovations can cost a significant amount, they can also add substantial value and earn you quite a few dollars more than others when it comes to selling your home.
If you’re thinking of sprucing up your house before putting it on the real estate market, it’s important to know which projects will provide the greatest return on investment. Here are five ways to add the most value to your home.
Make your home energy efficient
A recent survey by Remodeling.com found that 116% of attic insulation costs can be recouped by sellers in the sales price of their home, and experts say other energy efficient upgrades will deliver more returns than many projects because potential buyers are looking to save money in the long term. Consider upgrading HVAC, water heaters and windows to improve efficiency and increase your return.
Upgrade your exterior
Any real estate agent will tell you that the first impression is crucial to selling, so consider adding some curb appeal when renovating your home. Experts say sellers can recoup about 93% of the price of adding stone veneer, 91% of a new garage door and 91% of new entry door costs.
Smaller investments such as updating plants, refreshing mulch and trimming shrubs have also been proven to deliver more than a 100% return on investment.
Minor kitchen remodel
Studies have shown that 80% of homebuyers say the kitchen is their favorite part of the house. In fact, a revamped kitchen could make up for other areas of the home that may be a little outdated.
A kitchen renovation doesn’t have to be outrageously expensive. A new set of cabinet doors and handles, upgraded countertops or newly installed appliances can deliver an 87% return on investment.
Minor bathroom remodel
Bathrooms are right behind kitchens when it comes to the top selling point in homes, and a minor remodel can deliver a 102% return on investment. Think about re-grouting your tile, replacing caulk around the shower, tub and toilets and replacing mirrors and fixtures to update the look of your bathroom.
A new paint job
Painting your home’s interior is a low-cost project that has a high impact. A fresh coat of paint can instantly make a room feel fresh and new and can hide any damage that has been accumulated over the years.
Upgrade your flooring
Adding new carpeting or flooring is another way to instantly update your home. Homebuyers today value hardwood floors, and although it can be costly, you can recoup as much as 80% and add around 2.5% to your home’s sale price.
Opt for hardwood in the main living areas such as living rooms and kitchens if you have a tight budget and go with carpet in the bedrooms.
Your real estate agent should also have the expertise to guide you on which renovations will help get you the best deal, so picking the right partner is crucial to making sure you get the most bang for your buck. Don’t worry, we’ve got you covered with our experienced agents. Contact us today to learn more!