Remodels, renovations, and home improvement projects can do a lot to turn your house into a home — and if you’re sure you’ve found your forever home, there’s little reason to worry about how these upgrades impact the value of your property.
The reality is different. Americans move an average of 11 times during their lifetimes, and homeowners are no exception. Do you love your current home, but do you also know you won’t be there for the rest of your life? With a little strategy, you can invest in an amazingly comfortable and beautiful home while simultaneously raising your property value and increasing its curb appeal.
Not all big jobs have a high ROI, though. Read on if you want to discover the best tasks to tackle next. We’ve separated the projects that pay off into three different categories — indoor and outdoor upgrades, as well as jobs that make your home more technologically advanced or energy efficient.
- Indoor Upgrades
Upgrading your home’s interior is most likely to make a tangible difference to your quality of life in the short term, but that’s not the only benefit! These projects can also make a significant difference when you’re ready to put your property on the market, especially if your interior is rather dated.
- 1. Kitchen Remodel
Never consider remodeling your kitchen solely to increase your home’s selling price unless you still happen to have one of those ‘80s monstrosities. (In which case, what are you waiting for?) A minor kitchen remodel (including new cabinet fronts, countertops, floors, appliances, and a new sink and faucet) has an average cost of $26,790, while the resale value is around $22,963. That price tag allows you to recover 85 percent of the cost, which is excellent value for money if you plan to stay in your home for at least a few more years.
- 2. Bathroom Renovation
Upgrading your bathroom can also lead to a decent return on investment, so long as you do it right. The cost of a mid-range remodel — including new flooring, an improved shower cabin or bath and toilet, fixtures, wallpaper, and wallpaper — is, on average, $24,606. Homeowners can usually get nearly 67 percent of that back when selling the home. Not bad!
- 3. Hardwood Flooring
To finish our look at indoor upgrades on a positive note, installing hardwood flooring won’t just make your everyday life more enjoyable, but you’ll also add value to your home! If you currently have laminate or carpeting, you can expect a whopping 118 percent ROI.
- Outdoor Upgrades
Outdoor improvement projects can do a lot to increase your curb appeal — one of the most important things to look out for if you’re hoping to sell in the next few years. Let’s take a look at some of the best jobs to consider investing in.
- 1. New Siding
There’s nothing like unsightly, worn siding to frustrate your neighbors and turn potential buyers off. If you decide to opt for new vinyl siding, that will usually set you back around $16,348 — while adding $15,485 to your property value. Pretty good going! Higher-end fiber-cement siding costs a bit more, and you’ll be a couple of thousand dollars short if you’re looking for the best investment-to-profit ratio, but it’s also worth considering.
- 2. Window Replacement
If you need new windows but plan to sell at some point, vinyl is your best option. Installing these types of windows has an average cost of $20,091, but they add around $13,766 to your property value. All in all, you can easily recoup about 70 percent of your costs.
- 3. Adding a Deck
If you’re all about outdoor living, investing in landscaping and decking are two other great ways to make your home look great. Installing a deck won’t just give you a lot of pleasure, but it’s also a pretty safe choice. You’ll usually be able to recover approximately 50 percent of the cost.
While you’re at it, don’t be afraid to invest a little in your garden. Attractive landscaping can help potential buyers fall in love with your property, and it doesn’t need to break the bank.
- Electronics and Technology
Some home upgrades aren’t immediately visible, but they can still make a big impact — by making your life more convenient or embracing a greener (and more budget-friendly) lifestyle. Homeowners looking to tackle the jobs that make the biggest difference should consider these two projects.
- 1. HVAC Conversion
Upgrading your traditional HVAC system to an electric heat pump allows you to slash your utility bills while reducing your carbon footprint. How much will that cost, you ask? Usually, this project comes with a price tag of about $17,747 while adding a grand total of $18,366 to your home’s overall value. (After all, what potential buyer doesn’t like the thought of cost-effective heating and cooling?) Yes! That’s the kind of thing we like to see!
- 2. Smart Home Features
Not everyone wants to live in a connected home, but there’s no doubt that the future is smart. Installing smart lighting, doorbells, security systems, and thermostats can make your everyday life a lot more convenient. These tweaks could also help buyers envision themselves living in your current home.
- Thoughts About This.
A final word? More of a word of warning, really. Homeowners who know for sure they’ll never, ever move again have the freedom of remodeling in any way they like. Those who may sell at some point should be more cautious.
All these tips assume that you don’t go for a black-tiled bathroom, red and white striped siding, or something equally unusual or garish. You already know neutral colors and styles are your best bet if you want to win buyers over, so always ask your chosen contractor about the best way to add value, too.
Feel free to add personal accents here and there because your home shouldn’t have to look like a generic hotel room, but do try to make sure your renovations have a broad appeal!