Even if you have no intentions of selling your home in the near future, it’s a question homeowners often ask when they consider taking on a remodeling process: How much value will these updates add to my home?
The answer is the payoff for the changes is not usually as much as it costs to make the changes initially. However, some updates do generate a greater payoff than others. Here are the projects that add the most value to your home.
Update your front door.
A new front door is the top-ranking home improvement, according to Remodeling magazine’s Cost vs. Value Report for 2014. Sometimes the same payoff can come from painting the existing door.
Change the windows and siding.
Windows and siding on the home age with time, so it’s good to replace these elements. People like new windows because that typically means the home is better insulated. Generally, these changes yield a greater financial return than larger scale remodeling projects.
Makeover your kitchen.
A dated kitchen immediately makes buyers think they need tens of thousands of dollars to update it. This makes kitchen updates a smart choice if you are considering a home update and aren’t sure which to choose. Make sure you add a kitchen that matches your homes architecture. For instance, it isn’t the best idea to put a super modern kitchen into a home from the early 1900’s, especially if the rest of your home still reflects that era. If a kitchen isn’t in your budget, do a mini-model: change the paint, add a new tile backsplash, or get some stainless steel appliances.
Add some curb appeal.
Take a walk across the street and look back at your home — does it have curb appeal? Does it appear welcoming, attractive, and structurally sound?
List some ways to enhance the positives and eliminate the negatives. Accentuate your sidewalk with flowers. Pull your weeds and trim your hedges. If you can get your neighbors on board, this helps boost all of your home values.
Beautify your bathroom.
The bathroom is the workhorse of your home, and it receives a lot of wear and tear. This makes it important to keep it functioning like a well-oiled machine, and make some nice looking upgrades while you are at it.
Change the faucets, consider undercount sinks, and go granite or marble with your countertops. Wall mounts for lighting are a great option, too. Most of all: keep it clean. Bathrooms easily become filled with dirt and grime. If you need to clean the tile, new grout can instantly freshen it up.
Before you get started on any major home renovations, it’s a great idea to speak with a realtor to see what sort of return on invest various home improvements will deliver.