Remodeling, renovating and other new home upgrades that add value to your home are excellent projects to undergo to increase the selling price of your home. When the day comes when you’ll want or need to sell your home, you’re ready to reap the benefits of your hard work and investments. Keep in mind, however, not all home improvements are equal. Some upgrades can make it more challenging to sell your home. However, increasing your home’s value is easier than you may think.
Top Home Improvements That Increase Value
What home improvements add worth to a house? Specific projects will go further than others. Here are some home improvements that increase value, and typically have a more significant financial impact.
- Kitchen: Many people like to see modern styles and conveniences in the kitchen. Particularly in an old house renovation, improvements to the kitchen tend to add value.
- Bathroom: Second to the kitchen, bathroom remodels, especially those that modernize fixtures and older styles, typically result in a good return.
- Outdoor improvements: Your home curb appeal makes a first impression fast. Therefore, it’s a smart investment to spruce up its outdoor appearance. These include landscaping, patios, decks and low-maintenance, affordable vinyl siding.
- Windows and roofs: Windows and roofs are a bit costly to replace, and buyers will expect them to be in decent condition. Unfortunately, this means you won’t be dramatically increasing your home’s resale value by replacing them, but if you don’t, you could decrease it significantly.
Other improvements that can add significant value to your home include making environmentally friendly upgrades, such as solar panels and energy-efficient appliances. Finishing a basement and converting an attic to a bedroom can be a good return on investment as well.
Indoor Home Improvements
Read on for some of the savviest ways to upgrade the interior of your house.
1. Remodeling a Kitchen
In many families, the kitchen is the “heart of the home.” Because of this, it pays off to update this room. You can expect to earn upwards of 120% return on your kitchen remodel investment, as long as you don’t overdo it. Don’t upgrade your kitchen so much that it’s fancier than the rest of your home or the neighborhood.
- Put on a fresh coat of paint: When it comes to kitchen remodeling, you could spend up to $75,000 or more. So, you’ll want to get the most out of your remodel by looking at color. Modern-colored fresh paint can go a long way in updating your kitchen’s appearance, and it’s relatively inexpensive, too. To make your kitchen more eco-friendly, consider low-VOC paint. It will also help keep your family from breathing in hazardous chemicals, like benzene, that off-gas from some standard paint types.
- Install energy-efficient appliances: Get rid of your old appliances and replace them with energy-efficient models. Energy Star-rated appliances are best for the environment, and you’ll also save money because they don’t use as much electricity. When shopping for a new house, potential buyers will likely be looking for money-saving upgrades like these.
2. Remodeling a Bathroom
With bathroom remodeling, you could be paying up to $10,500 to replace the tub, tile surround, vanity, toilet, sink and fixtures. But, you’re looking at maybe an average of $10,700 back at resale, which is a 102% recoup rate.
It can cost between $300 to $400 to re-glaze an old tub to bring it to a like-new finish if you can’t fit it out the door. You’ll want to remove old wall coverings and apply a new coat of paint. If you have damaged walls, you can provide quick coverage with a spray-on texture. And, to add the illusion of space, replace or remove old shower doors.
3. Finishing a Basement
The average basement remodeling job costs a little over $51,051, and you’ll get an average return of around $46,010.Therefore, you’ll recoup approximately 90% of the expense. Keep in mind when you refinish walls, keep the drywall panels around a half-inch from the concrete flooring so they won’t absorb moisture.
Repair flooding issues first. Add bigger gutters, French drains or re-slope your yard to keep water out. Then, test to ensure the repairs work before you invest materials and time in your basement.
If you want to install a wet bar, you’ll need to purchase:
- A laminate countertop
- 10 linear feet of cabinets
- An under-counter refrigerator
- A stainless steel drop-in bar sink
These upgrades will cost you around $2,500.
Cover your concrete flooring with a simple-to-install modular subfloor so your floors won’t get cold. For a fantastic transformation, consider adding carpet squares with traction backing.
4. Installing Energy-Efficient Windows
Today, buyers are shopping for energy-efficient homes. Drafty, old single-pane windows are a huge turnoff. You can save up to $500 annually in your cooling and heating costs by installing Energy Star-rated windows ― and it’ll make your home more energy-efficient.
When investing in energy-efficient windows, you can expect to recoup around 60 to 90% of your costs. And, for this upgrade, you could also receive a 10% energy tax credit if you install Energy Star-rated windows. You could even qualify for additional state or utility company credits.
Estimates show the average cost of replacing your windows for a medium-sized home is around $7,500 to $10,000 or more. If you’re saving a few hundred dollars each year because of your new windows and you get a tax credit, you’ll eventually recoup your investment.
Outdoor Home Improvements
Some of the best home improvements for the outdoors are as follows.
1. Replacing a Roof
A new roof provides you with the opportunity to cut down your cooling expenses, while simultaneously improving your home’s curb appeal and resale value.
While roofing may not be the first thing that comes to mind when you think about making home improvements that increase your home’s value, statistics do show having a new roof installed could have a significant impact on the resale value of your home.
A new roof could increase the resale value of your home by nearly $12,000, according to research. These studies also reveal homeowners who have a new roof installed could expect to recoup around 62.9% of the cost of installation through increased home value.
2. Building a Patio or Deck
Adding a deck or patio also increases your home’s value. Outdoor living areas have become more desirable, mainly since many individuals opt to stay home for vacation. If you make your backyard and deck more appealing, your home will appeal more to potential buyers when you decide to sell it. Homeowners can recoup around 65 to 90% of their investment when they add a deck.
The cost to add a deck to your house can vary, depending on its size, the size of the deck and what you want to add. A deck can cost anywhere from between $1,200 to $10,000 and over, but again, it depends on the materials used and design.
3. Changing Your Siding
You add a substantial amount of value to your property by re-siding your home. Vinyl siding is a lightweight, reasonably priced and virtually maintenance-free way to provide your home’s exterior with thermal protection. A mid-scale vinyl siding remodel can raise the value of your home by 78.2% of the cost of your project. Estimates for a vinyl replacement job are around $11,475 with a $8,975 resale value, according to the 2014 Cost vs. Value Report by “Remodeling” magazine. The $11,475 estimate is the projected cost of replacing about 1,250 square feet of trim and siding.
4. Adding Solar Power
The financial benefits of adding solar power are well-known. Solar panels function as strong rates of return investments, and homeowners who generate solar electricity can avoid having to pay increased utility costs be getting rid of their electricity bills.
Adding solar power to your home can also increase the value of your property. When looking at a few quotes, a handful of metrics can assist you in making your decision about the solar option that will best suit you. Generally, it goes by one standard: the break-even point or solar panel payback period.
In the U.S., the average solar payback period is around eight years. If the cost to install solar is $20,000, and your solar power system will be saving you $2,500 annually on eliminated energy bills, your break-even point or solar panel payback will be eight years.
Other Home Improvement Tips
The quickest way of increasing the value of your home is by setting up a plan. You’ll fare better if you make intentional upgrades and not on impulse.
Here are some home improvement tips that should help.
1. Make Small Improvements, Too
If you’re undecided about making upgrades vs. improving your home’s decor and which will increase the resale value of your home, you’ll likely be happy to hear doing a bit of both can pay off. And, there are cheap ways to increase home value.
Begin by making a couple of lists — updates for you only and upgrades for your home’s value. Updates for you are things like artwork, furniture and window treatments. Upgrades for your home could be permanent doors and lighting and replacing old faucets. With a plan like this, you’ll experience real progress.
2. Home Improvements Should Improve Your Neighborhood as Well
Curb appeal shouldn’t stop at your property line. You can add more value to your home if you’re living in a place where everybody notices the appearance. Don’t forget rear and side views when looking at the curb appeal. Potential buyers will peek over fences and walk around the property.
Make a list of ways you can eliminate the negative and improve the positive. If you have a curved walkway, why not accentuate it with lanterns and flowers? If your buyers’ first view is your wide garage, attempt to guide their eyes to a freshly painted front door or beautiful front yard. These things contribute to your home’s value.
3. Spend an Hour With a Professional
Invite an interior designer or real estate agent over to look at your home. Most real estate agents will come over as a courtesy. However, you may have to pay a designer a consultant fee. Check around your area for several designers. Typically, the standard hourly fee for a designer’s consultation is less than $100, and they can give you plenty of ideas for improvements in an hour. Even small recommended improvements like furniture placement and paint colors can contribute to improving your home’s look and feel.
4. Finish One Room at a Time
Make a plan to work on one room at a time, and don’t start another project until you finish that room. Whether it’s knocking down a wall or slapping up a coat of paint, the project will become more achievable if you take it one step at a time.
Jot down a list of everything you want to do and break down your list by cost. Include the amount of time you believe it will take to complete each project. Doing this will help you get things done. If you only have the weekend or one day of the week to work on your project, choose a project that will fit your timeframe, financial commitment and comfort level.
Budget time and money on a weekend to get your living room painted. By the end of Sunday, you’ll have one more stylish upgrade that’s going to add to your home’s value.
5. Talk With Your Insurance Company
Don’t forget to check with your insurance company before making any home improvements. Your insurance may be able to pay for some of your home improvements, which can save you money if you’re on a budget.
Contact Brothers Aluminum for Your Home Improvement Needs
As you can see, home improvements, both small and large, can significantly increase the value of your home. Knowing the best home projects for increasing value goes a long way. If you’re looking to increase your home’s value with home improvements, whether it’s roofing, kitchen and bathroom remodeling or renovating your home, you’ll want to bring in the professionals. Brothers Aluminum is more than up for the task.
Brothers Aluminum has been remodeling and enhancing homes for over 40 years. We’re family-owned and operated and are dedicated to providing our customers with individually customer-tailored products and services that meet all their home remodeling needs. We offer premium products, holistic solutions, professional workmanship, free in-home price assessments and 100% financing.
We specialize in window replacement, new entry door installation, masonry, roofing and vinyl, as well as interior renovations and redesigns. Contact Brothers Aluminum to inquire about your home roofing or renovation needs or to get your questions answered about our available products or services.