Whether you’re rearranging your space to increase your living space or just want to make it more appealing to potential buyers, home improvements can quickly raise the value of your property. The return on investment for these types of projects can be up to 84%, which is good news for homeowners! Major renovations on the other hand, may not yield such high returns. That’s because buyers’ tastes are unlikely to be the same as yours. The bottom line is to hire an experienced team of contractors.
While major renovations can increase a home’s value, minor upgrades in bathrooms and kitchens will only recoup around 53 percent of their costs. However, small but meaningful home improvements are worth considering. Updating countertops and cabinets, new appliances, and fixtures will add value to a home and help you recoup the investment. Flooring and paint can also add value to your property. In addition to these major improvements, it’s important to keep the overall appearance of the home updated and clean to increase its value.
If you’re looking to sell your home, consider making a few simple improvements before you start working on major renovations. A good place to start is estimating the value of your home. Using a website like AOL Real Estate will help you determine what your home is worth today and in your neighborhood. Comparing these estimates with your renovation costs will ensure that you don’t over-improve your home. This will increase the value of your home while keeping it competitive.
Painting the walls in a neutral color and installing a chair rail will increase the value of your property. Likewise, installing molding and painting the trim can make a huge impact on the home’s value. Depending on your budget, you can install new windows and doors in your home to add curb appeal. And while the kitchen is not the most popular room in the house, it can be the most important area to update and add value to your property.
Replacing your front door is another easy home improvement. The front door of your home adds curb appeal and energy efficiency. Fortunately, the cost of a new steel entry door is relatively low and a DIY project, even if you don’t have a background in construction. The cost of a midrange steel door with a glass panel and factory paint can cost up to $1,119. The average cost recovery is 101%.
Kitchens are also a great place to start when it comes to the most valuable home improvement projects. Many buyers look at the kitchen first when evaluating the value of a home. Even minor changes in the kitchen can increase the appeal of a home and make it more appealing to buyers. Consider replacing old appliances with new Energy Star-certified ones, or installing energy-efficient appliances. New countertops can also add to the appeal of your kitchen.