Home repairs, improvements, and renovations come with being a homeowner, and with the increasing trend of home-improvement reality TV shows, renovations are more popular than ever. In fact, the cost of home improvements nationwide reached $200 billion in 2018. A responsible homeowner will stay on top of repairs and improvements. Otherwise, preparing the home before it goes on the market could cost them thousands of dollars.
BEST IMPROVEMENTS YOU CAN MAKE ON YOUR HOME
If a homeowner does not make adequate improvements, the overall value of the home will substantially decrease. Unfortunately, not all renovations will add value to the home and earn the homeowner a return on investment (ROI). Here are the best improvements to make to your home, so when it comes time to sell, the process will be a breeze.
INTERIOR HOME RENOVATIONS
Every home’s interior sees a lot of traffic and years of wear and tear. Proper maintenance can go a long way, but when it comes to increasing the value of your home, renovations are often the most effective thing to do. Bathroom remodels have one of the greatest ROIs when it comes to home renovations. Nothing turns away buyers more than an old, gross bathroom. Depending on the size of the bathroom, contractors can usually complete this project in just a few days.
Kitchen remodels can include minor upgrades or major changes to the structure and layout. For the best ROI, minor remodels are the way to go. Replacing outdated appliances, refacing the cabinets and adding new hardware, updating the countertops and sink, and replacing the flooring are all projects that will add value to your home. On average, homeowners will see an 81 percent return on a minor kitchen remodel.
One of the best ways to increase the value of your home is to turn unused space into livable areas. An unfinished basement may be a great place for storage, but turning it into a living room or entertaining space will give you a 98 percent return when it comes time to sell. Not to mention, you and your family can enjoy the space for years if you plan to stay for a while. Another empty space that could be repurposed is the attic. There has been a recent trend of creating bonus rooms or bedrooms in this space that is usually used for storage.
EXTERIOR HOME IMPROVEMENTS
Although the inside of your home is arguably more important, you cannot neglect the outside of the home. Landscaping your yard can be a project and require a lot of regular maintenance; however, it boosts curb appeal and the overall value of your property.
Gutters are essential to protecting homes from rain damage and other weather-related issues. Failing to clean and maintain your home’s gutter system will cause even more issues. When it comes time to replace the whole system, reliability and durability are the most important things to consider. Maintenance-free gutter systems are new to the market and are a great investment because they last for the lifetime of the home.
Additional external improvements could include replacing the vinyl siding, repainting, and updating the front entry. Replacing your front entrance with a steel door has had one of the best ROIs for home improvement projects.
INVISIBLE HOME IMPROVEMENTS
Interior and exterior repairs or improvements are usually at least somewhat obvious to homeowners, but there are some hidden repairs that every home needs on occasion. These repairs include replacing the heating and cooling system or hot-water heater, fixing the septic system, or installing a new roof. Unfortunately, invisible home improvements are expensive and do not necessarily add value to your home. They do, however, decrease your home’s value if they are not working. If you are selling your home, any invisible problems will surface during the home appraisal or inspection.
GETTING THE BEST ROI
All home renovation projects will add some level of value to your home, but not all repairs or renovations will see a return on cost. Gradually making improvements is a safer option, and you will likely see an increase in the overall value of the home. Unfortunately, if you are taking on a project specifically to prepare the home to be sold, some projects are more valuable then others. The best ROI is turning an unused space into a livable one because it essentially adds valuable square footage to your home.
Certain projects are best to avoid if you are strictly looking to increase the value of your home, including patio additions, master suite additions, or major upscale kitchen remodels.
Both interior and exterior home renovations or repairs can add some level of value to your home. By regularly making improvements and changes, you will significantly decrease the cost of preparing your home for the market when you decide to sell.