There are some great projects that add value to your home, both in terms of making it a more enjoyable place to live while also increasing its market value. There are other projects, however, that are costly and you’re unlikely to recover that money when you decide to sell the property. Continue reading to find out more.
Projects That Add Value to Your Home
Build a Deck
In most parts of the US, you will either get nearly all your money back or you will get more than you invested when you add a deck to your home. In fact, the cost vs. value report shows that in some areas, you can expect a 122% return on your investment when adding a deck. Plus, you’ll have extra outdoor living space while you still own the home. This is a great way to add value to your home.
Upgrade the Kitchen to Add Value to Your Home
You should be able to recover up to 81.6% of the money you invest in kitchen upgrades such as new kitchen hardware, replacing the faucet, and adding nice new light fixtures. Just don’t go crazy. You can’t spend $50,000 on upgrading the kitchen if that’s a quarter of your home’s market value because it’s unlikely you’ll ever recover the cost. The secret is to add value to your home without breaking the bank.
Replace Your Old Garage Door
This is another relatively affordable upgrade that will immediately add value to your home. If your old garage door is showing its age and not operating smoothly, you should get nearly all your money back when the house is sold when you replace it with a new garage door. If your garage door is still functioning properly, you might be able to get away with cleaning it up and applying a fresh coat of paint to make it look new again.
Replace Your Old Appliances with Energy-Efficient Models
In a recent NAHB study, nearly 90% of homebuyers ranked appliances that carry the Energy Star symbol as either essential or desirable. The reason? These appliances are certified to use less energy while offering the same performance as their non-certified counterparts.
Replace the Roof
A tired-looking old roof immediately turns off potential buyers. This is probably why, according to the NAR, homeowners are on average able to recover as much as 107% of the cost of replacing the roof when they sell their property.
Add Value to Your Home by Remodeling the Basement or the Attic
If your family is still growing, you likely know how expensive it can be to add an extra room or two. It’s much cheaper to simply convert the basement or the attic into a bedroom, family room, or workspace. Potential buyers are going to love all that extra space and the additional square footage means you can raise your asking price.
Touch Up Your Home’s Exterior Paint
A new coat of paint can do wonders to increase any property’s curb appeal. But if your budget is fairly tight, you might not need to have the whole place repainted to add value to your home. First, pressure-wash the exterior to get rid of dirt and grime. Touch up any chipped or faded areas for an easy DIY project, or hire a professional to complete both of these tasks for you. While you’re at it, paint the front door and trim to further boost your curb appeal.