There are two types of homeowners: those who love home improvement projects and those who hate them. Whether you’re the former or the latter, the fact is that those projects can save your financial hide.
Your home’s value depends on a wide range of factors. While most of them are out of your control, there is one thing you can do to protect or raise your home’s value: make the right improvements.
Note that word “right,” though. Some renovation projects increase home values more than others. Here’s how to get the most bang for your buck.
Home Improvement Projects That Increase Home Values
It might be fun to pick out new floor tiles or to re-do your landscaping. Will it benefit your home’s bottom line, though? These are the projects that add the most value to your home.
1. Deck Awning
One of the hottest commodities in real estate is a great outdoor space. It makes your home feel more spacious because there’s an entire other room to enjoy: the back yard.
A beautiful deck is a start, but it won’t do much good if it’s too hot to enjoy it. An awning can add shade for those hot summer days so that you and future residents can enjoy more time outside.
Make sure you go for a high-quality awning that complements your home’s style. If you’re having a hard time finding the right one, click here for handy tips.
2. Stone on the Front of the Home
If you bought your home several decades ago, chances are that it was more stylish back then than it is now. You have more power over that than you think.
One popular trend in homes today is an exterior stone facade. It makes homes look newer and more high-end.
At first, this seems like a big and therefore expensive job. However, stone facades come in a wide range of prices so you can stick to your budget.
3. Refinished Hardwood Floor
Hardwood floors are among the best assets for your home’s value. They’re durable, versatile, and long-lasting. Like anything else, though, styles change over time.
If your hardwood floors look worn, damage, or outdated, you can get great value from sanding and refinishing them. In the process, you can change the texture and color of your floors to bring them up-to-date with modern trends.
Don’t do this renovation just for the sake of change, though. There is a finite number of times you can refinish a hardwood floor over the course of its lifetime. You’ll only get your money’s worth if there’s a specific reason to the refinish the floor.
4. Open Floor Plan
When was the last time you saw a home improvement or real estate reality show where they didn’t mention open floor plans? A home with plenty of open visibility looks larger from the inside and makes the space more usable.
A word of caution: do not try to do this yourself. You have no way of knowing what supports, wiring, and piping may be in a wall.
You need a professional who can make sure a wall is safe to remove and who can get rid of it without damaging your house.
5. Finished Basement
If you have a basement that isn’t finished, you’re sitting on a lot of potential value for your home. While an unfinished basement is unusable, a finished one can bring a 70% return on your investment.
When you finish your basement, make sure to define the space. There are limitless possibilities.
Convert it to an entertainment room with a bar or game room. Create a media room or a playroom for your kids. This helps future buyers envision themselves enjoying the space, boosting the value of your house.
6. Eye-Catching Front Door
Your front door is one of the most vital elements for your curb appeal. A front door that’s visible, bright, and attractive makes your whole house look more inviting. It welcomes buyers in and increases the home’s value in their minds.
Take a look at your front door and the area around it to see how you could improve it. This could mean a new door altogether or sprucing up the area around the door. It could mean changing the landscaping and getting rid of any trees that may block the street view of the front door.
Revitalizing your front door is one of the least expensive projects on this list. However, it’s essential for anyone who wants to put their home on the market.
7. Minor Kitchen Remodel
Your kitchen plays a powerful role in your home’s overall look. As a result, kitchen renovations are among the most popular home improvement projects around.
Depending on how you carry out that kitchen remodel, you could be shooting yourself in the foot. A major kitchen overhaul isn’t likely to be worth your investment.
A more modest renovation is a different story. A minor kitchen remodel like changing your cabinets and countertops provides an average return of investment of 81%.
Rather than going overboard and changing everything there is to change, take a step back. Do the math for the improvements that will give you the best value.
8. Fresh Exterior Paint Job
We mentioned curb appeal above, but you can’t underestimate how important that curb appeal is. The first impression a buyer gets from your home will color how they’ll see every other part of the house.
A fresh coat of paint goes a long way toward that curb appeal. It makes your house look new, high-quality, and well-maintained. That’s not a bad result from a job you can do in a weekend.
Taking Charge of Your Home Value
If you’re like most Americans, your home is the largest investment you’ll ever make. Unfortunately, that investment doesn’t always retain its value depending on your local real estate market and other factors.
There are always positive steps you can take to help your investment. These renovation projects have a long-standing reputation and are known to increase home values, so put this knowledge to good use.
For more ways to make your home the best it can be, read more articles on our real estate blog.