Not all home renovations provide a decent return on your investment. In fact, some investments that cost thousands of dollars give very little return back to the homeowner. Before you jump in headfirst and make renovations to increase your home’s value, learn which renovations will actually increase your home’s value.
Paint the Interior or Exterior of the Home
Paint is inexpensive, yet it can add tremendous value to your home. Inside, paint can give a home that warm, cozy feeling. Just by switching the paint colors, you can transform a room from boring to amazing. Whether you have a home with old, peeling paint or the paint is just outdated and needs a fresh coat, it can add tremendous value to your home
Exterior paint can have the same effect. The exterior of your home offers the first impression of your home for many people. If the paint looks faded and worn, it may turn people off. A fresh coat of paint can bring the house back to life, making it look newer and brighter, again for only a small investment, which you’ll see, reflected in your home’s new value.
Fix Up the Kitchen or Bathroom
Kitchens and bathrooms get the most use and therefore have the greatest return on their value when renovating them. Luckily, you don’t have to do major renovations to either room to see a good return on your investment.
Minor renovations in the kitchen and bathroom include refinishing the cabinets, replacing the appliances, or changing the flooring. These changes, whether you choose one or all, typically return at least 80 percent of your investment.
A few other ways to moderately renovate a kitchen or bathroom include changing out the faucets or lighting and repainting either room. What you get when you are done are two rooms with great function and new beauty. Having updated kitchens and bathrooms also help you sell your home faster, as they are the two areas most buyers look at first.
Update the Curb Appeal
Many people focus on interior renovations when fixing up a home, overlooking one simple change they can make outdoors – updating the curb appeal. Making your home look impressive from the outside doesn’t require extensive work or a lot of money, though. Simple changes like adding some landscaping, trimming the grass and bushes, and fixing any broken shutters, gutters, or fencing all increase the value of your home.
Buyers use your curb appeal to determine what the inside of your home looks like before even stepping inside it. If the outside of the home is well kept, passerby assumes that the inside is just as immaculate. If the outside looks trashed and overgrown, it gives a bad vibe regarding the inside too.
Update the Flooring
Changing the flooring can increase your home’s value too. Even though it’s not something you probably notice right away, since the human eye naturally looks up, flooring is important.
If you have torn carpet, damaged wood floors, or torn linoleum, new floors can add tremendous value to your home. If you can afford it, go for the wood floors, as they add the most value. If you don’t prefer wood floors or it’s not in your budget, ceramic or linoleum work well too.
Make Energy Efficient Changes
Buyers love energy efficiency in homes. If you change out the appliances, add solar panels, or the utilities with energy efficient options, you’ll see an increase in your home’s value. Today, consumers want everything energy efficient. It helps reduce the wear and tear on your appliances and utilities and it helps reduce your utility bills.
Small home improvement projects can have a major effect on your home’s value. If you want to increase your home’s resale value, consider any of the above changes. We also recommend talking to a local real estate agent or appraiser before making any renovations to your home to see what people in the area want to see. The professionals working in your area see firsthand how people react to freshly painted walls, energy efficient appliances, and updated flooring, giving you the best chance at increasing your home’s value.