Your home is one of the biggest investments you make in life. Although you may not be thinking of selling it right now, you may want to later. Home improvements often add value, but it’s a good idea to know what kind of home improvements can yield a greater return on your investment. Explore ten common home improvements you can make to help increase the value of your home.
Projects That Help Add Value to Your Home
- Hire a Home Inspector: What you don’t know can hurt your home’s value. That’s why it’s a good idea to hire an inspector to find out what needs to be repaired. An inspector can catch a small problem before it turns into a big expense. The average cost of a home inspection in Connecticut ranges from $360 - $537, and in Rhode Island the average is $353, so don’t overlook the importance of this modest investment.
- Add Insulation: While not one of the more glamorous updates, the remodeling report shows that adding fiberglass insulation in your attic has the highest return (nearly 117%) for mid-range homes, costing $1,268 on average. Plus, you will get greater peace of mind knowing the heat and cool stay inside where they belong.
- Replace Your Garage Door: Replacing your garage door will yield the second-highest return on your home’s investment. Homeowners can expect more than 90% return on investment, on average. Garage doors are more exciting than they used to be, so you might be surprised at the choices of materials, colors and decorative hardware.
- Replace Your Front Door: Your front door is a first impression for visitors, so it’s important to set the tone for the whole home. Remodeling Magazine’s 2017 Cost vs Value report agrees: You can expect a 90% return, on average, for installing an upgraded fiberglass door.
- Give Your Kitchen Cabinets a Facelift: Cabinets present an excellent opportunity to increase your home’s value. If your cabinets are in good condition, update their look by painting them a new color, changing the hardware or having them refinished. If it’s within your budget, replacing your cabinets is a wise investment. Homebuyers first look at kitchens and baths, so it’s important yours make a great impression.
- Update Your Bathroom: Like your kitchen, the visual appeal of your bathrooms is key. A bathroom renovation can pay for itself, according to HGTV. Experts suggest not spending a fortune updating a one-bath home, but instead adding a second bathroom for increasing the home’s value. According to Remodeling Magazine’s report, bathroom additions and remodels have the highest return on investment.
- Freshen Up Your Paint: Fresh paint in modern colors can add a nice touch to your home without breaking the bank. Remember to keep colors as neutral as possible so you can appeal to as many types of people as possible.
- Go Green: Update your light bulbs, appliances and windows to more energy-efficient models to save yourself some electricity costs while saving the planet. Win-win! Check Energy Star’s rebate finder to find any product rebates and special offers. Also, buy appliances toward the end of the month or during a weekday or holiday sale to save even more.
- Update or Add a Deck or Patio: If you have an older deck, try updating it by using a special paint that fills in cracks and gives it a nice finish. Alternatively, if you don’t have a patio or deck, add one to increase your home’s value. Many homebuyers appreciate outdoor living space just as much as indoor space.
- Add Curb Appeal - Within Reason: Realtors tend to agree that upgrading the look of your front yard can help increase your chances of showing your home to prospective buyers. However, you don’t want to spend too much money on the perfect landscape because that money may not get recouped. Additionally, if your siding has seen better days, it’s important to consider replacing. Realtor.com found that siding replacement yielded an average of 75% return on investment for homeowners.
While planning your home improvement projects, consider the long-term value each might deliver, as well as the neighborhood you live in. Finally, avoid upgrading so much that your house becomes unaffordable for your location.