While it’s tempting to splurge on a major kitchen remodel or on additional bathroom frills, industry experts have found that the best way to add value to a house is to spend on basic home maintenance. In fact, a recent study showed that a midrange project of adding, or replacing, attic insulation has an estimated resale value of 107%, making it the best value-for-money home improvement project. Even with upscale projects, data shows that garage door replacements top the resale value charts with an estimated 85% return in costs, beating out a major kitchen remodel, which has a 69% cost recoup estimate, and bathroom remodeling, which has a 59% cost return.
These trends show that, while major upscale projects still give decent returns, keeping an eye out for simple home repairs goes a very long way to convincing buyers to invest in your property. That being said, combining the right projects, both small and large, can yield big returns once you decide to sell your property. Here are some home improvement projects to consider.
Even before they walk in the door, buyers start assessing a property the moment they drive by. Houses that have what industry experts refer to as curb appeal nominally get higher appraisal values than houses without that factor. Exterior space is viewed by potential buyers as free space, i.e. space that can be utilized for expansion projects, or even lawn beautification, when applicable.
Replacements for sidings, roof tiles, and entry doors, while ranking lower than basic home maintenance, still have high cost recoup value. Couple this with the “first impression” effect that buyers have when they arrive, and you will find that upping curb appeal remains a viable investment opportunity.
The concept of universal design is a popular trend that is gaining solid ground in home improvement projects. Universal design is, simply put, any design that makes a home accessible to anyone, regardless of age or special needs. Investing in interior design that is timeless and functional adds great resale value to any home simply because it conveys the idea that your property can weather any design trend and remain stylish yet accessible to various aesthetic tastes.
Relatively subtle things like wide hallways, closets and shelves at comfortable heights, and even handlebars in bathrooms, all contribute to imparting a sense of universal design to any property.
Kitchen and Bath
While kitchen and bath remodeling projects rank slightly lower than basic home maintenance projects, these 2 still yield high cost recoup values, and are in the top 3 best value-for-money home improvement projects.
Traditional design trends like all-wood cabinets and stone floors are still popular options for these rooms. Walk-in steam showers have become the new standard for bathrooms, as opposed to bath tubs, as the latter is rarely used and usually takes up precious space. Investing in kitchen and bath remodeling projects yield high returns because potential buyers see themselves spending a lot of time in these intimate places.
Spending on remodeling projects to increase the resale value of your property is worthwhile. However, investing in these projects for the primary reason of transforming your house into your dream home is likewise commendable.