While there is an almost unlimited number of upgrades and improvements you can do to your home, not all of them will necessarily increase your home’s value. Very few home improvements will actually recoup the total cost of the improvement, but some can come close. In some cases, however, certain “upgrades” can even decrease the value of your home. Even when upgrades and improvements do not change your home’s monetary value, they can still make your home easier or more difficult to sell. If you’re looking to invest your home improvement dollars in projects that will actually increase your home’s value, there are several things to consider.
Increasing your home’s security with upgrades like a steel front door can provide anof anywhere from 86% to 123%. While you’re at it, you can install a new smart lock, which may not increase the resale value, but is a fairly simple and inexpensive feature that can significantly increase the appeal of your home to buyers. Not only can it boost your home’s appeal to buyers, but it can also make home showings far easier when it comes time to sell. Millennials, in particular, are looking for more connected features in the home. Millennials will soon account for almost 75% of new home buyers; it’s worth considering what they are looking for when making with a nice display of flowers and shrubbery and a freshly mowed lawn. A little work goes a long way when cleaning up planter beds and in the backyard, such as broken sprinkler heads.
There are several different systems in your home that keep it operating smoothly and provide safe shelter. These include the HVAC system, plumbing and electrical, septic, and even the roof, siding, or gutters. While a new master bath might be more appealing to you, home buyers are more concerned with how long the roof will last than they are with how great the soaking tub looks. Before you sink money into luxury upgrades, be sure that all the less sexy maintenance is done and all the basic systems are up to snuff. A home buyer is far more likely to be interested in a home with a new roof and an outdated bath than a home with a leaky roof and a shiny new master bath.