While you can do almost unlimited upgrades and improvements to your home, not all will necessarily increase your home’s value. Very few home improvements will recoup the total cost of the progress, 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 make it easier or more difficult to sell. If you’re looking to invest your home improvement dollars in projects that will 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 an ROI of 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; considering what they want when making home improvements and upgrades is worth considering.
A kitchen and bath can provide one of the biggest ROIs of all home improvements, but only if they are done well. Avoid the uber-expensive high-end commercial appliances and stick with mid-grade items instead. Also, go for mid-grade materials and try refacing kitchen cabinets instead of a total replacement. Simply replacing bath hardware can give your bath a fresh, modern look, as can replacing your vanity with a pedestal sink.
Another great way to add value to your home is to convert unused space into usable space. This can include finishing a basement or turning an attic into a bedroom. These upgrades only provide a good ROI if they are up to code; however, if you do them, be sure they are done right.
Don’t forget about the landscaping in the front and backyard. You can easily increase home value with a nice display of flowers, shrubbery, and a freshly mowed lawn. A little work goes a long way when cleaning up planter beds and removing dangerous hazards in the backyard, such as broken sprinkler heads.
Several systems in your home keep it operating smoothly and provide safe shelter. These include the HVAC system, plumbing, electrical, septic, roof, siding, or gutters. While a new master bath might appeal more to you, home buyers are more concerned with how long the roof will last than 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.
