As a homeowner, it’s exciting to think about new projects to update your home. But, before taking on any new project, whether it’s a DIY effort or a professional remodeling project, it’s worth doing some research to see how it will impact your home’s value.
Of course, if you really want to add a new kitchen island or paint a funky accent wall, you should do it! Ultimately, home projects should be about you, the homeowner, and your lifestyle, but it doesn’t hurt to consider how your home value will be affected as a result.
Here’s an overview of some popular home remodeling projects and how they might impact your home value.
Potential homebuyers love an upgraded bathroom. And, it doesn’t even have to be a large scale renovation to make an impact. Small bathroom updates, like updated countertops, sinks, and fixtures can equal a big return.
Likewise, larger bathroom remodels, like changing out the bathtub or shower can have a high ROI. In fact, a midrange bathroom remodel boasts an average 64% return on investment.
An upgraded kitchen is also attractive to homebuyers, and may even be the determining factor in whether they buy one house over another. As a result, most kitchen remodels offer a high ROI, with the average rate of return on a mid-range, a major kitchen remodel hovering around 59%.
If you’re not sure where to begin when upgrading your kitchen, the possibilities are nearly endless. You can start by replacing your appliances with upgraded, energy-efficient models. You might also replace the countertops or cabinets for a refreshed look. And, for a simple, cost-effective change that makes an impact, consider replacing the hardware on your cabinetry. You can also consider having home appliance insurance from one of the top providers that will protect your home from unwanted and costly appliance maintenance.
If you’re willing to take on a larger project, you might want to open up the space between your kitchen and living areas to give your home an open-concept floor plan, which appeals to most buyers. By doing so, you can make your home feel bigger and allow more natural light to shine in while increasing your home’s value in the process.
The exterior of your home is essentially the first impression your home makes to your friends who come to visit and the neighbors who pass by every day. What kind of first impression is your home giving off right now?
Your front door and entryway can make a big impact on your home’s curb appeal, so it’s worth considering different ways to upgrade the space. You could replace your front door with a more energy-efficient and visually appealing option. Or if you have a front porch area, you might want to freshen up that space as well. Then, if you do decide to sell your home one day, it will stand out to buyers at first glance.
While traditionally, basements were only a fixture of homes in the north, they are becoming more and more popular here in North Carolina. High-income buyers, with a household income of $150,000+, tend to look for homes with basements, so this feature might help you earn a higher asking price when putting your home on the market.
In fact, studies show that a finished, well-done basement upgrade can carry a return on investment as high as 69%.
Trends show that “going green” is becoming more important than ever before. Consider exploring solar energy options for your home to save some green while practicing green energy efforts.
Whether you add a full solar energy solution to your home or something smaller like a solar water heater, you can enjoy the energy- and money-saving rewards and increase your home’s value while you do it.
Are your windows energy efficient? If not, it might be time to consider replacing them. Not only will you notice a difference in your monthly energy bill, but you’ll be positively impacting your home’s value as well.
In fact, if you replace double-hung windows with insulated vinyl windows instead, you can expect to recover about 74% of the initial cost.
You can increase your home’s value not just by taking on major remodeling projects or making energy-efficient replacements. Regular maintenance is also key to helping increase your home’s value.
But don’t just take our word for it. Mack Strickland, a professional appraiser, and real estate agent agrees, saying, “If a house is in worn condition and shows a lack of preventative maintenance, the property could easily lose 10% of its appraised value.”
Here are a few maintenance tasks to complete to help keep your house looking great.
Chipped, fading paint will decrease home values over time. Your best bet is to repaint as needed and to choose paint colors that are clean and natural, especially if you’re preparing to put your house on the market.
Messy lawns and landscaping create a bad first impression and can make your house seem older and more outdated than it really is. Replace patchy pieces of your lawn with fresh new sod and keep it watered and cut so your home gives off a great first impression.
Is your garage door looking worn? Consider replacing it with a fresh new door, or simply upgrade it with new fixtures for a cost-effective refresh.
Try to pressure wash your home at least once a year to keep it looking clean and new. Whether you do it yourself or hire a professional, remember to clean brick exteriors, your driveway, and the sidewalks on your property.
Over time, carpets and rugs can become worn down, even with regular vacuuming and steam cleaning. Replacing your carpet and area rugs can go a long way in helping your house looking newer and retain its value, especially if you’re thinking of putting it up for sale.
One of the easiest ways to see a house’s age is to look at the light fixtures. Since lighting trends can change quickly, old light fixtures date your home and can make it unattractive to buyers. Luckily, replacing outdated fixtures is a relatively simple project that can make a big impact.
Cracked concrete, particularly in your driveway can make your home look unkempt. By resurfacing these areas, your home will look refreshed and appeal to more buyers.
We talked to some of the Rufty Homes team for their expert advice on what to consider when updating your home. Here’s what they had to say:
“When building an addition to your home, make sure you don’t add too much space that will place you out of the neighborhood due to square footage averages.”
“The most important things to consider before planning home upgrades are design and functionality. Don’t just think about what looks pretty and is in style right now. Instead, think about how you’ll use the space over the next 5 to 10 years. And, if you plan to sell your home one day, who will your target market be? Keep ‘big-ticket items’ like countertops and flooring more classic and timeless and instead, incorporate trendy design through smaller pieces like rugs, throw pillows, bedding, and paint colors, which will be easier to change out as trends change over time.”
“Home renovations can be stressful, but keep your eye on the prize as you are living through weeks of mess and dust. Your hard work will pay off and you will be so proud of what you have accomplished. Be prepared for surprises and open to alternatives if needed. Have selections made and items in possession before you need them as to not hold up construction and make the process run smoothly.”
If this has you daydreaming about all the ways you want to update your home, we’re here to help! Browse through our photo gallery to get some inspiration for your own home or contact us if you’d like to talk about your project ideas.
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