What Home Renovations Add the Most Value?
Sep 26, 2022
When you renovate your home, you have to think about two things: first, how it will impact your own experience living in the home, and second, how much value the renovation will add to your home’s value. You never know when you might need to move, so it is important to keep the value of your home in mind.
These renovations will earn you the most added value for your home.
A Kitchen Remodel
People spend a lot of time in their kitchens, so it’s one of the most important rooms in the house. For this reason, even a minor renovation here can go a very long way. If you’ve got a smaller budget, start by updating appliances with newer ones that are more energy-efficient or making cosmetic changes.
What Is the Difference Between a Major and Minor Kitchen Remodel?
A major kitchen renovation is typically one that involves changing the kitchen layout or completely replacing all of the cabinets. Such a major remodel can still add value to your home, but it often isn’t as much per dollar spent as it would be with a more minor renovation.
By contrast, a more minor kitchen remodel would be cosmetic changes only or replacing the appliances with newer, more updated versions.
How Much Value Does a Kitchen Renovation Add to Your Home?
You could recover up to 72% of the value on a minor kitchen remodel but up to 57% of a major one.
A Garage Door Replacement
A new garage door can help to boost your home’s value for two reasons. First, it plays a major role in your home’s curb appeal, so a new one can help make your home look better to prospective buyers. Second, newer garage doors come with features such as a battery for when the power goes out that can also add value.
How Much Value Does a New Garage Door Add to Your Home?
You could recover up to 93% of the costs of a new garage door.
Replacing the Siding
If your siding has seen better days, then it could actually be dragging down the overall value of your home. The siding is one of the first things people see when they come to your house and plays a major role in their first impression of the home. Getting new siding can not only improve your house’s curb appeal but can also increase its value.
How much value the new siding adds depends on the type of siding you get. Longer-lasting, more durable materials may cost more, but they could also add more value to your home in exchange.
How Much Value Does New Siding Add to Your Home?
You could recover up to 68% of the costs of replacing the siding.
Building a Deck
A deck can really enhance the outdoor space in your backyard. It can function as a workspace, a play area, an entertainment space, or even an outdoor kitchen where you can grill. There are a lot of potential uses for a deck that you can take advantage of yourself. On top of that, a deck can increase the value of your home. How much you can get back of what you spend on the deck materials and how large it is.
How Much Value Does a Deck Add to Your Home?
You could recover up to 64% of the costs of a new deck.
They say that the eyes are the windows to the soul. In the case of your home, the opposite is true. Windows function as your house’s eyes, letting you see out and others see in. Windows do help protect your home from the weather while simultaneously letting in sunlight. They can make your home seem bigger than it is if there are enough of them and they’re placed correctly.
Newer windows tend to be more energy-efficient than older ones, which can help to lower your electricity bills. On top of that, they can add to the appearance of your home.
How Much Value Do New Windows Add to Your Home?
You could recover up to 67% of the costs of getting new windows.
How to Choose the Best Renovation
How much value a renovation adds to your home is only one factor. Unless you’re immediately planning on moving, you should consider what will most benefit you. You’re the one living in the house and it’s also important for you to enjoy your time there. The additional value to the home is a bonus for when you do eventually move.
When deciding how to renovate your house, keep the following considerations in mind:
Added Value to Your Home
How much additional value a renovation will add to your home shouldn’t be the only consideration, but it’s still important. Knowing how much you could get back on the investment can help you to determine how much you should spend on the remodel in the first place.
How much value you can add to your home is affected by the amount you’re able to spend on the renovation. The more you spend, the more value you get back is how it typically works. That’s not always the case, however. Prospective buyers need to be able to see the value that the renovation added. In the case of kitchens, for example, new appliances are a tangible benefit but rearranging the kitchen layout isn’t necessarily.
Your Own Enjoyment
If you’re going to be living in the house for any length of time before you sell, you’ll also want to make sure that the renovation is something that you want for yourself. A new deck could give you a place to entertain family and friends and hold cookouts in the summer. New appliances could reduce your energy bills. Before you decide what to remodel in your house, consider what will make your life easier as well.
Turn your house into your dream home.
Contact us for a quote on your next home renovation project