Here Are the Best Home Improvement Projects for Resale Value
If you’re planning on selling your home in the near future, it pays to invest in renovation projects that can help you get a great return on your investment. Not sure what kind of projects can help with that? Here are a few of the best home improvement projects for resale value.
The HVAC industry has grown significantly in the past few years, sometimes reaching yearly revenues of $94 billion. This indicates just how much the demand for HVAC systems has risen over the years. If you want to improve your home’s resale value, now is the time to either have some AC repairs done or upgrade your home’s HVAC.
While making other improvements in your home, like adding wallpaper, might sound more fun, upgrading or adding an entirely new HVAC in your home is one of the best home improvement projects for resale. An HVAC will also increase the levels of comfort in your home by boosting the air quality. Therefore, it should be at the top of your to-do list.
Many people who are buying homes nowadays pay a lot of attention to the electric heating system in a home. Installing a high-efficiency HVAC in the home will reassure future buyers that they won’t inherit hefty monthly bills. If your current model is not as efficient, this also means you should start considering replacing it. A new system can trim the electric bill by close to 20%, and this can do wonders for your property’s value.
You are legally required to disclose any roof damages and leaks that you know of to anyone looking to buy your home in certain areas. This means you could end up in trouble if you are quiet about such issues. That alone is a clear indication of how important a good, steady, and leak-proof roof is on a home. For this reason, a new roof makes the list of the best home improvement projects for resale.
A roof replacement is always a strong move from a marketing perspective when planning to sell your home. If you ask around, many real estate agents will tell you a roof replacement is something that buyers greatly appreciate. People know that purchasing a home with a newly renovated roof will save them a lot of money in repairs. Homes are expensive, and not everyone is left with enough cash to replace an entire roof after purchasing a new house. This means that most families will not consider buying your home if your roof is old and out of shape. However, what you want to know is if adding a new roof will increase your property’s value significantly.
An old roof will likely significantly decrease the value of your home. However, going all out and purchasing a new roof might not improve the value of your home significantly. It’s not easy to pinpoint how much you need to spend to increase your home’s value without breaking the bank. But the consensus still remains that some roof improvements can turn into a smart home investment.
We’ve collected the research on how much new roofs add to home value. We’ll walk you through which factors make a new roof a smart investment and which ones reduce its value. If it turns out that a new roof is worth it to help you get the most money for your home, you’ll want to read our exploration of which shingles will get you the best return on investment. Lastly, we’ll cover some legal concerns you should look into when considering whether you should replace your roof.
Research shows that a new asphalt shingle roof will increase a home’s value by about $15,000. Further research from the National Association of the Remodelling Industry indicates that installing a new roof can provide a 109% return on investment. This means that a new roof will indeed increase the value of your home, and it can make you some extra profits.
A lot of homeowners ask themselves if replacing windows will significantly increase the value of their homes. This question is a legitimate one. No one wants to spend money and not be able to see some returns. Well, there is a very short answer to that question, and it’s a resounding yes. Adding new windows to your home is among the best home improvement projects for resale.
Window replacement is included in most home upscale projects lists. This is because many homeowners usually discover that in most homes, windows seem to have been added as an afterthought. This, therefore, means that replacing them will be a considerably large investment.
There are two window projects for your home that you can choose from. One of the options uses vinyl replacement windows, and with the second option, you can opt for wood. After researching, most people find that they would rather go with vinyl replacement windows. These types of windows will retain a large fraction of their cost when it comes to increased home value.
Minor Kitchen Remodel
If you are looking to spice things up with an impressive showpiece in your home, a minor kitchen remodel would be the place to start. When it comes to the most important aspect of a house to home buyers, the kitchen probably occupies the first position. You can count on an upgraded kitchen to increase the value of a home, given that you find a good enough kitchen remodeling service. A lot of buyers will not hesitate to pay more for a home with a high-end kitchen.
There are surveys online that indicate that about 85% of people looking to buy homes place the kitchen among their top important spaces. Among those buyers, a lot also indicated that they would likely pay more if the kitchen has some new appliances and granite countertops. This makes a minor kitchen remodel one of the best home improvement projects for resale.
An updated and improved kitchen will help your home to stand out, which will go a long way in attracting prospective buyers. With a nicer kitchen, your home will most likely sell faster, and you will fetch more.
You can do a lot to your basement that can improve the resale value of your home. All this, however, depends on your budget and who you want to appeal to. Regarding basements, the general advice is that you should not spend more than a tenth of the total value of your home on the basement. The safest would be to stay between 5% and 10%.
You can convert your basement to a lower-level vacation paradise bar if the cost allows. Adding a few items like a gym, a billiards table, and a bathroom will definitely justify you asking for a bit more. If, however, you are concerned about cost, you can go for something less costly. You can just turn the basement into a family room, a home office, or an extra bedroom. To get the best quotes, you can look up some basement remodeling contractors online and check out their sites’ reviews. Try to strike a balance between the most high-rated ones and how much they charge if you want your basement to turn out as one of the best home improvement projects for resale.
Flooring is the most overlooked factor when it comes to increasing the value of a home. Unknown to most homeowners, flooring is one of the best home improvement projects for resale. The state of your flooring matters a lot. Most buyers will turn and walk away just because of bad flooring. This means that when it comes to whether or not flooring can increase the value of a home, the answer is yes. Also, certain kinds of floors will increase the value of a home more than others. For instance, hardwood flooring is more likely to be more attractive than carpeting. The real challenge is knowing which one will give your home the most significant boost.
There are some general flooring tips that you can follow to ensure that your home is market-ready. Consider the following:
- Keep your floors consistent.
- Go for hardwood floors instead of carpeting if your budget allows
- If carpeting must stay, ensure that it’s clean and matches with the theme of the home
- If you have two types of floors, don’t let them meet in high traffic areas.
Keep in mind that excessive wear and tear on your home’s flooring might chase buyers away. To avoid this, get some work done on the floors to fetch the maximum value that your home deserves.
A lot of people wonder if residential landscaping can increase the resale value of a home. The answer again is a profound yes. Among the list of the best home improvement projects for resale, landscaping can make the top five. It will help enhance the look of a property while adding value and setting the platform for a high price when selling.
With landscaping, the return on investment is not limited to just dollars in your pocket. While you are still staying in the home, you will get to enjoy the outdoors more. Research shows that even the smallest improvements to your home’s landscaping can boost your home’s value by up to 7%. This means that the more effort you put into improving your landscaping, the more your house will likely fetch on the market. Furthermore, the outside of a home is directly linked to the overall appeal of the property, and therefore it can significantly impact the buyer’s perception.
Adding new siding to your home is undoubtedly one of the best home improvement projects for resale. It can lift the resale value of your home significantly. Online reports show that new siding can boost the resale value by about 76.7% of the project’s total cost. While all that is true, it is important when undertaking this project to consider whether the new siding you select will keep its value after being subjected to forces of nature. You should choose something that is durable enough to withstand the weather elements and keep looking as impressive as the day you installed it after a few years. To find a good house painter to help you with the project, you can check online or even ask your colleagues for referrals. If you’re lucky, the house painter might even know the best siding you need to use on your house for the best results.
Adding a patio to your home also counts as one of the best home improvement projects for resale. According to SmartMoney.com, adding a landscaped patio to your home can boost your home’s value by around 12.4%. That’s not a small figure at all. Depending on the state of fancy you want to get, a patio will cost about $12 to $50 per foot. However, the ROI is a bit more when you go for a less ambitious or lower-scale project budget. This will allow you to spend less money which you will be able to get back easily. This means that you might want to skip that sunroom installation and go for something a bit modest.
Installing a fence on your home can work in your favor when it comes to boosting your home’s resale value. Fences serve a lot of functions. They can ensure that the children and pets stay locked up, and they can keep the wild animals out as well. If you consider those two only, you will see why a fence can be among the best home improvement projects for resale.
Besides the safety side of things, a fence can also have decorative benefits. It can enhance the yard’s appearance, which is what you want when you are selling your home. The thing about a fence is that it matters where you place it. While a fence in the backyard can significantly boost your home’s appearance, installing it on the front can lower the curb appeal of your home.
If the person looking to buy your home has pets or children, they will appreciate the home more if it has residential fencing. It, therefore, follows that if your home doesn’t have a fence, someone with pets might be reluctant to buy it unless they are willing to install one on their own.
When you’re ready to sell your house, don’t let a great selling price get away from you. These simple home upgrades can help you increase the resale value of your home and make it a better place to live for the next owners!