How To Add Value To Your Home
Table of Contents
1. Maximize Value With A Kitchen Renovation
The kitchen is considered the heart of the home, and a modern, functional kitchen can significantly impact property value. A budget-friendly kitchen renovation can include refacing cabinets, upgrading countertops, and investing in new appliances. You can even consider these modern kitchen backsplash ideas that will make your home even more stylish.
“If you do want to spend a couple thousand, and I really do mean just a couple thousand: new countertops,” home stager Lindsay Wilson mentions during an episode of Design Time: From the Floor Up.
“But then you can’t do new countertops if you don’t do the backsplash. And then, if we do the backsplash, what about painting the wood cabinets white? And then what about the white appliances? So, that is a slippery slope,” Wilson adds. “However, kitchens and baths sell homes. Everybody knows that. If you put money into kitchens and baths, you will get it back.”
Full Kitchen Renovation Cost
How much does a kitchen remodel increase home value?
According to Remodeling magazine’s Cost vs. Value report, minor kitchen remodeling in the U.S. costs an average of $26,790, with an average resale value of $22,963.
In the same report, a major kitchen remodel costs an average of $77,939. The average resale value for this home improvement project is $32,574, a cost recoup of nearly 42%.
2. Upgrade Your Home With Beautiful New Floors
Flooring is an important factor in enhancing the aesthetic appeal of a property. Popular residential flooring options include carpet, tile, and resilient flooring, such as LVP, LVT, and SPC. Each has its benefits, but FCNews research shows that the resilient category has steadily risen, accounting for 5.881 billion square feet in 2022. Specifically, the bulk of resilient flooring was led by LVT, with a shocking 3.417 billion square feet installed.
A popular choice for active households looking to purchase homes is pet-friendly flooring. Choosing a flooring material that can withstand heavy foot traffic and the wear and tear that comes with pets or kids is essential.
When upgrading your home’s flooring, consider factors like durability, cost, and maintenance requirements before selecting. Hiring a professional flooring installer will ensure a flawless finish that impresses potential buyers and increases your property value.
So, how much does new flooring cost? Check out The Homeowner’s Guide To Luxury Vinyl Flooring to learn more about different flooring products and installation costs.
3. Revitalize Your Curb Appeal
“The first impression people see is the curb appeal,” Wilson says during a conversation with Realtor Chrysti Peek. But how much does curb appeal add to home value? Improving the outside of your home can significantly increase its value and attract potential buyers.
Here are some affordable home improvement projects to enhance curb appeal while adding value to your home:
Mailbox Replacement
“Start with the mailbox. It’s so simple and sounds so stupid, but if those numbers are gnarly and there’s bird poop on the top of the mailbox, start there,” Wilson adds. “Plant some daisies around the mailbox. Make it look cute.”
A new mailbox can add instant charm to your home’s exterior and be relatively inexpensive. You can purchase a new mailbox for as little as $20 and install it yourself, making it an easy DIY project.
Front Door Replacement
Your front door is the centerpiece of your home’s exterior and sets the tone for the rest of the property. A new steel front door can be an excellent investment, with an average cost of $2,214 and an average resale value of $2,235. This replacement boasts a cost recoup of 100.9%, making it a great way to add value to your home.
Garage Door Replacement
Replacing your garage door is another way to boost your home’s value. The average cost to replace a garage door is $4,302, with a cost recoup of 102.7%. The resale value average for garage door replacement is $4,418.
4. Brighten Your Home With New Paint
A fresh coat of paint on the walls and trim of your home can make a world of difference in terms of aesthetics and property value. Not only does it provide a clean, updated look, but it can also protect against wear and tear. Choosing a neutral color for interior walls can create a blank canvas for potential buyers, while a bold color on the front door can make your home stand out from the rest. Plus, it’s an affordable way to increase your home’s value without breaking the bank.
5. Enhance Appeal With A Bathroom Makeover
A bathroom remodel is another affordable way to increase property value. A fresh and updated bathroom can significantly enhance the appeal of your home to potential buyers or renters. Here are some ways to improve your bathroom’s appeal:
- Install new, modern fixtures for a sleek and updated look.
- Upgrade lighting to create a bright and welcoming atmosphere.
- Add ample storage solutions to keep clutter out of sight.
- Incorporate stylish, functional decor like a statement mirror.
- Try peel-and-stick wallpaper for an easy way to add color.
Making these updates will make your bathroom feel like a luxurious sanctuary that potential buyers or renters cannot resist.
6. Boost Value With Energy Efficiency Upgrades
Home improvement projects wouldn’t be complete without maximizing efficiency, and the demand for energy-efficient homes is growing. Energy-efficient upgrades can add value to your property while saving you money on energy bills in the long run. Here are some energy efficiency upgrades to consider:
- Cut down on the need for air conditioning by using ENERGY STAR® certified ceiling fans to ensure optimal efficiency.
- Install a smart thermostat to save energy and money on your home bills.
- By sealing leaks and adding insulation to your attic, you can save up to 10% on your annual energy bills.
- Upgrade to a WaterSense certified shower head, which uses 20% less water than regular models, for an easy way to save water.
7. Revamp Your Outdoor Living Spaces
Outdoor living spaces are trending and can enhance property value. Let’s explore how you can revamp your outdoor living space to create an inviting area that will add value to your home.
According to the 2023 Remodeling Impact Report: Outdoor Features, the actual cost and cost recovery of each project can be influenced by factors such as project design, material quality, location, and homeowner preferences.
The report indicates the following cost recovery estimates on outdoor remodeling projects:
8. Create A Home Office Sanctuary
A home office is a valuable addition to any home. According to a 2022 Gallup survey, 80% of individuals work in a hybrid or remote capacity, while only 20% remain on-site. With the increasing importance of remote work, having a functional and well-designed home office is now more critical than ever. Not only does it offer a dedicated workspace, but it also provides a quiet retreat from the rest of the house.
You can create a highly functional and stylish workspace by transforming an existing space into a home office with the right design elements, such as good lighting and built-in storage. Whether you plan to sell your home or add value to your property, a home office is an innovative, low-cost investment that boosts your home’s appeal and overall value.
9. Maximize Your Home Storage
Maximizing storage space can be a major selling point for potential buyers. Consider these clever storage solution tips:
- Built-in cabinets and shelving units can be installed in various parts of your home, such as the living room, bedroom, or garage. These can provide both functional storage and aesthetic appeal to your living space.
- Utilize under-stair storage by installing drawers or shelves, which can serve as a hidden storage space for items like shoes, books, or seasonal decorations.
- Consider adding a storage shed in the backyard, which can be used to store outdoor equipment and tools, bicycles, or even as a workspace.
10. Consider Roofing Replacement
A solid roof is essential for protecting your property and its value. Signs that it may be time for a roof replacement include leaks, damage, and age. A new roof can improve energy efficiency, curb appeal, and potentially save on homeowner’s insurance.
What are the costs of a new roof? Here are the average prices for the two most popular roof replacement types:
Final Thoughts
Taking on home improvement projects not only enhances your living experience but can also significantly increase your property value. By implementing some of the suggestions mentioned in this blog, you can transform your home and make it more attractive to buyers if you decide to sell. Plan your projects carefully, research your options, and work within your budget. By being intentional and strategic in your approach, you can create a home that meets your needs and boosts your property’s value.
