Remodeling your home increases your quality of life, provides better day-to-day functionality, and (more importantly) boosts the value of your home.
Considering all these positives, it makes sense that Americans are spending more and more on home remodeling each year. In fact, between 2013 and 2018, there was a 5.3% increase in consumer spending on home improvement.
However, home renovation projects can result in a financial loss if you’re not careful. When choosing your next project, you need to measure the remodeling costs vs value added to your home.
To help you out, we’re going over five home improvement projects that are sure to increase the market price of your home.
1. Kitchen Remodel
For homebuyers, the kitchen is one of the most important rooms in a house. It provides a necessary function and is the most highly-trafficked area, especially for families.
The kitchen is also one of the most expensive rooms to renovate. Depending on your plans, a full remodel can reach into the tens of thousands.
However, the return on investment is outstanding. If you plan to sell your home in the next few years, a new, modern kitchen will allow you to increase your asking price. Your kitchen will also catch the attention of buyers right away, which will lead to a quick sale.
The great thing about renovating your kitchen is even minor improvements make a huge difference. If you plan on being in your house for several more years, renovate in phases.
Opt for high-quality materials and modern design elements like treated concrete floors and high-end appliances. This will boost your return on investment. Make sure you do your research and find out more about the remodeling process before you start.
2. Upgrade Your Windows
Replacing outdated windows comes with a few benefits, both related to the value of your home.
First, modern windows are much more attractive and functional. This is a great opportunity to give the outside of your home a facelift and add a stylish interior design component.
Second, they improve the energy-efficiency of your home. If you live in a region that experiences hot summers or cold winters, this is a no-brainer. By investing window panes with a government Energy Star rating, you could save up to $465 a year.
When approaching a project like this, you’ll need to do a walk-through of your home first. You might be able to get away with only replacing some of the windows. Plus, if your window frames are still in good shape, you’ll only need to replace the glass.
However, if you plan to sell any time soon, replacing everything will help increase your home’s value. The energy savings alone will make your home more desirable to buyers.
3. Overhaul Your Landscaping
Home improvement projects aren’t restricted to the house itself. You can do great things for the value of your home by working on the landscaping.
Not only will a landscaping overhaul improve your home’s curb appeal, but it can also help correct issues with drainage. This is important when thinking about the longevity of your property, as poor drainage can affect a number of things.
The great thing about landscaping renovations is you can do a lot of the work yourself. Plus, the materials and supplies are inexpensive.
If your grass is in bad shape, this is the perfect place to start. Lay down fertilizer and aerate your lawn to improve its health and appearance.
You can also replace bushes, shrubs, and flowers without spending too much. Think about hiring a professional to help you form a plan and choose the best plants for the climate in your region.
If you have issues with water pooling up when it rains, consider installing a French drainage system. This may require a larger financial investment, but the value it adds will outweigh the cost.
4. Add a Deck or Patio
Another outdoor renovation project that’ll add significant value to your home is the addition of a deck or patio. This is something you and your family will enjoy and a feature that’s also attractive to buyers.
A deck or patio provides a perfect environment for entertaining guests. If done well, they’ll also improve the appearance of your home.
This is a project you should only consider doing yourself if you have extensive experience. If you don’t, hiring someone to do the job is your best bet.
Depending on the size and functionality, a deck or patio could cost between $5,000 and $10,000. However, the return on investment makes it worth your while.
If you plan to move forward with this project, look into purchasing all the materials wholesale. Even if you have to hire contractors to do the work, you’ll save money.
A well-made deck or patio will pay from itself in the long run. It’ll also increase the quality of life for you and your family if you remain in the house.
5. Convert Your Basement
Do you have a basement that serves no purpose other than storage space? Consider converting into a new room. The advantage here is that you have a number of options and can get as creative as you want.
A basement conversion is a great idea if your home only has two bedrooms. Adding a third will increase the value of your home and make it much more attractive to families.
You can also opt to convert your basement into an entertainment room. These rooms are huge selling points for homes on the market.
It’s important to note that this home remodeling job is extremely expensive. You may end up paying up to $50,000, depending on the extent of the project. However, you’ll recoup this if you’re planning on selling your home.
Understand Remodeling Costs vs Value of Your Next Project
Your home is an investment, which means it makes sense to improve its value over time. However, you need to understand the remodeling costs vs value of each project before you get started.
Keep this list of home improvement projects in mind and start boosting the market value of your home now.
Check out more articles for home improvement information, tips, and tricks.