Renovations That Add Value to Your Home
Updated: Mar 17, 2021
Making home improvements will enhance your home’s comfort as well as add to its value. But not all home improvement projects are created equal. If you plan on selling your home in the near- or long-term, take the time now to focus on those projects that offer the best return on your investment. While the cost and value of your home improvements will vary based upon many factors, if you have an older home, the following projects often have the biggest impact when the time comes to sell your home.
Kitchen. From cooking to catching up with friends and family, the kitchen is the heart of the home. Not only will you enjoy a new kitchen, potential home buyers are attracted to a modern, functional space. According to Remodeling magazine’s 2019 Cost vs. Value Report, home owners can recoup about 80 percent of the cost of a minor kitchen remodel. So, while a gourmet kitchen would be nice, it isn’t necessary from an investment standpoint. Moderate updates such as replacing outdated appliances or cabinets are great ways to makeover a kitchen. And even small adjustments such as changing out old hardware or adding a new faucet can add up in a big way.
Bath. If you have bigger underlying issues such as mold or water damage, you should consider a complete bathroom remodel. Homes with these types of issues will not likely pass a home inspection. You may end up paying for repairs — now or later. Your bathroom does not need to be completely gutted to add value to your home. Dated materials or fixtures can make a big difference with first impressions. A recent National Association of Home Builders survey of home buyers revealed that more than half (63 percent) preferred a white toilet, tub and sink.
Curb Appeal. First impressions are key for home buyers. A fresh and inviting look can be achieved with a well-maintained landscape. Mature trees and trimmed grass can draw prospective buyers to a home. Beyond the landscaping, installing new hardware, doors and windows can greatly enhance your home’s exterior appearance. If you have panels that are loose, rotted, warped, cracked or molded, it is time to consider having them replaced.
Interior Paint. A fresh coat of paint with a personalized or bold hue is a welcomed choice, but only if you’re not looking to sell your home soon. If you are putting your home on the market, neutral colors are ideal. The color of your walls is only a small part of your home, but it can influence a potential home buyer. When buyers walk through a home, they often visualize what it would be like to live in the home. So it’s best to use paint colors that won’t distract potential buyers.
Roof. Another big-ticket home improvement — but one that will add significant value to your home — is a roof replacement. Remodeling magazine estimates that home owners can recoup about 68 percent of the cost of an asphalt shingle roof replacement, and 61 percent of the cost of a metal roof replacement. There are many roofing options available for home owners, from a variety of colors and textures, to longer warranties and enhanced energy efficiency.
To learn more about remodeling projects that prove their value, or to find a remodeler the Lake Geneva area of southeastern Wisconsin, contact Lakeland Builders Association, www.lakelandba.com.