At some point, most homeowners will find themselves in the middle of a home improvement project. It might be because they're trying to build equity in the home to prepare to sell or refinance their mortgage, or it could just be the desire to make their home suit them better. Whatever the reason, there are some improvements that can really pay off when it comes to improving the value of the home.
A Large Master Bedroom
Having a master suite in the home is usually something of a given these days, but not all suites are the same. The ideal master suite features a comfortably sized room, a walk-in closet, and a comfortable adjoined bathroom. Keep in mind that bigger isn't always better when it comes to creating the most value here. Upscale master suite renovations don't have a high return on investment, so if that's your main reason for renovating, you're best sticking with minor upgrades like replacing the full bath with a walk-in shower. On the other hand, if ROI isn't the only reason for renovating and you intend to enjoy the end result, feel free to go more upscale. Just remember you won't be seeing the returns you might expect.
A Modern Kitchen
People tend to spend a lot of time in kitchens. Upgrading your kitchen to be more modern can be a good way to improve your home's value. Minor upgrades will get you a better ROI than major remodels will, so again it's important to consider the purpose of your renovation. Minor upgrades include things like replacing cabinet and sink hardware, refinishing the cabinets, and replacing appliances can do a lot to transform your kitchen. In addition to giving your kitchen a more updated look, new appliances tend to be more energy efficient. You should see a corresponding change on your energy bills afterward.
Replacing Your Roof
Roofs last a long time, so you don't need to replace them often, but eventually there will come a time when a roof replacement is a good idea or even necessary. You may find yourself needing to replace your roof if it's been on your home for about 15–20 years, especially if it's become weathered. This isn't a project you want to undertake unless you need to, but if you do it can be a good opportunity to improve your home's value. There are a lot of different options for materials to choose from, each with their own pros and cons. Spending more on roofing materials can be a good choice over the long term. More expensive materials tend to be more durable and last longer, which can really help your money go further in the long run.
Curb appeal matters when selling your home. It's what gives buyers a good first impression of the property. The higher the curb appeal, the higher the value of the property. Even if you aren't selling right now, it feels good to come home to a property that has an attractive exterior. You may not think about your home's siding very often, but it can make a difference in your home's curb appeal. If you choose to replace your siding, there are different materials to choose from. Your choice will impact the return on your investment, so you'll want to balance that with the pros and cons of the different material options.
Updating the Bathroom
Like the kitchen, the bathroom is another room in your house you can often rely on to improve your home's value with a remodel. And like other improvement projects, if you want to get the best value for your money and maximize your ROI, your best bet is to go with minor upgrades rather than a full overhaul. You might consider making minor upgrades such as replacing the shower head, replacing the vanity, and upgrading the lighting. This can give the bathroom a more updated, new look that is brighter and more pleasant to be in.
Your landscaping will greatly contribute to your home's curb appeal. It can also have a strong impact on how much you enjoy your yard. It's more pleasant to be in a yard that has been well kept and is neat and orderly than one that has been allowed to grow beyond its boundaries. Avoid the temptation to solely focus on landscaping the front yard. Buyers will look at the backyard, and you'll probably be spending time in it as well, so it's best to pay attention to both.
Replacing the Entry Door
For a much smaller project that still improves curb appeal, try replacing your entry door. Your front door is one of the first things buyers will see, making it an important part of making a good first impression. This relatively simple project can have a huge impact on how welcoming your home is. A steel door offers the best return and can help improve the security of the property. You can boost the welcoming appearance of your home by choosing one with narrow windows on either side that help open up the home and look beautiful at the same time.
Adding a Wood Deck
Decks can add a great deal of appeal to a home, and wood decks can offer you a good ROI. If you have the space to accommodate one, you should consider adding a wood deck to your property. While they can be expensive to add, and proper maintenance will be essential, you should end up recouping a lot of the cost of building it when you sell. Decks offer great opportunities to entertain guests or enjoy some personal relaxation time. Especially with the recent emphasis on gathering outside, having a space to do that will appeal to many buyers.
Home improvement projects are not all created equal in terms of the value they can add to a home, not to mention the return on investment they offer. If you're trying to build equity in your home, your best bet is to focus on projects that will give you the best return on your investment. This will help you get the best value out of your money and maximize your profits when it's time to sell the house.
Read this next: How to Change Up Your Home’s Exterior Design
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