Home renovation projects can be some of the most emotionally satisfying things to do to your home.
And thankfully…they can also yield a return on the money and effort you sink into them.
The following home projects have been shown to yield a good return in a majority of markets. It’s important, however, to remember that many variables impact a home’s value, so consult with a local agent if your main focus is on improving your home’s value.
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Bathrooms
There’s no way around it…bathroom aesthetics are influential in the appeal of a home. It’s been shown that homeowners can get back all that they put into their bathroom renovation…and then some…so it’s a project that’s worth exploring.
Minor renovation
- ⬥Replace or reglaze the tub
- ⬥Replace the tile around the tub
- ⬥Remove or update shower doors
- ⬥Replace fixtures – lighting, faucets, showerheads
- ⬥Fix any damaged walls and apply a fresh coat of paint
Major renovation
- ⬥Expanding and remodeling an existing bathroom
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- ⬦New flooring – ceramic or stone can give a solid return on your investment
- ⬦New vanity or new countertop on existing vanity
- ⬦Updated toilet
- ⬦Pedestal sink to provide an illusion of space
- ⬥Building a new bathroom
2. Landscaping
The American Nursery Landscape Association reports that the average homeowner will spend about $3,500 for landscaping and an additional $1,400+ on a designer, so plan your budget accordingly.
Too much?
Here are some tips if you opt to do it yourself…and many homeowners do just that!
- ⬥Check with your local garden center to see if they offer free design services
- ⬥Ask a neighbor whose yard you love how they did it
- ⬥Use colorful plants at the front of your house for great curb appeal. For even greater impact, use the same color with plants that grow to different heights.
- ⬥Consider adding a focal point such as a walkway leading to a water fountain or gazebo
3. Kitchen
The average return on a kitchen renovation can be as much as 98.5%!
Minor renovation
If your kitchen only needs updating, here are some ways to maximize your efforts.:
- ⬥Reface existing cabinets and drawers
- ⬥Install new appliances (e.g. wall oven, cooktop)
- ⬥Install a new sink and fixtures
- ⬥Change out the flooring and add new countertops
- ⬥Fresh paint
- ⬥New lighting fixtures (incl. task lighting where appropriate)
The changes you make will depend upon your home’s value and what the market will bear.
For example, if your home is valued in excess of half a million, spring for high end materials such as stone or glass countertops to make the biggest impact.
Major remodel
A major overhaul of your kitchen isn’t always necessary, but if you’ve decided it’s the best option for your home, be sure to budget ten to fifteen percent of your home’s value for the remodel.
- ⬥Remove obstacles such as over-counter cabinets to make the kitchen feel larger
- ⬥Add an eating bar to make good use of your countertops
- ⬥Add a built-in, cafe style booth complete with designer pillows
- ⬥Save on granite countertops by using remnants from a local granite dealer
- ⬥Choose neutral colors for the walls if you’re planning to sell
- ⬥Tin ceiling tiles make a stylish, inexpensive choice for backsplashes
- ⬥Add more natural light by installing French doors and/or more windows
4. Exterior Improvements
Double digit, and sometimes triple digit returns can be had from exterior improvements such as:
- ⬥Vinyl siding
- ⬥Fiber cement siding
- ⬥Fresh paint
- ⬥Updated front entrance (door, steps, walkway, etc.)
- ⬥Remove old awnings from over doors and windows
- ⬥Replace rusted, old wrought-iron railings with wood supports
- ⬥Add a pergola, complete with columns to make a dramatic entrance
- ⬥For an updated look, remove old awnings from windows and doors.
- ⬥Swap damaged wrought-iron railings for real wood supports for a more inviting entry.
5. Attic Bedroom Conversion
The benefits from this kind of improvement can vary, depending upon where your home is located.
Some things to remember when you convert all or part of your attic into a bedroom:
- ⬥Lower your utility bills by adding attic insulation.
- ⬥Make sure that your vapor barrier is pointed downwards, toward the ceiling, to keep moisture from seeping up.
- ⬥Check to be sure your HVAC system will be able to handle cooling and heating another room. If it doesn’t, you’ll need to add a second unit to save the life of your unit and to cool and heat all rooms adequately.
- ⬥The attic room is closest to the roof, which is constantly bombarded with heat, especially in the summer. Install a solar powered fan to help save on cooling costs.
No matter the reason(s) why you’re renovating your home, it’s smart to get the most out of every change you make.
That’s where the market knowledge of an area realtor can help. They’ll know what features appeal the most to prospective buyers, improving your chances of getting the maximum return on your investment should you choose to sell.
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