Read our 5 renovations that will increase your home’s value. If you’re like most people, your home may be the most expensive thing you have ever bought, but the investment doesn’t stop there. Acquiring a house is only the beginning, and like any investment, it’s important to learn which home improvements add the most value.
1. Change Your Color Scheme
According to a 2017 survey conducted by the home-renovation website Houzz, more than 60 percent of real estate agents recommend repainting the inside of your home before putting it on the market, and for good reason. A fresh coat of paint is one of the quickest and most cost-effective ways a prospective seller can increase the value and appeal of their home.
Neutral colors like whites and off-whites remain the top-selling interior colors as they allow potential homebuyers to envision the space as a blank canvas, but a recent study conducted by Zillow suggests you might want to be a little bolder with your color selection.
An analysis of more than 32,000 photos of sold homes finds that shades of blue, especially in the bathroom and kitchen, can increase your home’s value as much as $5,440. On the other hand, homes with white or off-white bathrooms sold for an average of $4,035 less. But the benefits of blue don’t stop there! Homes with blue bedrooms and dining rooms sold for an average of $2,000 more as well.
The total investment to repaint a room is somewhere between $200 and $800, depending on if you do it yourself or hire someone. Painting a room or two in your home is an easy renovation that can have a major impact on your home’s value.
2. Invest In Landscaping
While your lawn is not technically a part of your home, the way it looks still plays an important role in determining the resale value of your home. According to a survey done by the National Association of Realtors, six applications of fertilizer and weed control, a project that costs roughly $330, can return as much as $1,000 at sale.
If you’re willing to spend a little more, a stone walkway, estimated to cost $4,750, returns an average of $5,000 at sale. It’s all about creating a good first impression, which starts long before a potential buyer ever enters your home. Just be careful you don’t go overboard. Larger and more elaborate landscaping items like water features and paver stones do not hold their value and can actually deter potential buyers.
3. Replace Old Windows
Old windows make a house look dated and turn off potential buyers, so if you’re planning a renovation with resale in mind, replacing old, drafty, builder grade windows with new, energy-efficient windows can have a major impact on your home’s value. According to Energy Star, adding Energy Star-rated windows can save you as much as $500 a year in heating and cooling costs. But that’s not all! Energy-efficient windows also increase the resale value of your home.
According to HGTV, you can expect to recoup 60 to 90 percent of your total cost when you invest in energy-efficient windows. You can also receive a green energy tax credit for 10 percent of this upgrade as long as you install Energy Star-rated windows. To learn more about available offers and rebates, visit the Energy Rebate Finder.
Beyond energy savings, new windows also greatly increase the curb appeal of your home. Here are a few things to consider when replacing your windows.
4. Update Your Floors
Flooring is often the first thing people notice and one of the most important parts of your home. While there are numerous flooring options available — from concrete to carpet — there is one material that house hunters seek out above all else: hardwood. Because floors take the brunt of our everyday activities, it’s important to invest in a material that will keep pace with your daily life while adding value to your home. No materials do that better than hardwood and concrete.
While concrete has seen a spike in popularity, especially in contemporary homes, hardwood is still the go-to choice for a couple of reasons. First, it’s beautiful. Hardwood flooring is pretty much unrivaled when it comes to aesthetics. Hardwood is one of the oldest flooring materials there is, and it never goes out of style. Because of the large variety of wood types, an endless array of colors, consistencies, designs, and grain patterns are available.
Second, hardwood is durable. While most carpets only last about 10 years, hardwood floors typically carry a warranty for at least 25 years. However, with proper care, hardwood floors can last even longer than that. Considering carpet needs to be replaced every 10 years, hardwood floors are actually a better long-term investment. While hardwood does come with a price tag — between $7,227 and $10,425 for a 1,000-square-foot space — it ends up costing significantly less than purchasing and replacing carpet every 10 years.
Concrete is another popular option and offers many of the same benefits of hardwood at a lesser price tag. For more information, visit our concrete floors page. Both concrete and hardwood floors are a sound investment that will increase your home’s value.
5. Upgrade Your Entry Door
First impressions last, and creating a grand entrance can make a profound impact on the way people see your home, even before they open the door. By replacing a 36-by-80-inch entry door with a 20-gauge steel door, you can recoup over 90 percent of your total investment. Beyond providing a beautiful entrance, a steel door also provides added durability and security — which is a great selling point for potential buyers.
These are just a few renovations that can increase your home’s value. Even if you’re not looking to sell anytime soon, many of these renovations are worth looking into as they can save you money long term. If you’re getting ready to sell your home soon and would like some advice on ways to improve your home’s value, feel free to give us a call at 940-898-9988.