Renovating your home is not just about making it look nice. Keep reading for top 12 home renovations that will make you a profit.
One of the things no one tells you about buying a house is that as soon as you have the perfect one picked out and bought, you want to start changing it. We all have renovation projects we want to do, and if you’re like us, you have about a half-dozen lined up at any given time. The question is which one to pick first.
One of the things you should look at when preparing for a home renovation is which ones will recoup more of your investment. Not all projects are created equal, and some will improve your profit when you sell your house more. Read on to learn about which projects do the most to up your home value.
Small Kitchen Remodels
It may not surprise you to learn that a kitchen renovation is one of the best investments you can make in your house. The kitchen is one of the rooms in which you spend the most time, so everyone wants it to be nice. What may surprise you is that you don’t have to go crazy with a whole kitchen overhaul to reap the benefits.
Something as simple as putting new paint in your kitchen can make a major difference in the feel of the room. You should also look at replacing appliances with Energy Star-rated ones. These will save you money in the long run and will be a draw for potential buyers.
Adding a Deck
Everyone loves a good deck, and they don’t take a lot of time or resources to add to your house. In fact, there are several tutorials on how to build a deck in a weekend. And it turns out adding a deck could be well worth your time, since they’re one of the best investments you can make in your house.
On average, building a 16-foot by 20-foot deck with railings will cost you about $13,000. Before you start getting worried about that number, remember that decks keep about 75 percent of their value. That means an additional $10,000 you’ll make when you sell the house.
These days, there’s a huge push on everything being energy efficient. And what with climate change and the economy the way they are, it’s no wonder. No one, least of all the planet, can afford for us to be burning fossil fuels willy-nilly.
One of the best ways to improve the energy efficiency of your house and increase the resale value at the same time is to add insulation. Some estimates say you can save north of $2,500 a year by sealing up thermal leaks around your house. Putting insulation in your attic only costs around $200, so we’d say this is a good investment.
Putting In Energy-Efficient Windows
On the subject of insulation and thermal leaks, old windows are one of the worst culprits when it comes to energy inefficiency. If you have an older house, you probably have wooden single-pane windows. If you’ve ever stood near those windows on a particularly warm or cold day, you’ve probably noticed that they do nothing to keep heat in or out.
Replacing your windows and doors with more energy-efficient models is a great investment in your house. In the shorter term, you’ll save money on your heating and cooling bills every month. In the long term, the new windows will give your house curb appeal, and the energy efficiency will appeal to potential buyers.
We all know how important curb appeal is when you’re trying to sell a house. It can be in perfect structural condition and be gorgeous on the inside, but if it looks like a trailer park on the outside, no one will want to pay good money for it. One of the best ways to up your curb appeal is to install some landscaping.
You don’t have to transform your back yard into an elaborate paradise to reap the benefits of landscaping. Something as simple as brick-edged flowerbeds, ornamental bushes, and a well-tended lawn can make a huge difference. Putting down fertilizer and weed killer six times, a job that costs $300, can gain you $1,000 at sale.
Adding a Bathroom
There are two primary metrics by which houses are defined: square footage and number of bedrooms and bathrooms. If you only have one bathroom in your house – something that is common in one-bedroom houses – adding a second one can make a big difference in the value of your home.
Take a look at un-used and under-used spaces in your house when you’re trying to decide where to add a bathroom. Do you have an extra closet you don’t need; you only need 18 square feet to put in a half-bath. HGTV estimates that you can get back as much as 130 percent on any money you spend putting in a new bathroom.
Overhauling a Room
There’s something tremendously fun about reimagining and overhauling a space in your home. You get to think about the space in a whole new light, shop for ideas, and transform it into something new and wonderful. Plus, reinventing an existing space in your home can be much more affordable than trying to add on more square footage.
Look into finishing out an attic or a basement into a loft apartment. You could make an extra bedroom an office space or a game room. Look at the space you have and think about how you can make it better suit your lifestyle and needs.
Replace the Garage Door
Replacing a garage door may not seem like the best investment to make in your house. After all who cares about what the garage door looks like? But having a nice garage door can make a huge difference in the curb appeal of your home.
Removing an old 16-foot by 7-foot garage door and replacing it costs about $3,600. Most estimates say that when you get ready to sell your house, that investment will gain you about $3,500. There are very few home renovations that can promise a 97 percent return on investment.
Install Wood Floors
Hardwood floors are one of those luxuries everyone wants in their house. They speak of elegance, timelessness, and a sort of luxury that comes with old homes and high ceilings. So installing or refinishing hardwood floors is an investment that is well worth it for your home.
In many older houses, especially ones that were refurbished in the seventies, there may be hardwood floors lurking beneath shag carpet. If you do decide to install a hardwood floor from scratch, know that it will be well worth the investment. Hardwood lasts about three times as long as carpet and only needs attention every five years or so.
Put Up Stone Veneer
If you’ve ever seen a house with stonework on the outside, you’ll know how luxurious it can look. It conjures imagery of crumbling castle ruins and romantic ivy-covered walls. But in reality, having stone on the exterior of your home can be as simple as installing a veneer.
Using stone around an entryway in particular can go a long way towards upping your home’s curb appeal and value. On average, it costs a little under $9,000 to install manufactured stone veneer around the entryway of your home. Of that, you can expect to recoup about $8,500, or almost 95 percent.
House siding is one of those things on a house we tend to forget needs maintenance. It can get dirty over time, and it can even become worn and cracked. If you’ve done landscaping, replaced the garage doors, added stone, and put in new windows, it seems a shame to let the rest of your home be defined by dirty, busted siding.
Replacing 1,250 square feet of siding on your average house will cost you about $16,000. The good news is you’ll get an additional $12,000 on your home when you get ready to sell it. If you can’t put in the investment for new siding just yet, even a simple pressure washing can make everything look brand new again.
Put In a New Door
The last detail of your home renovation is one of the most important: the door. Putting in a new door can improve your home on two levels; for one thing, it will help reduce draftiness and improve insulation. For another, it can change the entire experience of how you arrive at home.
Your home is your sanctuary, and it should be someplace you are glad to arrive back to. As such, opening your front door should be a joy, not something you ignore or cringe at. Besides, you’ll get back 75 percent of the money you spent on the new door when you sell the house.
Learn More About Home Renovations That Make You a Profit
Remodeling a house can be expensive, and you want to make sure your money goes to the right places. Things like a new roof or sewer line repairs may be important, but they don’t generate as much profit as you might hope. Instead, focus on things that improve the experience of living in your home; your family and your wallet will thank you.
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