There are many home improvements that you can make to your home, but not all of them have the same added value. Some upgrades, like a new front door or garage door, can add significantly to the value of your home when it comes time to sell. They almost pay for themselves. In the meantime, you can enjoy them before deciding to sell your home.
1. Garage Door Replacement
Replacing an old, outdated garage door with a stylish new garage door is a cost-effective way to add value to your home. A new garage door can give you a return on investment (ROI) of 93.8% when you sell your home.
2. Front Door Replacement
A new front door is one of the most accessible and affordable ways to give your home a face lift. It will make your home more inviting, and getting a steel front door can also earn an ROI of 91.3%.
3. Siding Replacement
Replacing old, damaged siding with new siding is a simple way to add value to your home. If you use manufactured stone veneer, you can earn an ROI of 97.1%. Other types of new siding can give you an ROI of 76.7%
4. Deck Addition
Adding a deck to your home is a great way to increase the living space and add value at the same time. A wooden deck can earn you an ROI of 82.6%, while a composite deck can earn an ROI of 63.6%
5. Kitchen Remodel
A kitchen remodel is one of the most popular and highest-value home improvements. A minor kitchen remodel can earn an ROI of 81.1%. A major kitchen remodel costs much more and earns a lower ROI at 59%.
6. Roof Replacement
Replacing old, damaged roofing with new roofing is a simple way to improve the look and value of your home. It will protect your home from the elements, and you can have an ROI of up to 70%.
7. Window Replacement
Replacing old, drafty windows with new, energy-efficient windows is another essential home improvement that can add value to your home. New vinyl windows can earn an ROI of 68.6%, while wood windows can earn an ROI of 67.4%
8. Bathroom Addition
Remodeling a bathroom is another high-value home improvement. An additional bathroom can give you an ROI of 59.9%. If it has a spa-like design, that can add 1.8% to your home’s selling price. If it is painted light blue, that can add another $2,793 to the home’s selling price.
9. Master Suite Addition
Adding a master suite can be one of the most expensive home improvements, but it can also be most rewarding. A master suite addition can earn you an ROI of 56.6%.
10. Backyard Patio Addition
Adding a backyard patio is a great way to increase the living space and add value at the same time. A concrete patio can earn you an ROI of 47.6%.
11. Parquet Flooring Installation
Installing a herringbone parquet floor increases your home’s resale price by five percent.
Improvements That Attract Buyers
Here are other improvements that may not have as much ROI but can increase the attractiveness of your home to prospective buyers.
1. Smart Home Features
Applying the Internet of Things (IoT) to your home will increase its attractiveness to Millennials and Gen Z home buyers who rate this highly important in their checklists. Smart lights and smart thermostats are popular.
2. Curb Appeal Addition
Adding features to improve your home’s curb appeal can be a low-cost way to add value. Things like a new roof, fresh exterior paint, and a neat yard can add value while costing relatively little. These are the first things that would-be buyers see and influence their first impression of the property.
3. Interior Repaint
A fresh coat of paint on the walls, ceilings, and trim can make your home look newer and more inviting. Neutral colors are always a safe bet, but you could also choose to go with a bold color to make a statement.
Improvements That May Turn Off Some Buyers
You must also be aware that some improvements that you want may not be as attractive to some buyers. Here are some examples.
1. Swimming Pool
Some people do not want pools because of the extra maintenance required to keep them clean and functioning. Pools can also be dangerous, especially for children.
2. High-End Landscaping
That may include features like a fountain, pond, or elaborate hardscaping. Some people may not want to purchase a home with high-end landscaping that requires a lot of upkeep and expense.
3. Luxurious Materials
Luxurious materials used in the home, such as marble, increase the selling price. Some people may not see the benefit of paying more for these things.
Be Judicious in Improvements
It is important to be judicious in the home improvements that you make. Some will have a higher ROI than others, but it is essential to remember that not all buyers are looking for the same thing. Make sure you understand what is most important to potential buyers and focus your energy there. Additionally, always consider the improvement costs against the possible increase in the home’s selling price. You don’t want to spend more on the improvement than you will earn back in the increased value.