You want to improve your home, but will you recoup your investment? Probably not if you decide to put in a swimming pool. Luckily, there are plenty of renovations that will increase your home’s value. The following list of home projects that add value can deliver about a 75 percent or greater return on your initial investment:
- Kitchen — This is ground zero for home updates that pay off. New appliances, countertops, back splashes, cabinets, sinks and faucets require a big upfront investment, but you’ll see your home’s value skyrocket. However, don’t upgrade your kitchen beyond the limits of your neighborhood. It’s hard to recoup renovation costs if the sales price you’re seeking is beyond what a prospective buyer will pay to move into your area.
- Bathrooms — Popular bathroom upgrades include stainless steel shower enclosures, new fixtures, new vanities and new countertops. Just like with the kitchen, you can recoup a big portion of your investment when you sell your home.
- Paint — Far less expensive than renovating a kitchen or bathroom, painting increases your home’s value in proportion to the investment you make in materials and/or labor. Use neutral tones when you paint. This helps prospective buyers better envision how they can personalize your home. You can also use pillows and other accessories to complement your neutral walls with a pop of color.
- Carpet — Just like paint, new carpet in a nice neutral shade will help increase your home’s value in proportion to the investment you make. Nothing turns off prospective buyers like old carpet with an odd shade or carpet that has absorbed dirt throughout the years.
- Curb appeal — Does your home make a statement when visitors arrive? If not, there are some fairly quick and easy ways to enhance its curb appeal. Start by painting your home’s exterior and adding clearly visible house numbers. A new mailbox and new outdoor lighting can give your exterior a boost, and so can new plants and flowers. Maintain your grass and trim existing hedges to provide a clean and crisp feel.
- Entry and garage doors — Choose an entry and garage door pairing that complement your home’s existing architecture and style. The result will be an enhanced attractiveness that helps your home reach its full potential. It’ll also help you recoup a big chunk of your investment when you sell your home.
- Windows — New windows increase your home’s value in two ways: they look great and they conserve energy. Enjoy your new windows as you live in the house, and earn back a big portion of your investment when you sell.
- Attic/basement remodel — Expanding your home is a great way to increase its value. But what if you don’t have the desire or funds to change the roofline or the space to add on? Finish out an attic or basement to create an extra bedroom. There’s value in selling your home as a four bedroom rather than a three bedroom, or by marketing your newly finished attic or basement as a bonus room.
- Siding — Fully replacing your siding can be a major endeavor with a hefty price tag. Spend less by simply replacing damaged, rotting or cracked areas. You’ll enjoy a more attractive exterior and a greater return on your investment
Make Smart Changes That Add Value to Your Home
A home is most likely the biggest investment you’ll ever make. When you’re considering big changes or investments, don’t make a rash decision. CENTURY 21 Core Partners provides expert guidance to homeowners in York and throughout Central Pennsylvania. Contact our team today to discuss your home and the best ways to maximize its value.