With most individuals spending more time at home these days, many of us are noticing that our homes could use some TLC. So, where should you start with home renovations? After all, you’ll want to make sure you’re getting the most bang for your buck, whether you’re simply looking to spruce up your home or want to increase your home’s value when it’s time to sell.
According to recent remodeling and resale studies and reports, the right renovations could give you up to a 50 percent return on your investment. However, you’ll need to take care to ensure your project meets your needs for your home without making your space too unique for potential buyers. Start with these renovations to create the most value in your current home.
Replace your old, weathered, or damaged siding to keep your home looking tidy and long-lasting. Vinyl siding is the most affordable option, while wood siding is about double the cost. To redo an average-size home, it will cost between $7,000 and $12,000.
If you’re unable to spring for the cost of new siding, or if your current siding is in good condition, giving trim, siding, and doors a fresh coat of paint can update and upgrade the curb appeal of your home. Painting will cost you on average around $4,000 for labor and materials for a 2,500-square-foot, two-story house.
Anyone tracking magazine home and gardening design trends knows that there are always new, more efficient bathroom gadgets and fixtures on the market. Not only do these pieces add some style to your drab bathroom, but they can also decrease your water usage and utility bills.
Older homes usually have smaller bathing areas, and upgrading this space can be well worth the cost. It costs about $10,000 for a complete bathing area remodel, depending on your preferences and current design. Adding a double vanity can be a worthwhile expense, as well.
Kitchen upgrades are often a must for prospective buyers. Of course, updating old Formica countertops to granite or quartzite is a big investment. However, both are beautiful and long-lasting additions to your kitchen that can provide some serious returns on your investment.
Adding a kitchen island can also boost your value if your space is big enough. Islands not only give extra workspace, but they also add storage and seating options.
Replace those old, drafty windows with energy-efficient new versions and curtains with new door curtain beads. Newer windows have options available to prevent heat absorption or temperature transfer between the window panes. Windows cost between $600 and $1,000 apiece, making this a costly investment upfront. However, they can add value in multiple ways, including security, curb appeal, and energy savings.
Living spaces like bedrooms, living rooms, and family rooms are prime candidates for inexpensive remodels that provide a considerable return on your investment. Adding crown molding costs about $7 to $16 per linear foot but can completely refresh a room’s aesthetic. Similarly, changing outlet covers and light switches or adding a fresh coat of paint is quick and easy to do.
With more people than ever opting for work-from-home positions, an office redo is necessary. If you don’t have a bedroom to spare to transform into a dedicated workspace, consider a smaller renovation to either add an office area or carve out an office niche in your existing space. A home office needs to be comfortable and help increase productivity at the same time, and many homebuyers are willing to pay a bit more for a dedicated office space.
What’s the point of having a yard if you can’t enjoy it? Adding a new patio with a covering is an excellent investment. Don’t forget to add lighting, a railing, and gates for safety and intrigue.
Then, add some life and color — and curb appeal — by addressing your landscaping in both your front and back yards. Local garden centers are an immense help if you’re a do-it-yourself type of homeowner. They can help you pick plants, stone, mulch, and other elements to improve your outdoor space. Or, you can hire a landscaping company to do the dirty work for you.
Don’t overlook old appliances and leaky roofs. Replacing HVAC systems can be costly but can provide cost savings and boost your home’s value in the long run. Updating them to more efficient options and giving the entire system a good cleaning is a good idea, too — your system will run at peak efficiency, saving you even more money.
Similarly, old roofs will scare off many people looking to buy. Roofs last 15 to 30 years and are a significant investment most home buyers just aren’t looking to make immediately after purchase. A new roof will not only raise your resale value but will also reduce home insurance costs.
Home renovations can be tiring and costly. They also can be extremely rewarding once you have a brand-new space to live in or market to home buyers. Keeping these renovations in mind can help you ensure you’re completing projects that will boost your satisfaction with your current home and its value.