When it comes to new beginnings like moving, people make some of the most significant changes to their homes in preparation for listing them for sale. Homeowners spent approximately $624 billion in home improvements from 2019 to 2021, a 100% increase from surveys conducted from 2017-2019. So whether you’re looking to sell or add to the beauty of your dream house, these home improvements not only bring the benefit of splendor to your living space, but they also translate into significant increases in the value of your home!
1. START WITH SMALL IMPROVEMENTS TO INCREASE YOUR HOME’S VALUE
Home improvements run along a spectrum from easy fixes to significant commitments. Before you become overwhelmed with planning and contractors, you can complete some simple fixes in a weekend or two that will significantly increase your home’s value. The top five simple home renovations to increase value in the past few years have been updating and expanding closets, refinishing hardwood floors, installing hardwood floors, upgrading insulation, and converting a basement to a living area. Other easy fixes include:
- Adding a fresh coat of paint to the interior.
- Replacing interior doors.
- Updating lighting fixtures.
- Refinishing your kitchen backsplash.
- Washing windows.
2. REMODEL THE BATHROOMS AND THE KITCHEN AND UPDATE THE APPLIANCES
Everyone loves an updated kitchen! Reports indicate that remodeling your kitchen will allow you to recoup 62.7-81.6% of your investment. Experts suggest you start small by replacing fixtures, lighting, paint, and backsplashes. Remodeling your cabinets is always a good choice; even simply updating the outer doors and cabinet knobs can make a remarkable difference! Another larger project would be to update your countertops. Aim for sturdy, timeless looks in granite, marble, or quartz. Updating your current appliances with energy-efficient models will add instant appeal and help save the environment – and matching appliances will bring your kitchen together in a more cohesive look.
Regarding bathrooms, the current trends are towards a more spa-like atmosphere. Experts state that you can expect to recoup 87.7-93.5% of your investment in remodeling bathrooms. So again, start small with replacing fixtures, paint, and cabinets, then move towards more involved projects like adding a spa-inspired bathtub or a luxurious custom shower.
3. REPURPOSE PREVIOUSLY UNUSED SPACE
If you have a basement or attic that is only used for storage (or not being used at all), consider remodeling them into a more permanent living space. Repurposing these spaces adds square footage to your home in the form of exercise rooms, health, and wellness spaces, home theaters, or family rooms – the more versatile the area, the more appeal to future buyers.
4. ADD AN UPSCALE GARAGE.
One of the current home improvement trends is upgrading your garage – an investment that is stated to recoup 98.3% of your costs. Garage door remodels are a relatively easy project that yields an impressive return. Upgrading your garage also adds curb appeal to your home. For more ideas on curb appeal, read on!
5. UPGRADE YOUR CURB APPEAL
First impressions count, and increasing your curb appeal can start with something as simple as power-washing your driveway. Adding a new walkway with new stones and shrubbery, adding planters to a front porch or entryway, and mulching your current landscaping are all easy fixes. For more complex undertakings, consult a professional landscaper. Other ideas include:
- Installing a new front door that compliments your home’s exterior.
- Power-washing the siding.
- Pruning your existing shrubbery.
- Adding flowering plants.
6. INVEST IN A DECK
Does a deck add value to a home? The short answer is yes! Another big winner in the investment department is adding a wooden deck to your home’s exterior. Reports indicate that investing an approximately $13K deck will recoup 106.7% of its value at resale. A composite deck will cost closer to $20K and recoup about 122% of its value at resale. Today you have a choice between traditional wooden decks and modern composite decks. Wood decks are a luxurious add-on but require maintenance, such as painting, sanding, and staining. Composite decks are more hassle-free and need only a quick power wash to regain their splendor. In addition to financial gains, a deck adds more living space, and an outdoor oasis increases a home’s sense of serenity and relaxation.
7. MAKE A CHANGE TO YOUR HOME’S SIDING
Does siding increase home value? Your home’s siding is one of the first things prospective homebuyers will notice about a house, which is an excellent reason to consider updating and replacing your siding. This undertaking can cost you anywhere from $5K to $15K, but you will likely recoup 69% of your investment. Make sure to choose sturdy, attractive siding that compliments the type and shape of your home. There are several types of siding to consider, such as vinyl siding, fiber cement siding, and manufactured stone veneer. While replacing siding, consider upgrading your windows’ energy efficiency, which will recoup approximately 68% of your investment.
READY TO GET STARTED?
Now that you know the most financially lucrative ways to add value to your home, it’s time to start getting down to business. Before you begin any home improvement, know your style. Pay attention to trends, but stay true to the overall theme of your home. Before undertaking a new direction, ask yourself how you may feel about it in five or ten years. Consider different trends that will work with your style and type of home: traditional, modern, contemporary, rustic farmhouse, and coastal minimalism. Make sure you plan your improvements according to the seasonal whims of your area, set a budget and timeline, and pick the best contractor for your projects. Then, with an open mind and an eye on the bottom line, you can undertake the most practical home improvements for your home and watch your investment grow!
Decided you’re ready to list your current home after doing improvements or want to look for a new one? Reach out to experienced agent Brandon Carney for expert guidance. Brandon is a Virginia Beach specialist who knows the market inside and out and can also help advise which improvements might be the wisest.
*Header photo courtesy of Brandon Carney
