Home improvements that add value
If you own property and are keen to identify the home improvements that add value read this article. Homeowners often worry and sometimes get this wrong. When you are planning an investment in a home refurbishment make a plan and compare your options to decide which home renovation will be worth the investment in time and effort and will help you reap the greatest rewards.
Which are the greatest home improvements that add value?
If you’re planning on investing in some home improvement projects this year, it’s important to know which ones will give you the best return on investment (ROI). Whether you’re looking to sell your house soon or just want to improve its overall value, there are a few key things to keep in mind.
- First, the value of your house and the value of homes in your neighborhood will play a big role in determining the ROI of any home improvement project you undertake.
- Second, the housing market in your area will also have an impact on how much you can expect to recoup from your investment.
- Finally, the quality of the project itself will play a key role in determining which are the home improvements that add value.
With all of that in mind, let’s take a closer look at some home improvement projects that are likely to give you the biggest bang for your buck. You can also learn how to get a home equity line of credit for your remodel at Achieve.
The major home renovation projects that deliver good ROI
There are a few living spaces in the home that if renovated will always deliver a good ROI. Among the most successful home renovation projects that deliver almost instant rewards are the kitchen renovation, the bathroom updating and remodelling and exterior upgrades or refurbishment. if well executed, all of these are guaranteed home improvements that add value.
Kitchen Remodels
Kitchen remodels are one of the best home improvement projects when it comes to ROI. In fact, according to Remodeling Magazine’s 2021 Cost vs. Value Report, a minor kitchen remodel can give you an average ROI of over 72%.
That means if you spend $20,000 on a kitchen remodel, you can expect to recoup over $14,000 when you sell your home. Kitchens therefore are high up in the league of home improvements that add value.
Some of the best kitchen upgrades to consider include replacing outdated appliances, updating cabinets and countertops, and adding new lighting fixtures. They are among the most popular home improvements that add value. Even small upgrades like painting cabinets or adding a backsplash can make a big impact on the overall look and feel of your kitchen.
Bathroom Remodels
Like kitchen remodels, bathroom remodels are also a great investment. These are the home improvements that add value in almost all cases. According to the same Cost vs. Value Report, a midrange bathroom remodel can give you an average ROI of over 60%. That means if you spend $15,000 on a bathroom remodel, you can expect to recoup over $9,000 when you sell your home.
Even if you are spending less on a seasonal bathroom renovation bathrooms are the home renovations that add value.
Some of the best bathroom upgrades to consider include replacing outdated fixtures, updating tile and flooring, and adding new lighting fixtures. If you have the space, you may also want to consider adding a second sink or a larger shower or bathtub.
Exterior Upgrades
Curb appeal is important when it comes to selling your home and are among the best home improvements that add value. And exterior upgrades in particular can be a great way to improve your home’s overall value.
According to the Cost vs. Value Report, some of the best exterior upgrades to consider include replacing your front door, adding stone veneer to your home’s exterior, and installing new windows.
If you have a larger budget, you may also want to consider adding a deck or patio to your backyard. According to the same report, a wood deck addition can give you an average ROI of over 70%, while a composite deck addition can give you an average ROI of over 63%.
Home improvements with long lasting benefits
Energy-Efficient Upgrades
Energy-efficient upgrades are not only good for the environment, but they can also help you save money on your utility bills and improve your home’s overall value. Some of the best energy-efficient upgrades to consider include adding insulation, installing new windows and doors, and upgrading to a more energy-efficient HVAC system.
Any steps towards energy efficiency are among the home improvements that add value.
According to the Cost vs. Value Report, a midrange attic insulation project can give you an average ROI of over 100%, while upgrading to a more energy-efficient HVAC system can give you an average ROI of over 80%.
Evaluating the project challenges
Finding The Cash
If you’re considering a home improvement project and need financing, a home equity line of credit (HELOC) may be a good option for you. In many cases it is the significant home improvements that add value in the long run. With a HELOC, you can borrow against the equity in your home and use the funds to pay for your project.
The best HELOCs have flexible repayment terms, competitive interest rates, and no closing costs or application fees. Plus, the interest you pay on a HELOC may be tax-deductible in some cases (consult with a tax professional to see if you qualify). It is always worth making an assessment of net cost vs value when you are deciding between home improvements that add value.
In Conclusion – Which home improvements that add value
When considering a home improvement project, it’s important to weigh the costs and benefits. Before you invest time and money you need to know which are the home improvements that add value with the best ROI. Then and only then make your decision.
While some projects may have a higher upfront cost, they may ultimately give you a better ROI when it comes time to sell your home. And if you need financing for your project, a home equity line of credit may be a good option to consider to help you deliver the home improvements that add value most of all.
Kitchen and bathroom remodels, exterior upgrades, and energy-efficient upgrades are some of the best home improvement projects when it comes to ROI. However, it’s important to consider the value of your home, the housing market in your area, and the quality of the project itself when deciding which improvements to make.
FURTHER READING FOR HOMEOWNERS & PETOWNERS
At Housesitmatch.com we like to offer useful and practical articles on topics for our readers. In this selection we offer you a number of suitable pieces from our own blog on renovating and decorating a home.
Home renovation with minimal impact
New home features you didn’t know you would want
Ideas to help you establish a new home quickly
Housesitters keep pets safe at home and save money
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