Whether you’re thinking about selling your home or just want to add value to your property, there are many different ways you can make changes that will have a positive impact on the overall worth of your house. While some home improvement projects are more effective than others, it’s important to choose the right ones for you and your family.
The best home improvements to increase value are those that will add more to the overall worth of your house than you spend on them. However, this is a tricky equation, since it depends on both your personal preferences and what other people will see when they buy the home.
One way to ensure you’re getting the most out of your home improvement dollars is to focus on those that will help your home sell sooner and for a higher price. Fortunately, there are many national data sets that can give you a good idea of what the most lucrative renovation projects are.
1. Adding a Deck or Patio
Having a nice outdoor space will make potential buyers believe your home has more usable square footage than it really does. A deck or patio is also a great way to add curb appeal, which is a huge plus in any buyer’s eyes.
2. Remodeling a Bathroom
A well-designed bathroom can have an enormous impact on the value of your home. While luxury features like jetted tubs or steam showers will likely have the most significant impact, other improvements that increase value include functional bathroom storage, modern vanity and faucet finishes, and updated flooring.
3. Adding Hardwood Floors
While it might not be your favorite thing to do, refinishing hardwood floors is one of the most lucrative home improvement projects on the market. In fact, real estate analysis suggests homeowners who refinish their floors can expect to recoup the cost of the project almost 100% of the time.
4. Updating Your Front Door
A new front door is a quick and easy way to improve the overall look of your home. The biggest benefit of a new front door is that it will boost your home’s resale value by up to 5% when you sell the house.
5. Adding New Flooring
Replacing your floors is another easy and affordable way to instantly increase the value of your home. In addition to making your floors look better, a new hardwood floor will also improve the durability of your home.
6. Adding Storage to Your Home
If you’re planning to sell your home soon, it’s important to upgrade any spaces that could use more storage. A garage, basement, or attic addition can add a lot of usable square footage without adding more square footage to your home.
7. Adding a Bedroom
A bedroom is the most important room to have in any house. The number of bedrooms you have can be a major driver in the price of your home.
Adding more bedrooms can be a great way to increase the value of your home, but you need to be careful about what you do. Unless the bedroom includes essential elements such as a closet and a door frame, removing them for additional space will only hurt your resale value.