Raise The Value Of Your Home With These 5 Renovations

Raise The Value Of Your Home With These 5 Renovations

Thinking about a home renovation? Well, remodeling your home may take a lot of work, but some of the more drastic updates can add some serious value to your home when it’s time to sell. If you’re planning on selling or if you want to stay in your home a few more years, it’s good to know which parts of your home to remodel to raise the value.

Replace The Garage Door

A good-looking garage door is one of the first things you see when you pull up to a home. And when it comes to gaining money back on a new garage door investment, this one hits the jackpot! The average cost of replacing a door is $3,611 and its resale value is $3,520. That’s almost a 98% recoup of the cost when selling.

Minor Kitchen Remodel

Don’t we all want a modern and functional kitchen? Of course! Not only will a minor kitchen remodel entice you to cook more often, but it will also attract potential buyers. On average, by doing a kitchen renovation, you’ll recoup around 80% of the cost at resale. In this type of remodel, you might replace appliances, refinish cabinets, replace hardware, or install new countertops. The average cost of a kitchen remodel is $22,507 and the average resale value is $18,123.

Bathroom Remodel

Another area to see a return on investment is the bathroom. Next to the kitchen, bathrooms are a top area to remodel and even a minor upgrade can provide a 102% return. In this type of renovation, consider re-grouting tile, replacing the toilet, replacing old caulk with new, or even replacing mirrors or hardware.

Fresh Paint

Painting the exterior of your home is one of the cheapest and easiest ways to gain a return on your investment. The effect that a clean coat of new paint can have on a property is tremendous. Even painting interior walls can help brighten up the rooms, hide defects, and make the space feel fresh and clean. Painting the exterior of a home costs around $1,406 and has a $2,176 increase in value, about a 55% ROI. Painting the interior has 107% ROI and roughly costs $967, which offers about a $2,000 increase in value.

Flooring Fix

Lastly, flooring can make a BIG difference in how your home comes across to potentials buyers. Right next to painting, replacing the flooring is one of the least expensive things you can do to prep your home for sale. Plus, it can make a huge difference for buyers and allow the home to feel like new. It’s an instant update for very little cost. You can recoup as much as 70-80% of the cost of new flooring when you’re ready to sell.

Need more tips on how you can raise the value of your home before you put it on the market? Reach out to us here.

Sources:

RISMedia

The Motley Fool

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