4 Renovations that Add Maximum Home Value
Most home renovation projects cost a lot of money and add very little value to the property. The right renovations, however, can add value to your home without forcing you to spend a ton of money.
Before you start work on your house, consider one of the following four renovations. They will make your home more attractive and valuable. Whether you want to sell or you just want a good return on your investment, it makes sense to choose these projects.
Minor Kitchen Updates
Completely overhauling your kitchen can easily cost tens of thousands of dollars. A minor renovation, however, should cost less than $20,000. Best of all, you can expect to get about 77.6 percent of that money back as added value to your home.
What does a minor kitchen update include? You can do things like:
- Replace old appliances with newer, more efficient models
- Take old worn flooring to replace it with today’s attractive laminate flooring systems
- Exchanged outdated hardware with modern hardware that makes the room look more appealing
- Replace outdated counters with new options made from durable materials
Adding new cabinets can also make your kitchen more useful and appealing. Many people have trouble finding storage space in their homes. Solve that problem by choosing the right kitchen cabinets for your property.
Redecorating Common Areas
If you want to sell your home, you need to stage each room in a way that helps potential buyers see themselves enjoying the spaces. Realtors know this well, which is why they often work with clients to make interiors more presentable. Eventually, the new owner will probably fall into bad habits, too. They’ll leave clothes sitting around, or they’ll put off repainting a scuffed wall. Regardless, no one wants to feel like they’re buying someone else’s problems.
Ideally, you can shift the staging a little to meet the expectations of visitors. For example, you can reconfigure your space with a modular sofa. When a young, childless couple comes to view your home, you can arrange the seating to show how easy it is to relax after a day at work. When a family with school-aged children comes to view the home, you can use a modular sofa to make independent spots where kids can do homework while the parents make dinner. Just make the room look like a place potential buyers can imagine themselves enjoying.
You don’t have to spend much money to stage your home. In return for the modest investment, you can get more people interested in buying the property.
Replacing Vinyl Siding With Manufactured Stone Veneer
You probably don’t love vinyl siding, but you tolerate it because it’s an affordable way to protect your home from the elements. Vinyl siding is also an extremely durable option. It can last 20 to 40 years before you need to replace it. Over time, though, it will show signs of wear and tear.
Once you decide that your vinyl siding needs to go, consider upgrading to manufactured stone veneer. Manufactured stone veneer looks so much nicer than vinyl siding. Veneer from quality manufacturers looks like stone until you inspect it closely.
Expect to spend a little more than $9,000 adding manufactured stone veneer to your home. When you sell your home, though, you can recoup 95.6 percent of the cost. That’s amazing! Sure, you need to invest money in the project, but you can potentially get it back when you sell. If you don’t sell your property, you still get to enjoy the updated curb appeal of your home.
Finish Your Basement
An unfinished basement can give you a good place to work on projects and store seasonal items. It’s a useful part of your home. Potential buyers rarely see it that way, though. They’d prefer a finished basement that gives them more living space.
You have to give the buyers what they want, so get ready to finish your basement. It can take several weeks or months, and you will need to spend thousands of dollars on materials. The good news is that you can do most of the work without help from a professional. Drywall, flooring installation, and carpeting take some skill, but you can learn the basics from watching YouTube videos.
Keep in mind that a home inspector will look for mistakes made while finishing your basement. It won’t hurt to have a professional act as a consultant and make sure you stay on the right track. Other than that, get some handy friends together, rent some equipment, and get to work.
Saving Money on Your Home Renovation
Keep your costs as low as possible so you can maximize your home value while saving money. There are many ways to control costs. Some of your best options include:
- Buying materials and items at the right time, such as when they’re out of season or during a holiday sale.
- Haggling with suppliers to give you a better rate when you commit to buying from them exclusively.
- Comparing prices from suppliers in your area—a short drive to a nearby town could knock 10 percent or more off the cost of materials.
- Only using contractors for specific parts of jobs that you cannot do yourself.
Look for ways to save money on your next project. Every dollar you save adds to your overall profit.
Get the Professional Assistance You Need for Home Improvement Projects
Some home improvement projects require the help of a professional. Don’t assume that hiring a contractor costs too much for your budget to accommodate.
Billy.com can get you quotes from:
- Tile contractors
- Flooring contractors
- Plumbing professionals
- Remodeling contractors
You don’t have to do all of the hard work alone. A simple mistake, after all, can add a lot of money to your renovations cost.
Get free quotes from professional contractors in your area to choose one that meets your needs. As a result, you might get a better outcome, add more value to your home, and protect yourself from costly repairs.