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7 Home Renovation Projects With the Best Resale Value
One of the biggest perks about being a homeowner is the positive equity your home builds over time. As you make payments on your home, not only do you owe less, but the value of your home also rises slowly. Although this can be affected by the market, the economy, and how you maintain your home, there's generally an upward trend.
However, there are proactive steps you can take to not only boost the value of your home, but also improve your quality of life. The key is finding home improvements that have the best resale value.
For example, while a swimming pool is a great addition to your home that can improve your family's summertime fun, it only provides about a 39 percent return on investment. If you want a pool, we're not saying you shouldn't get one, but don't expect to see a huge return on it.
Home Renovations With the Best Resale Value
How do you determine what home improvements add the most value? Is it based on the total added value or the percent of your investment returned? Typically, we look for the highest return on investment to determine a home renovation project's validity.
Here are our top picks.
1. Master Bath Upgrade
There's something about a master suite in a home that appeals to home buyers. Ideally, they want a luxurious bathroom attached to the master bedroom. If your master bedroom has an attached bathroom that leaves something to be desired, upgrading it could add significant value to your home.
For example, we recommend adding attractive features such as a his-and-hers vanity so a couple can have their own sink, space, and mirror for getting ready in the morning. It also helps to provide different bathing options such as a tub and a shower.
The cost of adding a bathroom varies depending on how luxurious you want it to be, what features you add, and how tedious it will be to complete the plumbing. For example, if there's already a bathroom present, it will be much less expensive than building a new bathroom and rerouting plumbing pipes.
2. Updated Kitchens
Some of the best home upgrades are done in the kitchen. The kitchen is often viewed as the center of a home because it's where families come together to eat and talk about their lives.
A poorly designed kitchen can be a huge turnoff to potential buyers, whether it's too small, has a bad layout, or is outdated. An updated, expansive kitchen, on the other hand, can add a lot of intrigue and value to a home.
However, if you are stuck with a small kitchen, check out these 10 ideas for a brilliant remodel.
3. Laundry Room Additions
A surprising trend in the home renovation industry that provides a significant return on investment is upgraded laundry rooms or laundry room additions. While very few of us actually enjoy doing laundry, we like the idea of having a luxurious, convenient laundry room.
In older homes, laundry rooms we resigned to basements, almost as an afterthought. However, modern trends in the real estate industry dictate robust laundry rooms on the main floor with plenty of storage and a well-thought-out design.
4. Patio or Deck Additions
When it comes to investing in home improvement projects with the best resale value, you can't go wrong with extending your outdoor living space. People love spending time outside in spring, summer, and into early fall. Adding an expansive deck or patio to your backyard is a great way to boost your home's value and provide a respectable return on investment.
This gives people the necessary atmosphere to host barbeques, backyard games, and other outdoor activities and events. A patio or porch can also provide a relaxing place to sit outside and gaze up at the stars or enjoy a warm afternoon breeze.
5. Outdoor Living Features
We talked earlier about how a pool is a poor investment if you're looking to get the best resale value out of your renovation projects. However, other outdoor features can prove to have a different outcome.
For example, building a permanent brick or stone grill is a relatively inexpensive project that can really appeal to future buyers. You should also consider adding outdoor structures such as a gazebo, pergola, fire pit, etc.
6. Garage Renovations
Garages serve a wide variety of purposes. For some people, they're simply a place to park their cars to keep them out of the elements. However, garages can also serve as shops, home gyms, art studios, and more.
If you're looking to improve the value of your home, consider some garage reno ideas. For example, replacing a beat-up garage door has a huge ROI at nearly 98 percent.
You can also consider adding insulation, installing a heater and/or air conditioning, or refinishing the floor with something more aesthetically pleasing than concrete.
However, remember that you can't predict what future home shoppers will want to use the garage for. There's no reason not to finish it out nicely. However, designing your garage for one specific purpose could ostracize buyers.
7. Siding Replacement
Finally, depending on the condition of your home's exterior, it may be well worth it to invest in re-siding your house. This is especially important if you've experienced severe weather such as hail or high winds that has damaged the siding.
However, if the exterior paint is faded but the underlying integrity of the siding is sound, you may just need a fresh coat of paint. You can save some money by doing the work yourself, but painting the exterior of a home is tedious and requires a certain level of expertise. Depending on how tall your home is, it can also be dangerous if you're not experienced with working while atop a ladder.
Looking to Improve Your Home?
Are you looking for some home renovations that will give you the best resale value? Or are you simply interested in improving your quality of life at home? Either way, you're in the right place.