- Life & Money
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- Amy DiLuna
- Oct 18, 2017
The Home Renovations That Add the Most Value
You know you’ve been watching too much HGTV when you look around your house and think, “I could probably remodel this house and flip it.”
The truth is, even simple remodels can be costly, in terms of time and money. But if you can recoup the cost of your project when you sell your home, then the effort may be worth it.
If you’re going to stay in a home for a lifetime, of course, those cost differentials are less of an issue, as your renovations will serve to improve your day-to-day living. But if you’re thinking of selling within, say, five years, you’ll want to invest only in renovations whose cost vs. value are in your favor.
Whether you hire a licensed pro or DIY (keeping in mind that you should only take on projects you know you can finish well), consider these five valuable home renovation ideas:
Sure, it’s not the sexiest remodel. But sealing and insulating your attic with fiberglass is a project whose value you’ll recoup by almost 117 percent.
NEW FRONT DOOR
Simply replacing your main point of entry can actually add to your home’s value. According to industry publication Remodeling, which compiles annual statistics about home renovations, adding a steel-front door with glass panels at the top was one of the projects whose cost recouped was highest year-over-year in 2016, with an over 90 percent return. In fact, according to their study, many of the most valuable projects were done on the exterior of the house, so give curb appeal some serious consideration.
MINOR KITCHEN REMODEL
According to Remodeling, you don’t have to gut your entire kitchen to add value to your home. A minor facelift stands a chance at recouping over 80 percent of the cost. Shaker-style cabinet wood-panels and drawer fronts, new hardware, energy-efficient appliances, new countertops and sink and faucet, plus some work on the walls and floors should do the trick.
Sure, it’s not the sexiest remodel. But sealing and insulating your attic with fiberglass is a project whose value you’ll recoup by almost 117 percent. In other words, you could more than make your money back while rendering the home more energy-efficient for the new owners.
NEW WOOD DECK
This addition’s resale value is down year-over-year, according to Remodeling, but it still averages a 71 percent cost recouped. It could also earn you some friends in the neighborhood thanks to the sweet smell of BBQ wafting from your yard.
Whether it’s the man-cave of your dreams or a playroom where kids can make a mess and not trash the rest of the home, the finished basement is worth it in many ways. Not least among them: the 70 percent cost recouped. According to Remodeling, a bar area and renovated bathroom may help sweeten the deal.
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