The Top 5 Home Improvements That Increase the Value of Your Home
Meta description: The five most popular investments for homes in terms of return on investment are replacing garage doors, replacing wood with composite decking, remodeling kitchens and basements, and installing new siding.
Many homeowners view home improvements as sunk costs – things that will never be recouped.
But that’s not really how it works in practice. If you spend money today, it will increase the value of your home when you sell it. Will sometimes be worth more than the price you paid. Whitney Homes has everything you need to make a big impact on the value of your home!
Here are the five best home improvements that will cause you to have a higher selling price for your house.
#1: Updated Garage Door
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Buyers understand that garage doors cause nothing but trouble. They continually fail because of the complicated gears and motors that they contain.
Buyers get carried away when they see a new door in the driveway. They think that buying a new door will mean saving money. Many buyers are thrilled to be able to buy a new garage door as soon as they move in. They are excited to save money by not having to call a repair team out within a month. Installing a new garage door can cost you less than $2,000. In fact, you could get back nearly 100 percent of the money you paid. That means that the real price (if you do wind up selling your home) of a $1,500 door could be as little as $20.
#2: Wood Deck
Wooden or composite decking is becoming more popular as it is taking market share from traditional patios. Homeowners enjoy having guests for dinner or having a picnic in the back garden while they survey the land. It’s a great idea, and guests really enjoy sitting on the decking in their back gardens, looking over the garden.
But a deck is worth more than just looking good. Like garage doors, decking is very worthwhile and offers impressive returns.
What you get back depends on the property you purchase and the location. But you could receive huge profits from selling your property in some areas. You may get as much as 83 percent.
#3: Kitchen Remodel
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Kitchens are often an attractive feature for buyers when they look at new properties. They either love it or hate it! It’s either they love their kitchen or they hate it.
Traditional estate agents wouldn’t recommend full kitchen remodels, because it was thought that selling the house would bring the most money to the seller. Estate agents generally suggest that homeowners save money elsewhere or, at least, that they do a quick renovation.
But new research suggests kitchen renovations may actually be beneficial. Remodeling Magazine found that homeowners can expect to recoup 63% to 82 percent of the costs of their kitchen renovations when they sell.
#4: Remodel The Basement
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Basements don’t get much love from a lot of modern homeowners because they are too dark and smelly. There are many reasons why basements are unappealing – high radon levels and general murky conditions make them unattractive – except that they could be used for storage.
If you look at return-on-investment statistics, investing in a basement is like investing in a luxury car. If you finish a basement renovation, it can be worth almost double the money that you invested. That’s not that bad.
#5: Exterior Siding
Lastly, you may want to think about investing in exterior siding. A new siding on your home will increase the value of your home by about 75 percent. New exterior siding can dramatically improve the look of your home, while encouraging buyers to spend more money to buy it.
It costs around $12 per square foot to add siding to your home. However, you could earn up to 75 percent of your investment. However, the results are very impressive; they are estimated to be in the region of 75 percent.
Find out how you can sell your house at a higher price and increase its value by visiting our website!