Trying to figure out what home improvements add the most value can be tricky. It can be helpful to identify projects that you will enjoy versus projects that other people will enjoy. The best home improvements are those that increase the home’s worth compared to what you spend on them. There are several remodeling projects that can net you a bigger return on investment. Let’s take a closer look at some of your options.
Garage door replacement
Replacing existing garage doors with more upscale models has the most value recouped compared to its cost. This comes in at 98.3%, which is money well spent. While i’s not the most exciting remodel to perform, it definitely has a good bang for its buck.
The best garage doors are made with steel, wood or plastic and have energy efficient elements such as insulation. Wood is a great choice aesthetically to increase curb appeal. However, because so many homes have a forward facing garage it may not hold up to the elements as well. If you are set on the look of a wood garage door, it might make sense to settle for a fiberglass one or composite material, This way, you get the best of both worlds.
Another exterior home improvement that adds value is a nice wood deck. This update offers a ROI of 82.8%, that’s hard to beat. People love to purchase a home for entertaining . With that, deck provides a great space to host friends and family over a barbeque. Also, it’s simply a good place to kick back and relax on a nice day. Consider sprucing up your new deck adding a bar, garden area, or decor to add bit of privacy from the neighbors.
With an ROI of 81.1%, a minor kitchen remodel can make a big impact on the home’s value because this is one of the most judged rooms in the house by prospective buyers. Minor kitchen remodels can include the following:
- New sink – Adding a bigger or more modern looking sink can make a kitchen appear to be more updated.
- Backsplash – Essentially an extension of countertops, this protects the wall from unintended splashes from water or grease when cooking.
- Countertops – Upgrading countertops to be stone material like granite or quartz can add serious appeal to your kitchen. Additionally, the butcher block look is also in style.
- Appliances – New appliances that are energy efficient such as stoves, dishwashers, or refrigerators help obtain an ROI from a minor kitchen remodel.
Mid-range bathroom remodel
Home improvements that add value are not all created equal. Like the kitchen, doing more doesn’t always equate to a higher return on investment. For example, an upscale bathroom remodel only returns about 54.6% of its cost while a mid-range bathroom remodel can return up to 70.1%. Mid-range bathroom upgrades can include tile, fixtures, toilet, counters, and lighting. Additionally, sometimes it makes sense to add an entire bathroom or half bathroom onto your property.
With more and more millennials buying homes, it makes sense that smart-home technology will continue to become popular. Being able to control many aspects of a home from a smartphone can be very beneficial to homebuyers that are looking to be environmentally friendly and also take advantage of new conveniences in technology. With that said, many millennials have said that they would pay more money for a home that was considered smart.
The technology involved with these allows users to control many aspects of their homes from remote places but they also incorporate an element of AI that can “learn” how a user behaves. This can help save money on electric bills and also lessen a homeowners environmental footprint.
The best place to start with upgrading your home to be a smart home is by purchasing a home assistant. Right now, the most popular home assistants are Google and Amazon Alexa.
Home improvements that add the most value: Technology driven
These home assistants along with smart phones can be integrated with other smart devices such as:
- Thermostats – These thermostats connect to a home’s wifi network and allow you to turn on the heater or A/C from a smartphone. Additionally, they can sense when you leave the home and can turn the A/C or heater down until you come home.
- Cameras – Cameras come in a variety of types ranging from doorbell cameras next to the front door to flood light cameras. These cameras can send alerts to your smartphone when motion is detected and also allow you to review footage when necessary.
- Locks – A smart lock allows you to control entry into your home via your smartphone or a door code. These are great because it minimizes the need for keys but also allows for a user to create personalized entry codes to let other people into the property.
- Light bulbs – Light bulbs are another way to incorporate smart home technology into your property as they allow you to control lighting from your smartphone. This can be used for security purposes or to maintain energy efficiency.
- Plugs for outlets – This allows you to basically control anything that plugs into an outlet remotely from your smartphone. Think christmas lights, living room lamps, or even charging laptop computers.
- Carbon monoxide / smoke detectors – Receive alerts to your smartphone regarding the presence of fire or carbon monoxide.
- Alarm system – This smart home feature is nice because you can control your alarm system from anywhere.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.