What Home Improvements Add the Most Value?

by | Sep 30, 2020 | Selling

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Choosing home improvements can be tricky. There is a balance between choosing projects that you will enjoy and also projects that other people will enjoy if you are ever ready to sell your home. The best home improvements are those that increase the home’s worth on the open market compared to what you spend on them. According to Remodeling Magazine’s cost vs value report there are several remodeling projects that can net you a bigger return on investment.

Garage door replacement

Replacing the garage door with one that is more upscale has the most value recouped compared to it’s cost, coming in at 98.3% which is money well spent. Unfortunately, it’s not the most exciting remodel to perform, but 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 can be a great choice aesthetically to increase curb appeal because so many homes have a forward facing garage however, 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, that way the best of both worlds if obtained.

Deck addition

Another exterior home improvement item with a good ROI (82.8%) is a nice wood deck. People love to purchase a home for entertaining and a 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. Ideas to spruce up a new deck so that it isn’t so boring might be adding a bar, garden areas, or a bit of privacy from the neighbors. 

Kitchen remodel

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 Backsplashes are basically extensions of the countertops and protect 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, microwaves, dishwashers, or refrigerators will help obtain an ROI from a minor kitchen remodel.

Mid-range bathroom remodel

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.

Smart-home upgrades

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. 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.

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