In 2020, Americans spent over 400 billion dollars on home renovations. But did they have a good return on their investment?
There are several home renovation ideas you could choose for your home, but which ones are worth your time? Which renovations could help you increase the value of your home if and when you’re ready to sell?
The amount of return you receive depends largely on the market, location, and price of the home. If you’re thinking about home renovations, here are five ideas (see more here) that you should consider.
Bathrooms are one area of the home that offers you a great return on your investment. This is because these rooms generate the most traffic. Bathroom additions also provide a strong return, especially if your home only has one bathroom.
There are many options for remodeling bathrooms like changing a vanity, flooring or even replacing a toilet. You can find out what a bathroom remodel costs before you start planning.
Whether it’s a major or minor renovation, the kitchen is one place that will give you a substantial return on investment. A home renovation costs thousands of dollars, and a kitchen is one renovation that may require a home renovation loan. The great news is that, even if you spend thousands of dollars or a few thousand, you’ll get a good return.
You can do something as simple as painting the cabinets, getting new appliances, or replacing countertops.
3. Outdoor Areas
Do you have an outdoor area that needs work? Refining your yards can increase your home’s value. Landscaping ideas like planting new flowers, painting the exterior, replanting your grass, or even replacing your door can amp up your curb appeal if you’re looking to sell.
If you’re thinking of stepping your outdoor areas up a notch, what about a pool? Building a pool will add a lot of life and value to your outdoor spaces, usually the backyard. If you’ve got an old pool, think of doing a swimming pool remodel to make it more modern and desirable.
Adding a deck or backyard oasis is another selling point.
4. Home Addition
If you think your home is small, you might want to build an addition so can expand your square footage. Larger square footage does increase the value of your home.
If you’re going to consider a home addition, you’ll need to interview home renovation contractors. While you can generally paint or replace appliances on your own, adding an addition calls for a professional contractor.
5. Garage Door Replacement
Garage doors are a huge selling point for home buyers. When people see newer garage doors, the impression of the home is more positive. Even if the home is fully renovated a broken or outdated garage door can ruin the look of the home.
In fact, replacing your garage door offers you almost the entire percentage back on your investment. Garages provide people with space for cars or hobbies. It’s a huge selling point, and buyers are more attracted to garage doors if they’re new.
Increase Your Home Value With Home Renovations
Home renovations may cost you time and money, but these five investments are worth your time. Planning and prepping for these home renovation costs gives you an opportunity to increase the value of your home and make it a place you love.
Are you looking for more home improvement tips? Visit our real estate page today to learn more!