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Curious about ways to add value to your home or are you getting ready to sell? When thinking about home improvements, it’s crucial to think in terms of getting the most return from your investment. Here are ten projects you can do that will add to your home without taking too much out of your pocket in the long run.
1. Replace your front door: Putting in a new steel front door goes a long way for the first impression your home makes. If you don’t want to invest in a new door, simply spruce up your old one with a new paint job and brand new hardware.
2. Add a deck or a patio: Buyers are always looking for outdoor living space so adding that patio or deck will make your home that much more appealing.
3. Add new living space: If your budget allows, adding extra bedrooms, bathrooms, or expanding a living space is a great return on your investment. For example, you can get 84% back on your investment by putting in an attic bedroom.
4. Add a new garage door: Manufacturers offer a wide range of styles and colors for garage doors. Adding a new garage door will give your home an instant face lift.
5. Remodel the kitchen: Kitchens are the center of a house so buyers look carefully at them. If you are looking to sell soon, don’t do a major remodel but instead do minor fixes to update the look and feel of your kitchen. When doing a minor remodel you can expect to get back 82% of your investment and when doing a major remodel you can see around 74% of your investment returned to you.
6. Replace your windows: Buyers care about how your windows look as well as whether or not they are energy efficient. If you do replace your windows and are selling your home, be sure to highlight your new windows as they are a highlight of your home.
7. Replace your siding: If the exterior of your home is worn and in need of updating/replacing, getting new vinyl or fiber-cement mix siding is a great idea. You can expect to receive 78% back on your investment for using vinyl siding or 87% back for fiber-cement siding!
8. Finish your basement: Nowadays many buyers are looking for space to entertain. A remodeled basement is a very attractive asset and you can potentially get back 78% of your investment when creating a basement to entertain.
9. Update your bathrooms: While a major bathroom remodel can cost upwards of $50,000 and only add about $32,000 worth of value to your home, you can make minor changes to the space and still achieve added value. Small changes such as replacing fixtures and faucets, painting the walls, re caulking the tub, or adding crown molding will go a long way.
10. Two-Story Addition: Adding an extension on to your family room or adding a new bedroom and bathroom upstairs will hugely increase the value of your home. No matter what project(s) you choose to do, here is a word of caution: be careful not to over-improve your home for the neighborhood.