Home renovations can be tricky since there is no real guarantee of getting your money back when the opportunity to sell presents itself. An excellent way to know if a renovation is worth investing money and time into is by weighing its cost versus the value it adds. Here are some upgrades you can consider that can add lasting and significant value to your home.
Improve the Landscaping
Homes that have attractive landscaping can increase the price of their homes by 1 to 10% more than homes without it, according to this report. That’s because a beautiful landscape can improve your home’s curb appeal and make it all the more desirable. 85% of homeowners surveyed said that a landscape upgrade was one of the reasons that would keep them at home. In some instances, you may not even have to renovate your landscaping. If you have a lawn and keep it regularly mowed, fertilized and have the weeds removed, you can recover 267% of your maintenance costs when it’s time to sell.
Remodel the Kitchen
Updates to the kitchen pay off since many people consider the kitchen as the heart of the home. A kitchen remodel can give you a 60 to 120% return on your investment, as long as you don’t overdo it. Don’t make the kitchen fancier than the rest of the house or the entire neighborhood. Renovating the kitchen can cost anywhere from $5,000 to $75,000 or even more.
To get the most out of remodeling the kitchen, give it a fresh coat of paint in a contemporary color. Doing this can go a long way in updating its look, and a new paint job is relatively cheaper. Apart from a fresh coat of paint, replace old appliances with Energy Star-rated appliances that are more efficient. Buy only at certain times of the year to get great savings on new tools and cut down on costs.
Add a Bathroom
Installing a new bathroom is a good investment, especially if your home has only one. An additional bathroom can help you recoup 80 to 130% of whatever you spend, according to HGTV. When deciding on where to place the extra one, look for under-utilized spaces or spare rooms. For example, you should have around 30 square feet for a full bath and a stand-up shower. For a bathtub, you’ll need 35 square feet to accommodate this feature. Like any remodel, the cost of an extra bathroom will depend on the accessories you want to add and the quality of these items. Opt for middle-of-the-road fixtures and don’t go overboard.
Add a Home Office
Now that a lot of people are working from home, a home office will be a great addition that many buyers can appreciate, should you decide to put your house on the market. Consult a designer to see how you can fit a home office in under-utilized space in your home or an extra room. Make sure your home office design has a lot of space, can have privacy, and has soundproofing. Don’t forget to place enough provisions for grounded outlets and data ports.
There are many renovations you can do to increase your home’s value. A practical way to go about it is to choose the projects that cost the least, give the most value, and provide the most benefit to you as you wait for the right time to put the house on the market.