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Your home is most likely going to be the most significant investment you’ll make in your lifetime. Whether you want to keep it in your family forever or for a season, it needs to be worth as much money—or more than—what you put into it.
It makes sense that you want any renovations you do in your house to increase its value. You’re using your resources to improve the home, and the return on your investment (ROI) should reflect this effort.
Still, some renovations are worth more than others in the real estate market. If you want to get the biggest buck for your bang, stick with these four household revamping tips.
1. Add an Island
The kitchen is often lovingly called the heart of a home. But when yours isn’t designed to give you a lot of space, it can be more frustrating than fun.
If your kitchen doesn’t have enough countertop room to cook, you’ll probably find yourself switching to easier recipes or ordering takeout. Adding an island in the room will save you money on meals and increase your home’s value.
If you put the island in place strategically, it can also boost your storage space options. For instance, adding an outlet turns this into the perfect spot to hold your coffeemaker and small appliances. It’s an instant pantry area for frequently used items, too.
But that isn’t the only way you can benefit from this room addition. Today’s standalone kitchen islands are designed to be an all-in-one culinary workspace.
Drawers, cupboards, and hidden cutting boards are included in one space-saving renovation. Or, opt for a full-service island that houses your dishwasher and sink, too!
2. Freshen Up the Walls
A fresh coat of paint fixes everything and pays for itself, too. If you’re planning on selling your home, consider repainting the interior before you put it on the market. It’s a choice that could pay you back 100-fold.
Realtors and buyers admit that one of the main selling points is a freshly painted home. Certain colors make it more likely that a prospective buyer will be interested in your house.
As you’re choosing your new paint colors, stick with something that meshes well with most styles. When someone walks into each room, they imagine their current furniture in the space. It’s easier to do this if the colors all complement each other.
Favorite hues include neutrals, light grays, light blues, and off-white shades. However, some rooms have better selling opportunities if they are a particular color. Bathrooms, for instance, are more popular when they’re blue, and kitchens are attractively painted light yellow.
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Don’t Overlook the Outside
An exterior paint job is another instant ROI builder. Curb appeal is the first thing a potential buyer notices about a house, and fresh paint attracts the eye to make a bold impression.
With the right color combination, your home’s value can increase up to five percent.
Keep in mind that the colors should be popular with the average buyer. You might love lime green and neon pink, but the odds that someone else wants a house in those colors are pretty small.
For the biggest pool of buyers or the largest home value increase, stick with shades like white, navy blue, gray, beige, or slate.
3. Update the Garage Door
The exterior of your home defines the curb appeal, but it’s not just the paint job. The overall picture includes your garage door.
Upgrading your garage door is one of the top ways to increase your home’s value. In fact, it ranks second for ROI out of 22 potential home improvements, with a 94.5% cost recoupment.
Your home’s value can increase by about 4% with an upgraded garage door, depending on the model. Consider updating your door if the tracks aren’t heavy-duty galvanized steel or weatherproofed. Look for a lifetime warranty on the materials and the motorized opener.
If yours is missing any of these factors, a replacement garage door is a smart renovation idea.
4. Install Some Stonework
Have you noticed an increasing trend in homes with partial stone veneers? It’s no coincidence. Stonework is gaining popularity because it has almost a 96% recoupment rate.
This renovation work doesn’t mean you have to strip your current home’s siding. As little as 300 square feet of vinyl siding replaced with stone veneer does the trick.
There are some specific requirements to get the most return on your investment. The stone has to be manufacturer-made, with 36 linear feet adhering to sills and 40 linear feet at the corners. You’ll also need to add a water-resistant barrier over the sheathing.
If it sounds complicated and out of your comfort zone, you can hire someone to do the job and still recoup much of your out-of-pocket expenses.
It’s not the simplest or cheapest project on the list, but it’s by far the most valuable one. If your goal is to increase your home’s value the most, stone veneer is a solid financial investment.
Conclusion
Your next renovation project can be a lucrative undertaking that boosts your home’s worth.
Since you’re investing time and money into this endeavor, you should stick with things that have to be done first. Then, concentrate on those projects that give you an impressive return on your investment.
When you’re ready to focus on renovations that improve your home’s value fast, try these four household revamps.
