There are many reasons to undertake a home renovation project. However, if you are remodeling with the intent to raise your home’s value, it’s a good idea to know which projects will give you the best bang for your buck.
In part one of our two-part series on best home renovation projects for ROI, we’ll look at some of the less invasive types of renovations and talk about what you can expect on the back end.
The Golden Rule of Renovation: Cost vs. Value
If you are renovating for your own needs and desires, the sky’s the limit. We always say if it makes your life better, then you should have it! However, if the object is to increase value, there is one golden rule to keep in mind:
You should never invest more in a renovation than your property is worth.
With that in mind, we’ve put together a list of ten inexpensive ways to inject value and curb appeal into your home.
Top 10 Inexpensive Ways to Increase Your Home’s Value
- Paint The Facade. First impressions are everything, and when your home looks gorgeous from the street, potential buyers will want to see what’s inside.
- Change Your Front Door. Your front door is long on curb-appeal, but it is also a safety feature. Steel doors offer an excellent ROI, and according to Remodeling Magazine’s Cost vs. Value Report, you can expect a return of anywhere between 86.9 and 120 percent of the cost.
- New Garage Door. Today’s garage doors are quieter and more energy-efficient. Plus, most newer models can be connected to a smart home system for ultimate convenience. The expected ROI in this category runs between 117 and 136 percent.
- Storage Space. Whether you are appealing to young families or empty-nesters, built-in storage enables a sleeker, more minimal design aesthetic, and adds to the functionality of kitchens, bathrooms, closets, and just about any room in the house.
- Refresh the Paint. Fresh paint will undo years of damage or put an outdated color scheme in the past where it belongs.
- Upgrade Appliances. While upgrading appliances might not be the cheapest upgrade, it is much less expensive than a full kitchen remodel and pays dividends in terms of how well your home shows.
- Change Doorknobs. New hardware, like doorknobs and drawer pulls, are a nice finishing touch. Matching hardware gives your home a more finished feel.
- Replace Light Fixtures. Replace any fluorescent fixtures, add under-cabinet task lighting in the kitchen, and install matching ceiling lights in bedrooms and living areas for a more cohesive look.
- Clean Up The Yard. Landscaping, especially in the front yard, gives you an immediate burst of curb appeal.
- Outdoor Lighting. Outdoor lighting is not just beautiful; it also increases the safety and security of your home. Install solar-powered outdoor lighting along walkways and floodlighting around to the house to light up any shadowy areas.
Come back soon for Part II when we’ll talk about major remodeling projects like kitchens, bathrooms, ADUs, open-concept renovations, and the kind of ROI you can expect from them.
We welcome your questions and comments! Reach out today, and let’s talk about your ideas.