Renovations That Add Value to Your Home
Without a doubt, making updates to your home will put more dollars in your pocket and may even accelerate its sale. You don’t need to spend too much to get a substantial return. Below are 5 ways you can increase your home’s value by more than 90%.
Do a Minor Bathroom Remodel
- It costs on average $10,500 to replace the tub, tile surround, floor, toilet, sink, vanity and fixtures. You’ll get back an average of $10,700 at resale, a recoup rate of 102%.
- If your old tub is too large to fit out the door, re-glaze it for a like-new finish. The average cost is $300 to $400.
- Remove dated wall coverings and apply a fresh coat of paint. For damaged walls, spray-on texture provides quick coverage.
- Replace old shower doors or remove them to add the illusion of space.
Focus on Your Landscaping
- The average homeowner spends about $3,502 for landscaping and $1,465 on a designer, according to the American Nursery Landscape Association.
- Not sure where to start? Local garden centers often offer free design services, or you can ask the neighbors what they do.
- When it comes to plants, a splash of color at the front of the house is an eye-catching plus. For maximum impact, use one color and vary the height of plants.
- If your doorway is overwhelmed by greenery, it’s time to take out the shears. Replace overgrown shrubbery with flowering foundation plants, mixing heights and colors for dramatic effect. Consider adding a focal point like a walkway and fountain. This will add major value to your property.
Make a Small Update to the Kitchen
- A minor kitchen remodel averages $14,913 for $14,691 at resale, giving you a recuperation rate of 98.5%. A minor remodel makes more sense when your kitchen only needs a cosmetic update and not a redesigned floor plan.
- About $15,000 will update your kitchen with 30 feet of cabinets and drawers re-facing, a new wall oven, cooktop, sink and fixtures, laminate countertops and resilient flooring.
- Recessed lights 3’ to 5’ apart on center and 18" from cabinets to light the countertops makes for a nice addition. Brighten up the kitchen by sanding and painting existing cabinets. It's much less expensive than buying new ones.
- Add decorator detail without the cost by changing drapes and window molding.
Don’t Forget about Your Home Exterior
- The average national cost to replace 1,250 sq. ft. of vinyl siding is $7,239. With an average return of $6,914 you’ll get a recoup rate of 95.5%.
- Painting the exterior is a definite. Using paint color cards will take the guesswork out of choosing the right color combination for doors, trim and siding. If your house was painted before 1978, test for lead before sanding or scraping.
- For an updated look, remove old awnings from windows and doors.
Consider Doing an Attic Bedroom Conversion
- An average attic bedroom conversion in a two- or three-bedroom house costs on average a little under $40,000 and returns about $36,649 at resale. That price includes a 15 x 15 ft. bedroom, a 5 x 7 ft. bath with shower, a 15 ft. dormer, four windows and a closet.
- Add attic insulation to lower your utility bills. Making sure the foil vapor barrier is installed down toward the ceiling to prevent moisture from seeping up. Check the U.S. Department of Energy website to confirm the right level of insulation for your area.
5 Ways to Increase Your Home's Value
