When you tackle home improvement projects, it’s wise to prioritize those that add the most to your property’s value, especially if you might put your home on the market in the next few years. Here are the renovations that give you the biggest return on your investment.
If you’re like most folks, you probably spend a fair amount of time in your kitchen, even when you have guests. For this reason, making over your kitchen will usually let you recoup your investment in equity or a higher sale price. Common remodeling elements include:
- Replacing appliances
- Installing new counters
- Refinishing cabinets
- Changing fixtures and hardware
- Building an island or bar
- Adding luxury extras
You might be surprised to learn that the most cost-effective upgrade to your bathroom isn’t necessarily a complete renovation. Doing a remodel can yield more than a 100 percent return.
Don’t worry about knocking out walls or replumbing. Instead, focus on cosmetic improvements like replacing old tile, swapping out faucets, and painting. Other relatively small upgrades include adding more storage, putting in a nicer shower surround, and replacing outdated flooring.
Attic and Basement Conversions
In many cases, converting an attic or basement lets you add another room to your home. You can gain a bedroom, playroom, office, workshop, or rec room by making over what is often unused space in the home.
To really make the conversions worthwhile, be sure you explore things like emergency egress and HVAC to meet building codes and make the space fully usable. If you plan to sell the home soon, aim for a conversion that could work for multiple purposes, as potential buyers may be looking for something different.
Deck and Porch Additions
Adding a deck, patio, or porch lets you expand your living space outside in nice weather. The warmer the climate where you live, the more you want to have some comfy outdoor space for al fresco meals, grilling, and relaxing.
You don’t have to spend a ton to get a big bang for your buck with outdoor spaces. You can enhance any outside area with nice furniture, potted plants, and fencing to make the spot more private.
Curb Appeal Improvements
Curb appeal makeovers are always popular, and they’re great whether you plan to stay in the home for years or put it on the market. Some popular ways to make your home look beautiful when approached from the street include:
- Adding or replacing a front walk
- Building a small front porch or covered entryway
- Landscaping for four-season beauty
- Painting the front door and window trim
- Resurfacing the driveway
- Replacing the garage door
Some curb appeal improvements overlap with making the home more energy efficient too. If you’re not happy with your home’s entrance, consider replacing the door with one that offers better protection from the outdoors or installing a storm door with screens.
Other updates that offer a good ROI include:
- Installing thermal windows
- Replacing an old roof
- Adding a better furnace or hot water heater
- Using insulated garage doors
- Insulating the attic or other chilly spaces
- Placing solar panels on the roof
Even small upgrades like installing a programmable thermostat or ceiling fans can bring you energy savings year after year.
Don’t forget to contact your insurance agent to review your home insurance coverage when you add to your home or perform major renovations. Need help with home coverage? Call The Insurance Center at 203-730-0634 today for a quote, or reach out online to let us know how we can help.