The Top 5 Home Improvements That Increase the Value of Your Home
Meta description: The five most popular investments for homes in terms of return on investment are replacing garage doors, replacing wood with composite decking, remodeling kitchens and basements, and installing new siding.
Many homeowners view home improvements as sunk costs – things that will never be recouped.
But that’s not really how it works in practice. If you spend money today, it will increase the value of your home when you sell it. Will sometimes be worth more than the price you paid. Whitney Homes has everything you need to increase the value of your home by making improvements to it.
Here are the five best home improvements that will cause you to have a higher selling price for your house.
#1: Updated Garage Door
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Buyers understand that garage doors cause nothing but trouble. They are constantly breaking down, because of all the complicated gears and motors that they contain.
Buyers get carried away when they see a new door in the driveway. They think that buying a new door will mean saving money. Many buyers are thrilled to be able to buy a new garage door as soon as they move in. They are excited to save money by not having to call a repair team out within a month. Installation of a new garage door can cost you less than $1,500, and still give you a good profit. That means that the real price (if you do wind up selling your home) of a $1,500 door could be as little as $20.
#2: Wood Deck
Decking made from wood or composite materials is becoming increasingly popular. It’s taking market share from traditional patios. Homeowners enjoy having guests for dinner or having a picnic in the back garden while they survey the land. What a wonderful experience to be able to spend some time on a raised platform, gazing at the mountains and chatting with friends.
But a deck is worth more than just looking good. This is why, like garage doors, a good investment can deliver impressive returns.
What you get back depends on the property you purchase and the location. However, you could get back up to 83 percent.
#3: Kitchen Remodel
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When buyers are buying a new property, the kitchen is often a big deal. They either love it or hate it! When buying a new property, buyers typically love the kitchen—or they hate it.
Traditional estate agents wouldn’t recommend full kitchen remodels, because it was thought that selling the house would bring the most money to the seller. Some estate agents didn’t encourage homeowners to spend a lot of money on a full-blown kitchen remodel, but they suggested focusing their money elsewhere or getting a quick kitchen refresh.
But new research suggests kitchen renovations may actually be beneficial. Remodeling magazine found that homeowners could expect to recoup 63 to 82 percent of their costs when they sell their homes.
#4: Remodel The Basement
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Basements don’t get much love from most modern homes. There are many things that make them unattractive, but when you consider the return on your investment, investing in them is a good idea. There are many reasons why basements are unappealing – high radon levels and general murky conditions make them unattractive – except that they could be used for storage.
If you look at return-on-investment statistics, investing in a basement is like investing in a luxury car. If you finish a basement renovation, it can be worth almost double the money that you invested. That’s not that bad.
#5: Exterior Siding
You might want to consider investing in new siding. New exterior siding can dramatically improve the look of your home, while encouraging buyers to spend more money to buy it.
It costs around $12 per square foot to add siding to your home. However, you could earn up to 75 percent of your investment. However, the results are very impressive; they are estimated to be in the region of 75 percent.
Visit our website today for more information about improving your home and boosting its value.