5 Improvements That Will Increase the Value of Your Property
Meta description: The top five home investments based on return on investment are replacing garage doors, installing wood decking, kitchen remodeling, basement remodeling, and replacing the exterior siding.
Many homeowners think that making improvements to their home is a waste of money – a decision that they will never make again. But some improvements can actually increase the value of your home if you plan to sell it.
But that’s not really how it works in practice. If you spend money to improve your home, it will increase the value of your property when you come to sell it – sometimes by more than the amount you spent! Whitney Homes has everything you need to make a big impact on the value of your home!
Here are the five best home improvements that will cause you to have a higher selling price for your house.
#1: Updated Garage Door
Buyers understand that garage doors cause nothing but trouble. They continually fail because of 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
Wooden or composite decking is becoming more popular as it is 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
When buyers are buying a new property, the kitchen is often a big deal. They either love it or hate it! It’s either they love their 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
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. A well-finished basement renovation can give you back 75 percent of the money that you invested. That’s not bad.
#5: Exterior Siding
Lastly, you may want to think about investing in exterior siding. A new siding on your home will increase the value of your home by about 75 percent. Installing new siding on the outside of your house can boost the curb appeal of your property by about 30 percent, encouraging potential buyers to spend more money!
It costs around $12 per square foot to add siding to your home. However, you could earn up to 75 percent of your investment. But, the average returns on investments in home improvement projects are around 75 percent.
Find out how you can sell your house at a higher price and increase its value by visiting our website!