It’s the age old question: what are the best home improvement projects that I should do to my house before putting it on the market? Should I undertake a major remodel or are there home improvement projects that will give me a better return on my investment?
There are pros and cons with undertaking some type of home improvement project verses doing nothing. The upside to investing in a renovation project is increasing buyer appeal and not having your house sit on the market. If you’re partial to this belief, a better question might be: what home improvement or remodeling projects will add the most value to my home?
Even if you’re not putting your house on the market in the near future, you should always consider what projects will add value to your home. Check out the five ideas we’ve listed below:
1. Invest in a new roof
If your roof is starting to leak or it’s just old, investing in a new roof will add value to your home. Since it keeps you warm and dry, putting money into it is always a good idea. It’s estimated your return on investment is at least 100 percent.
Warning signs that you need a new roof:
- Your energy bill is high
- There are stains on your walls or ceilings
- Your shingles are covered in moss or curling upward
2. Replace carpet with hardwood floors
Hardwood floors are timeless. The wood increases the beauty of a room and it doesn’t collect as much dust as carpet. If hardwood gets damaged, it can be refinished rather than replaced, saving you money.
Whether you’re refinishing hardwood floors or buying them new, you can expect between a 90 to 100 percent return on investment.
3. Add or replace a patio/deck
Building a deck costs less to build per square foot than traditional living space. Whether you add a wooden or composite deck, you can expect to recoup 75 to 85 percent of the value.
A patio also has the added benefit of expanding your outdoor living space and complements your lifestyle if you enjoy entertaining in the nice weather. You can expect a 100 percent return on investment when adding a new patio to your home.
4. Update your kitchen
It’s a known fact that kitchen remodels pay off. Home buyers are always looking for modern up-to-date kitchens. You can expect to recoup a significant percentage of your investment. But since it’s important to prospective buyers, your home likely won’t stay on the market long if you’re looking to sell. Remember don’t go overboard in a large-scale kitchen renovation. Start small.
- Replace the kitchen faucet.
- Update (instead of replace) cabinets by painting them and changing the hardware.
- Update countertops and add a modern backsplash
- Change your light fixtures to modern, energy efficient models
5. Remodel a basement or attic
You can expand the living space in your home by remodeling an attic or basement. You could make your attic into your home office or the basement into workout space or even another bedroom. The space will appeal to future buyers if its adaptable and buyers could personalize the area. According to a Cost vs. Value Report, you can expect to recoup more than 70 percent of your investment when remodeling your basement.
Remember, even if you’re not putting your house on the market in the near future, you should always consider the best home improvement projects that will add value to your home before investing in a costly remodel.