5 Improvements That Will Increase the Value of Your Property5 Improvements That Will Increase the Value of Your Property
The Top 5 Home Improvements That Increase the Value of Your Home
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 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 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
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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
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. It’s a great idea, and guests really enjoy sitting on the decking in their back gardens, looking over the garden.
But a deck is worth more than just looking good. Like garage doors, decking is very worthwhile and offers impressive returns.
What you get back depends on the kind of property you own and the size of your lot. But you could receive huge profits from selling your property in some areas. You may get as much as 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 that some kitchen remodeling may actually be worthwhile. 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 a lot of modern homeowners because they are too dark and smelly. 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. 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.