When you’re looking to boost your home’s value, a lot of upgrades come to mind. But not every improvement will make you richer.
Many upgrades have a higher return on investment than others, depending on what’s already in the neighborhood and your own tastes. But a few key upgrades will increase your home’s value and your quality of life.
Kitchen
A kitchen remodel is a major investment, but it can increase your home’s value. Potential buyers won’t want to buy a home with an outdated or out-of-style kitchen.
A top kitchen upgrade is replacing dated appliances with modern stainless steel ones. They will stand out against the uniform cabinetry and look expensive, but will fit within any budget.
Resurfacing your countertops is another way to add new life to your kitchen without spending a fortune. You can choose to do this yourself, or bring in a professional.
Replacing old linoleum or vinyl flooring is also a quick and affordable way to give your kitchen a modern makeover. Reflooring can cost $3,000 to $15,000, but can pay off in the long run with a high ROI. You could even consider reflooring the entire home at once, to create continuity in your interior spaces.
Bathroom
Bathroom remodels are one of the best home improvements for increasing resale value. They are also the most popular projects for homeowners. Whether you are interested in adding a new vanity, toilet or more cabinets, this is a project that can add substantial value to your home.
Aside from the aesthetic changes you can make, consider ways to make your bathroom more environmentally friendly. Installing low-flow toilets, showerheads and faucets will help reduce your family’s water usage.
When it comes to a complete renovation, begin with the vanity and sink and then move on to the mirrors and cabinets. This is a good time to replace the lighting fixtures as well. It’s a good idea to call in an electrician for this task, especially if you have never worked with electrical wiring before. Then, install the toilet last to avoid chipping it while working around it. You’ll be amazed at how much of a difference even small upgrades can make to your home.
Basement
Despite its reputation as a dingy, damp storage area full of dust bunnies, the basement holds a lot of potential. Turn it into a cozy socializing space, family room or game room and you’ll likely add to your home’s resale value. Plus, compared to adding on, finishing the basement is a fairly inexpensive home improvement project.
Start by framing the walls to create a livable space. Don’t forget to insulate—it is much easier and less expensive to do before you hang drywall.
Depending on your planned use of the basement, consider adding a bathroom. This upgrade will require plumbing, electricity and flooring. It is also one of the most important upgrades you can make when it comes to resale value. Having an extra bathroom will be a huge selling point to buyers.
Exterior
While practical updates like a new roof or energy-efficient windows are the top of most homeowners’ wish lists, exterior upgrades are important for a number of reasons. They help preserve your property’s value, enhance curb appeal, and make a statement about your personal style.
Regardless of the specifics of your project, it’s important to start by creating a budget and padding it for unexpected expenses. Also, consider how your renovation will affect resale value. This will guide your choices later in the process.
For example, if you’re planning to sell your home in the future, it may not be worth spending money on a stone or wood-look facade that isn’t in keeping with current trends. It’s often best to stick with more neutral materials that will appeal to a wider range of potential buyers.