Even though buying a house is a significant investment, it will be more profitable if you increase its resale value. That is why home improvements are worth investing in. You can find different home improvement ideas that can increase your home value. However, the question is, which modifications will make my home increase its value quickly?
Instead of losing yourself in the many home upgrades available, you should focus on those that bring a higher return on your investment.
Which Home Additions Add the Most Value to Your Home?
1. Kitchen Upgrades
When you are planning on making renovations in your home, you should prioritize your kitchen. The kitchen is the most valuable home upgrade you can make. According to Remodeling, a minor kitchen upgrade can return about 72.2% of your expenditure when you sell your home. However, significant improvements will only return 57.4% of your cost. Therefore, a homeowner should strategically choose how much of their kitchen they would like to upgrade.
Essentially, you have several options when it comes to updating your kitchen. You can make significant improvements, like installing new cabinets, sinks, granite countertops, floors, improving the lighting, or expanding the kitchen space. While you can spend about $26000 on a minor kitchen improvement, it will add approximately $19000 to your home’s price. Significant kitchen improvements can cost an estimated $150,000 but add $80,000 to your home’s resale value.
2. Bathroom Remodeling
Bathroom upgrades are also what buyers look for in a home. You do not have to do extreme bathroom remodels for them to add value to your home. Improvements in your bathroom will bring the second-highest returns after your kitchen. Minor bathroom improvements costing about $20,000 will add $13,000 to your house.
On average, mid-range bathroom upgrades can return 60% when it’s time to sell your house. That means that minor upgrades like improving the lighting, mirror, vanity, flooring, and other fixtures are profitable. You can also focus on making upscale bathroom updates, like having a new sink, toilet, cabinet, shower, and bathtub. A homeowner should also repair any broken pieces like tiles. The layout of your bathroom is also another factor that will increase its value. Analyze different bathroom layouts to find one that fits your needs.
3. Smart Home Automation Improvements
With technological advancement, you can implement different smart home automation updates to increase your home worth. You can install:
- Smart thermostats
- Smart home security systems
- Smart smoke, carbon monoxide, and radon detectors
These updates will cost you between $35 and $180. Installing them will improve your home’s safety, pushing its market price.
4. Energy-Saving Upgrades
Even though it might not be a top priority, wouldn’t you want to save energy and save more money? An energy-efficient home reduces the money spent on temperature regulation expenses like air conditioning or heating of the rooms. To save more energy, you can improve your home by:
- Improving insulation
You can accomplish it through roll insulation, rigid insulation, foam spray insulation, and loose-fill insulation. Apart from saving 15% on your temperature regulation costs, insulation also has a return value of 117% when you sell your home.
- Replacing old garage doors with insulated ones
Can you imagine spending only about $3900 on replacing the door for a two-car garage resulting in an increase in your home’s resale value by approximately $3600? You can recover about 90% of the funds you spent making this improvement, not to mention what you’ll have saved in energy expenses.
- Replacing old windows with energy-efficient ones
You can consider wooden or vinyl windows. You will spend upwards of $20,000 to replace your windows with vinyl ones. However, they have a return value of about 68% of your costs. Wooden windows costing about $25000 have a return value of 67% of the expenditure. Replacing windows also improves your home’s curb appeal attracting more buyers, hence increasing its value.
5. Exterior Improvements
Last but not least, you should make the exterior of your house more appealing. Having a great exterior creates an excellent first impression of your home. Exterior improvements are not that expensive but add more value to your home than you have ever imagined. You can remodel your home exterior by:
- Adding a deck
- Improving its landscape
- Power washing your home and replacing your house’s siding
- Repainting with trendy colors
Facing Challenges? We Can Help
The above improvements will make your home outstanding when you plan to sell it. They will help you profit from your home. While you make your home a long-term investment, let the returns be worth it. At Center Street Lending, we understand how vital home improvements are to you. You should never let inadequate funds stop you from transforming your home. For whatever home improvement plans you have, we can help you implement them. Submit your application today.