A house is more than a simple investment. It is a place to dwell, relax, build a family and share the most important moments of our lives. Nevertheless, homes require periodic maintenance and improvement in order to get the most out of them – whether that be financial value or practical utility.
Ultimately, homes tend to increase in value with proper maintenance; while there may be ups and downs due to the condition of the housing market, most homeowners can rest assured knowing that their initial residential investments will only grow with time. There are many renovations and remodeling projects that can help accentuate the long-term value of any home, which many homeowners pursue as a matter of practicality.
However, not all home renovation and remodeling projects provide an equal return on investment. Some – while producing meaningful utility – might not enhance the value when and if it returns to the open market. Knowing which projects can produce the best return on investment is an important concept to those who want to quickly flip houses on the market (as well as those who simply want to enhance the value of their homes).
As such, let’s examine which home renovations add the most value and long-term appeal.
Spruce Up the Garage
While not every home has a fully-functional garage, those that do provide true value – both financially and functionally – to homeowners. Besides the fact that a garage can help prolong the aesthetic and mechanical performance of automobiles, garages also offer a space for storage, handiwork and other day-to-day activities that people of all ages can appreciate.
One of the most substantial home renovations you can pursue is the replacement of a garage door. With the average cost of a garage door replacement hovering around $1,000, homeowners can expect to recoup the entirety of that investment when listing the home on the market. In addition, newer garage doors provide additional insulation – ensuring better energy efficiency for the home as a whole.
Other projects for the garage include installing a vapor barrier in the garage: this can help reduce the prevalence of moisture, thereby protecting any items stored in the garage from mold, mildew and other hazardous elements.
Invest in Older Bathrooms
As homes get older, they begin to show their age in a variety of ways. Arguably one of the easiest ways to discern the true age of a home is to inspect its bathrooms: due to a variety of style fads and other decorative tastes, it is often easy to determine just how long a particular home has been in existence.
Perhaps this is why home renovations that focus on the bathroom tend to produce the most inherent value. When done properly, a major bathroom renovation can actually add more value to the home than it costs to perform. Minor renovations – such as replacing the tub, fixtures and/or lighting – can definitely liven up an aged bathroom, but generally, this only breaks even in terms of long-term value.
However, those who decide to pursue a full renovation that includes all of the above-mentioned elements in addition to new flooring/tile, toilets, sinks, and other major elements can actually add thousands in real value under the right circumstances. As is true with many older bathrooms, replacing the floors is generally advised due to the sheer amount of moisture that tends to permeate bathrooms – for bathroom tile ideas, click to find out more.
Replace Aging Siding
All too often, those in the market for a new home will get the wrong first impressions about a particular property. Whether valid or not, many judge a home by how it looks from the outside: this can seriously harm the value of older homes, especially when listed on the market.
Aging, vinyl siding – or siding of any type – can create both aesthetic and functional problems for any home. Besides the fact that it can fade, crack or otherwise become less than ideal to look at, such aging can also leave the structural elements of the home exposed to moisture, wind and other damaging elements.
While replacing the siding of a home generally isn’t cheap, one can expect to enjoy a near 1:1 return on investment when selling the home in the near future. Additionally, the fact that new siding can help further protect the home from additional damage means that the true value of replacing this siding actually exceeds the initial investment.
Build That Beautiful Deck
Those who love to enjoy the great outdoors understand that a home’s outdoor scenery should be optimized for such experiences. Many homes that are relatively new do not include full-sized decks – thankfully, building one can increase the value of the home and provide plenty of functional value as well.
For around $5,000 to $10,000, homeowners can construct a massive outdoor deck, complete with railings, posts, and stairs. In the medium term, homeowners can expect around 80% of the deck’s value to be recouped during a sale, making this investment a generally smart one for those who want to both enjoy the back yard and maximize their home’s resale value.
Landscape the Outdoors
Improving the look and feel of any lawn should be a top priority; while many may not think something not directly integrated into the home affects its value, this simply isn’t true. As such, many homeowners who want to appreciate the great outdoors and who have a vested interest in ensuring their property values should look at one or more landscaping projects.
Whether it be sodding the lawn, installing new water fountains and gardens, or grading rough or steep areas, landscaping projects generally provide homeowners with a full return on investment. Given that many of these projects do not require substantial long-term maintenance, the work that is put into improving your outdoor areas will continue to contribute to the home’s value for decades to come.
Not all renovations are equally valuable. Most homeowners want to enjoy their properties to the fullest, but ensuring that maximum value can be extracted in the process should also be a motivating factor. These five indoor and outdoor renovations are prime examples of projects you can pursue to ensure your home retains its value for the long-term.