7 Renovations that Can
Increase Your Home Value
home equity articles and tips
Preparing to sell your home can be a long and tedious process—from dealing with listings to staging each room for the open house. While you’re preparing to show and sell your home, consider making these seven renovations which can get you a better price when you finally close.
1. Siding Repairs
The exterior of your home is the first thing the buyers see. If your siding is outdated or in serious need of repair, it may discourage buyers before they have even set foot inside. You can expect a nearly 80% return on siding investments (source: 2009 Cost vs Value Report).
Sustainability is also important to home buyers. Invest in siding that is eco-friendly and include that information in your listing to drive traffic toward your home.
2. Kitchen Remodeling
Your kitchen has long been considered the most important room when you are selling a home. Many buyers go straight from the front door to the kitchen. Luckily, you don’t have to do a complete overhaul of your kitchen to benefit from this quirk.
A new coat of paint, some energy-efficient appliances, or refurbished cupboards can go a long way toward adding value to your home. But, be conservative: your kitchen shouldn’t look tricked out or so upgraded that it no longer fits the rest of the house.
If your home doesn’t have as much curb appeal as you would like, consider repainting. A fresh coat of paint is an easy (and relatively cheap) renovation that adds instant value to your home.
Consider not only the color (choose a hue that is attractive and neutral that won’t show wear quickly), but also the sustainability of your paint. Using Low-VOC paint (which creates fewer toxic fumes than traditional paint) is long-lasting and eco-friendly, making it a great selling point.
4. Door Replacement
Don’t underestimate the power of having the right front door for your home. Your door and entryway set the tone for your entire home. Matching your front door perfectly is a bit of an art so you may want to talk to a professional door supplier and your real estate agent about your options.
The perfect front door will be attractive, suitable for your house and neighborhood, and secure. You may get up to a 72% return on investment for replacing entry doors (sources: Ottawa company Comfort King Windows & Doors Ltd.).
5. Window Replacement
Old windows are a security and energy concern. If you can, replace single-pane and metal-framed windows with Energy Star rated multi-paned windows. The windows that buyers will see first—those at the front of the house and in the main living areas—should be your highest priority.
You can see anywhere from a 60 to 90% return on an investment in energy efficient windows (source: HGTV).
6. Deck Remodeling
Defining your backyard space by adding a deck or patio can have huge returns. In fact, the estimated return on investment is 74.3% for a composite deck and 87.4% for a wood deck (source: 2014 Cost vs Value Report).
If you already have a deck, give it a little love before your start showing your home. Refinish and seal the surface, clean off any clutter, and decorate tastefully. The goal is to allow potential buyers to picture themselves enjoying the space—if you can do that, your deck renovations will be well worth the cost.
7. A New Bathroom
If you have the time and budget to consider making any additions to your home, an extra bathroom should be your first priority. Bathrooms require little space and can have huge returns. In fact, in 2011 bathrooms overtook the kitchen in importance to home buyers.
Adding a half bath can add 10.5% to your home’s resell value. Adding a full bath may improve your home’s value by as much as 20% (source: RealEstate.com).
Some renovations have more return on investment than others, depending on where your home is located. Ask your real estate agent which renovations you should focus on to help you get the best possible selling price for your home.
Consider the needs of your specific home buyers and use your chosen renovations to address those concerns directly. With a little strategic planning, these seven home renovations can make your home look its best and sell for the best possible price.
Home Equity Tools