You don’t have to cook dinner with stocks you purchase or tuck your 401k into bed at night.
Being a homeowner isn’t always seen as an investment—and that couldn’t be further from the truth. There are many ways homeowners can boost their home’s value. However, some are more efficient and effective than others.
In this article, we’ll lay out the most effective renovations to build equity, livability, and increase the return on your investment.
Adding Manufactured Stone Veneer
The subtle beauty of a home lined in stone veneer can increase curb appeal and overall value. Often versatile and lightweight, this material is indistinguishable from natural stone and has many applications, including siding, bathtubs, and freestanding stoves.
The cost of manufactured stone veneer is roughly ⅓ to ½ of natural stone. The product is also much easier to install due to weight and size, which reduces labor and material costs.
Changing Out the Old Front Door
Appearances are everything. When a prospective buyer walks up to your house, you want a beautiful wood, steel, or fiberglass door to beckon them inside.
Touted by Remodeling as the best material for high percentage returns on investment, steel doors have gained significant popularity over the last decade. The low-maintenance characteristics of a steel door are a dream for homeowners. They’re also flexible, as you can paint them in any flavor. Steel doors are a highly affordable option making them a perfect solution on a fixed renovation budget. The downsides include potential rusting and the tendency to dent.
Wooden doors are an option for those who want to get creative. They come in hundreds of styles and are fully customizable with solid colors, natural staining, and different species. Premium options can cost several thousand dollars and include breathtaking glass, grilles, hardware, and trim choices. The door’s durability will depend on the species, but wood, in general, requires a fair amount of maintenance.
Fiberglass doors are known for durability, energy efficiency, and security. They are easily customized and can even look like real wood. The reduced maintenance cost on fiberglass doors is a huge bonus. Homeowners will pay for the convenience, especially on high-end products.
Installing a New Garage Door
Swapping your current garage door can provide excellent returns on investment. The added curb appeal and functionality captivates prospective buyers.
According to 2020 Remodeling Magazine, this hack can produce a 94.5% return on investment. If done correctly, it can even make you money. This return’s effect is amplified if you reuse the motorized opener and the current door requires repair.
Minor Kitchen Remodels
If you want to boost your home’s value, take a hard look at the kitchen. The kitchen is the beating heart of a home and is where people congregate. A major kitchen overhaul can cost thousands. Minor updates are budget-friendly and exploit glaring weaknesses.
Try the following affordable fixes to enhance value:
- Paint the cabinets.
- Add trim.
- Paint the countertops.
- Replace old appliances.
- Change out the flooring.
- Optimize lighting.
Completing even a few of these will reinvigorate an old space and create that “wow” factor.
Building a Wooden Deck
Enjoying the great outdoors is better from the comfort of a sturdy wooden deck. Decks also provide a solid return on investment. And if you happen to own one already, refinishing the wood with some sandpaper and stain will supercharge value. Depending on materials and square footage, decks can be costly additions. However, the 72.1% return on investment bodes well in your favor, especially when relocation isn’t in the plan.
Affordable Bathroom Remodeling
If your home has an old, dilapidated bathroom, a refresh could bolster value. Simple fixes like a new coat of paint, added storage, and shiny new cabinet hardware makes a difference. Stick to a budget and explore low-cost solutions. Think touch-ups instead of tear-downs.
Rethink Your Landscaping
Curb appeal generates emotion when buyers picture themselves pulling into the driveway. You’ve always heard that first impressions are everything, and rightfully so. Landscaping turns good into extraordinary. Homeowners can add serious value to their property by planning and manicuring shrubbery. The size, diversity, and selection of plants is paramount. Try different color schemes, using ascending layers, and consulting with a professional for the best landscape design. If you plan on doing it yourself, check out this comprehensive design video to get started.
The Bottom Line
These smart renovations can make your living space more attractive, functional and provide significant returns on investment. Simple changes like a fresh coat of paint or a new door can be cost-effective solutions that boost value. Create a budget, mull over this list, and pick the most impactful fixes to start unlocking your home’s potential.