When people buy an existing home, they often create a list of things they would like to one day change. It’s usually the recommendation to live in a space for at least a year before making any significant modifications. This allows you to really assess the home and decide what you like and what you do not like. Your conclusions could surprise you.
You may enjoy elements you thought you wouldn’t or want to get rid of features that at first seemed appealing. Whatever the reasoning, a significant number of people renovate at least one part of their home after they purchase the property. The most popular rooms to renovate are bathrooms and kitchens, but do these have the most significant ROI? Further, it doesn’t necessarily need to be an entire room renovation to significantly increase the value.
In today’s Braemar post, we offer some information about what adds the most value to your home during a renovation.
Manufactured stone veneer: Stone veneer can significantly upgrade the look of your home and give your property an upscale vibe. This material is very durable and can last for decades. Not only will stone veneer bolster your property’s curb appeal, it will significantly increase the value of your home.
Kitchen or bath renovation: A full kitchen or bath renovation can be very expensive, but it doesn’t take a complete remodel to increase the value of your home. Simple upgrades such as painting walls, painting cabinets, replacing hardware, upgrading appliances, purchasing new decor and changing out lighting can add value.
Garage door replacement: Few things are more annoying when buying a new home than a wonky or dysfunctional garage door. An easy and inexpensive way to upgrade your home before resale is replacing a garage door. It not only improves the curb appeal but also generates some of the best ROI numbers. Most studies say homeowners can get 95 percent of their money back at resale.
New roof: This one is a bit pricier than some of the other suggestions, but depending on the age of your home, a new roof may come up in the closing discussions anyway. If you have the funds to upgrade yoru roof prior to listing your home, the ROI will be significant.
Siding: Adding or replacing your home’s siding is absolutely worth the investment. This upgrade can make the house look like a brand new home. Studies indicate homeowners can recover as much as 76 percent of the upfront cost. Fiber-cement siding is one of the best ways to improve the overall appeal of a home.
Deck addition: Homes with outdoor entertainment spaces are much more enticing than homes with none. Even something as simple as a backyard fire pit or a stone patio will add significant appeal. A deck addition will offer the most value. According to various consumer studies, the material of the deck doesn’t seem to matter to homebuyers, so you can find material that fits within your budget but will add value to your home.
It’s always a good idea to invest in renovations and upgrades gradually. Currently, you may have no intention of selling your home, but we never know what the future will bring. Remember, renovations don’t always have to max out the budget to significantly increase a home’s value.