Adding Value Through Exterior Renovation – $3,000 – $16,000 Average cost to upgrade landscaping $4,000 – $18,000 Average cost to update kitchen $5,500 – $15,000 Average cost to update bathroom $3,200 – $13,000 Average cost to improve energy efficiency
Home renovations that add the most value in today’s market include exterior renovations and landscaping, kitchen and bathroom upgrades, and improving the home’s energy efficiency. The best home renovation is a balance between improving comfort, attracting future buyers, and providing the highest return on investment (ROI).
Adding Value Through Exterior Renovation
Improving the exterior of your home is one of the most effective and cost-effective ways to increase its value. Interesting curbside projects often yield an impressive return on investment (ROI), sometimes over 100 percent.
How To Add Curb Appeal To A Flat Front House
Smart landscaping can increase the perceived value of a home by up to 15% in some cases. A professionally designed outdoor oasis with features that best fit your property and neighborhood often pays for itself with a 95% to 100% return on investment.
Although it may seem insignificant, a new garage door can change the facade of your home and at the same time offset all or almost all of the costs of the project by increasing the value of the property. In 2023, garage door replacement had the second highest ROI for home improvement projects.
Garage door replacement requires special tools and skills. Hire a garage door installer near you to get your new door installed properly.
Previous income is one of the first things potential buyers notice. Installing a stylish front door shows off a well-maintained home and can return up to 100%+ of project costs. Steel front doors tend to have the highest ROI in today’s market.
Breathing New Life Into Older Apartment Properties
Bigger is not always better. Remodeling your front entryway to include bi-fold doors and skylights will also add to the value of your home, but you’ll probably only recoup about half the cost.
Old and worn siding can detract from the appearance and value of your home. Installing new siding in modern materials like vinyl or fiber cement can breathe new life into your property and offer the best ROI.
An old and worn roof can be an eyesore that deters buyers. A new roof adds protection from the elements while adding curb appeal—a smart investment that pays for most of the cost.
Schedule a personal estimate with a reputable roof replacement contractor near you to discuss your options and costs.
Build This, Not That Renovation On A Budget
Although interior renovations often come with higher upfront costs, they can have a significant impact on a home’s resale value. Working with a local real estate agent can help you determine which interior updates will appeal most to buyers in your market.
A newly renovated kitchen can significantly increase the resale value of your property. Small kitchen upgrades, which typically include updating countertops, cabinets, flooring, appliances, and trim, offer some of the highest ROIs, often exceeding 85%.
Most small kitchen renovations cost between $4,000 and $18,000 for labor and materials. A major kitchen renovation can often cost upwards of $70,000, and while the value of your home may increase compared to a minor renovation, the potential return on investment is lower.
If you are considering renovating your kitchen and selling your home for a higher price in the near future, consult with a local realtor first to confirm the best updates on your local market. Then hire a qualified kitchen remodeling company near you to get started.
Steps To Building An Addition To A House
Like kitchens, fresh bathrooms are a big selling feature. The average bathroom renovation that updates the surface and fixtures while keeping the structural design the same can recoup more than 65% of the project costs by increasing the home’s value. A great renovation can increase a home’s value, but with a lower ROI.
Visit a reputable bathroom remodeler near you to discuss which updates will make the most positive impact on your space and budget.
As environmental consciousness grows, energy-efficient upgrades are in high demand and can add value to your property. Some renovations that reduce energy costs, make a home more comfortable and have the best return on investment include:
Replacing old fossil fuel systems with new electric heat pumps can lower utility costs and attract environmentally conscious buyers. Converting to a sourceless heat pump costs $3,200 to $13,000, or $1,500 to $3,500 per zone. Many electrification projects like this have given more than 100% ROI by 2023.
How To Increase Home Value
The best and most efficient heating and cooling system for your home depends on many variables. Talk to an experienced HVAC professional near you about your options, costs and potential ROI.
New energy-efficient windows insulate better, reduce drafts and enhance aesthetics – recouping more than 60% of the cost through a higher resale value of the home. Window replacement can cost anywhere from $200 to $1,500 for a window installed for vinyl. Wood windows cost between $800 and $3,800 per window to install.
Window replacement requires a skilled professional. Hire a reputable window installer near you to ensure the job is done right and an energy efficient home as a result.
In most cases, solar panels add 1% to 2% to the value of your home and allow you to spread your utility bills. In some areas, homes with solar panels sell up to 15% faster than homes without them. However, with an average payback period of 6-10 years, going solar is better if you plan to stay in your home for a while.
Our Dramatic 1980s Contemporary Home Exterior Renovation
Check out our detailed guide to tax credits for energy-efficient home improvements to make sure you’re maximizing your potential savings.
Cleaning and minor cosmetic updates can give your home a new and refreshed feel on a budget and still increase its perceived value. Consider these affordable home improvements to clean up your space:
In most cases, the cost of home improvements is not tax deductible. However, some energy efficiency projects, such as installing solar panels, may qualify for tax credits. Check federal, state and local incentives before starting your remodeling project.
Exterior projects that offer curb appeal, such as new siding, doors, and landscaping, offer some of the best returns on investment. Kitchen and bathroom remodels, energy-efficient upgrades, and renovations that increase living space can also make a home more comfortable and add significant value.
How Does A Home Addition Increase Property Value In Lake Oswego?
Home additions are usually more expensive than renovations, so the added value may be higher, but the return on investment is usually less than the ROI on the renovation.
For the best resale value, focus on renovations that common buyers need. While every market is different, most potential home buyers prefer updated kitchens and bathrooms, attractive exteriors, and energy-efficient homes.
Knowing the current value of your home and the typical price range for comparable homes in your neighborhood can also help create a realistic budget for home improvements.
Using our proprietary valuation database, in-depth research and collaboration with industry experts, we provide accurate, up-to-date pricing and insights you can trust.
What Home Renovations Add The Most Value
We track millions of homeowner estimates from contractors and share those prices with you. We adhere to strict editorial integrity. Author Mia Taylor Mia Taylor Contributing Experience Ribbon Writer • Mortgages • Loans Mia Taylor is an award-winning contributor and journalist with two decades of experience working as a reporter or contributor for several newspapers. the nation’s leading newspapers and websites, including The Atlanta Journal-Constitution, San Diego Union-Tribune, TheStreet, MSN and Credit.com. Mia Taylor and Eric J. Martin Eric J. Martin Contributor, Personal Finance Experience Ribbon • Personal Finance • Mortgage Eric J. Martin is a Chicago-based freelance writer/editor whose articles have appeared in AARP The Magazine, Reader’s Digest, The Costco Connection, The Motley Fool and other publications. He often writes on topics related to real estate, business, technology, healthcare, insurance and entertainment. Eric J. Martin
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