5 Home Renovations That Increase Home Value

5 Home Renovations That Increase Home Value

If you’re thinking about selling your home in the near future or just want to build equity, you may be considering a few home renovations. Not all renovations are equal, though. Some will cost significantly more than they’ll earn in resale value, or even turn buyers away. Drawing from Remodeling Magazine’s 2019 Cost vs. Value Report and NAR’s 2019 Remodeling Impact Report we’ve gathered some of the renovations that give the most impact for your money when it comes to your home’s value.

1. Garage Door Replacement

The garage door is one of the most visible aspects of your home, and can greatly influence curb appeal. According to a recent survey of realtors, over 94% of realtors believed curb appeal adds value to a seller’s bottom line. With a fresh garage door, you can immediately change the look of your home. This home renovation can also be especially cost-effective if only the door and not the motor needs to be replaced. Even with a complete overhaul, this repair will recoup over 97% of its cost.

2. Install Hardwood Floors or Refinish Existing Ones

If your floors have seen better days, replacing or refinishing them before the sale is a smart move. The NAR report found hardwood floors recovers 100% of the cost at resale, while new wood flooring recoups 106% of costs. New floors immediately modernize the look of your home and attract buyer attention.

3. New Front Doors

Another quick update to your home’s exterior is replacing your front door with a new steel or fiberglass option. Over the past three years, this upgrade has been shown to recover anywhere from 69% to 91% at resale. Also, homes with charcoal, smoky-black, or jet-black front doors sell for a $6,271 premium. A new door helps with security, insulation, and curb appeal. It’s a lower cost fix, compared to most home renovation projects, with a high impact.

4. Kitchen Upgrade

Whether a full remodel or an upgrade to replace worn-out surfaces, finishes, and materials, buyers love kitchen remodels. When upgrading a kitchen, you’re updating a wholly functional space. It is a room that sees daily use from the entire family and can be a source of great satisfaction or irritation. In the NAR survey, 20% of realtors said the project helped close a sale, and 52% of the cost was recovered. Whether for your own enjoyment or preparing for eventual sale, updating the kitchen is always a good choice for home renovations.

5. Painting Interior and Exterior Walls

Nothing has as much impact at a low cost as a fresh coat of paint. 36% of people preparing to sell their home will take on this project to increase buyer appeal. If painting interiors for sale, stick to neutrals like gray, beige, or greige walls and white trim. A Zillow 2018 Paint Color Analysis found that homes with light taupe living rooms sell for a $2,793 premium, and homes with light blue or blue-gray bathrooms sell for a $2,786 premium.

Considering Selling Your Home? We Can Help

Which home renovations to undertake for sale is just one question among the many that arise in the process of selling your home. We on the Reed Team can help you make the best decisions in this crucial time of preparation. If you’re considering selling or buying a home, reach out to us here or contact us at 949-392-6400.