Whether selling or looking to upgrade your current home, you are probably wondering what types of projects are going to give you the biggest return on investment. While some projects can have a huge impact on the form and function of a home, they might not significantly increase its resale value. Here is a quick glimpse at three popular remodeling projects that could potentially boost your home’s value and make it much more appealing to buyers when it comes time to put it on the market.
Upgrade the Insulation
Replacing your old insulation might not seem like a flashy or exciting project, but that simple upgrade could affect your home value as well as your monthly energy bills. Even though most types of insulation should last for at least a decade or two, there will come a point when the material needs to be replaced entirely. When insulation becomes matted or torn, it is going to drive up your heating and cooling costs by a significant amount.
According to one study funded by Energy Sage, the average homeowner will enjoy a 116.9 percent return on investment with this project. If you don’t feel like pulling out old insulation batts and rolls, then you might want to consider adding a layer of blow-in cellulose insulation.
Remodel the Kitchen
When it comes to receiving an excellent return on your investment, very few projects are as cost-effective as a kitchen remodel. One recent study carried out by Realtor.com found that nearly 70 percent of all home buyers would pay more for a home if it had a remodeled kitchen with new appliances. Even if you aren’t able to completely upgrade your kitchen, you should still consider carrying out a few small projects.
Painting the cabinets and adding new hardware is one of the easiest ways to give your kitchen a quick and simple makeover. You might also want to replace the faucet if it is outdated or not working very well. Installing a contemporary back-splash is another option for breathing new life into a kitchen when on a small budget. These projects can easily be carried out in a single weekend with nothing more than a couple basic tools.
Replace Your Front Door
Many homeowners are surprised to hear that replacing a front door can greatly increase the value of a home while making it more appealing to buyers. Curb appeal is incredibly important, and potential buyers might not even consider your home if the front door is damaged or outdated.
In addition to boosting your home’s curb appeal, a new front door could also affect your energy bills. Older entryway doors are notoriously inefficient, and quite a bit of air can escape through gaps and other small openings around doorways. As an added bonus, an upgraded door with modern locks might also be much more secure, and safety is a very important factor for many buyers.
These few upgrades are only the tip of the iceberg, and there are countless projects that could add quite a bit of value to your home. That being said, you might want to do some research on your local real estate market if you plan on selling your home in the near future. No one wants to dump money into a major renovation project only to realize that their new upgrade isn’t sought after in the area and hasn’t added much value to their property.