A recent study by the National Association of Home Builders concluded that the typical homeowner stays in their house for only 13 years before selling, as opposed to the 30+ years from decades past. That’s why we at Home Improvement Leads know that it’s important to consider how each renovation will impact your home’s value and resale potential, in addition to your personal style, before the first hammer is swung. With these six renovation projects, though, you are sure to have both.
Increasing Energy Efficiency
In previous years, energy efficiency wasn’t a top priority for homeowners. Thankfully, that’s no longer the case, and any realtor will tell you that most potential buyers are willing to pay more for a home that touts exceptional energy savings. These renovations can be as simple as laying fiberglass attic insulation or as innovative as installing solar panels. No idea what improvements your home needs? A certified energy auditor can help you determine which upgrades will give you the best savings possible.
Get the comfort you want by replacing worn-out windows with replacements that are approved by Energy Star. In most cases, any expense isn’t recouped through increased property value gets made up for in energy savings, making this renovation a double win.
For most families, the kitchen is the heart of the home. If yours does little to inspire creativity, consider opting for a minor kitchen update rather than a full renovation—it’ll save both time and money while still yielding a strong ROI. Simply reface your cabinetry, upgrade modestly with your appliances, and replace your flooring and countertops to make your kitchen feel like new again.
Our homes are so much more than what exists under one roof. Beautiful landscaping and the addition of a backyard deck will not only yield your family hours of enjoyment, but an impressive ROI, too. The national average for new construction costs are more than $85 per square foot. Depending on the materials you choose, a new deck can run you as little as $15 per square foot while boosting your property value by close to $9,000.
Little does more to make your home more appealing to potential buyers than by having ample bedrooms. Converting unused attic space into a sophisticated bedroom will increase the available living space within your home without having to take on the financial burden that comes with building a new addition. Though this renovation has the potential to run close to $65,000, you can expect to recoup more than 60 percent of that whenever you choose to sell.
Smaller Projects with Big Returns
A bigger budget doesn’t always translate into a higher ROI. In fact, smaller projects like replacing your garage doors or your front door have the potential to recoup more than 90 percent of the renovation expense in increased property value. Plus, projects like these are relatively easy to DIY and can be completed in a weekend, which saves you labor costs, too.
By thinking of the future when you make your home renovation plans, you’ll get the home of your dreams now and an ROI that will keep you smiling for years to come.