Each year, Americans spend at least $400 billion on home repairs and renovations. That includes everything from minor faucet repairs to major additions and gut renovations.
For most people, a home is the most expensive purchase you’ll ever make. That’s why it’s so critical to spend your renovation budget wisely.
The real question is, which improvements will add value to your home?
Whether you’re making routine improvements or preparing to sell your home, we’ll show you which projects will raise home value and which ones will just make you happy. Read on for the best ways to add value to your home.
Do Improve Your Home’s Curb Appeal
Curb appeal refers to the way your home looks from the street and improving it is one of the best ways to add value to your home. In fact, 94% of realtors believe curb appeal can add value to a home sale. It’s especially important to think about curb appeal if you’re planning to sell in the near future.
You can do low-cost things like power washing your siding or trimming your hedges. You can also paint your front door, upgrade your porch light fixtures, or get a new mailbox.
Curb appeal is a powerful tool because it can determine someone’s opinion of your home before they step inside. Even if you’re not selling, great curb appeal can make your home feel more inviting.
Do Add a Laundry Room
According to the National Association of Home Builders, a laundry room is one of the top features that all buyers are looking for. While most homes come with washer and dryer hookups and often the appliances, adding a bit more can be a selling point.
If you have the space, consider moving the laundry room to the first floor. With many older people downsizing, first floor laundry has become even more popular.
You can also add shelving for laundry supplies or a table for folding laundry. Any money you spend on laundry room upgrades, from appliances to storage, you can expect to see a good return on investment.
Don’t Do a Total Bathroom Remodel
You’ve probably noticed that dated bathrooms are a huge turnoff on home improvement shows. So, if your bathroom hasn’t been renovated since the 1908s, it might be time for a refresh.
That said, you can overdo it with a bathroom renovation because you could actually lose the money you’ve invested. Think of the homes in your neighborhood. Are they luxury homes or modest suburban homes?
If you want to add value, keep it simple and don’t over-renovate. In most cases, a fresh coat of paint, a new vanity, and an updated light fixture will do the trick.
The exception is if you live in a luxury area. In that case, gutting the bathroom and putting in a luxury tub and shower might actually help your home sell faster and for more money.
Do Refinish Your Garage Floors
Many buyers are looking for that coveted garage space. They want a place to keep their cars, their lawn equipment, and maybe even have a workshop.
While expanding your garage might not improve your home’s value, refinishing your garage floor is worthwhile. Polyurea garage floor coatings will protect the concrete from unsightly oil stains and scrapes. You also won’t have to worry about it fading over time.
For a modest price, you can give your garage floor a high-end finish that you’d expect in a luxury home. It will impress buyers without breaking the bank.
Don’t Go Overboard on a Kitchen Remodel
A total kitchen remodel can cost upwards of $50,000. While that might be what it takes to get your dream kitchen, know that it might not add that much value to your home. If it’s an update you’re doing for yourself, it might be worth the investment on a personal level.
Kitchen trends change every 5 to 10 years, so it may not be wise to spend a lot on a kitchen remodel. If you’re looking for a way to spruce up your kitchen before you move, it’s best to keep it simple.
Small upgrades, like in the few thousand dollar range, will give you the highest return on investment. Buy new cabinet and drawer pulls or get a new kitchen faucet. You could also upgrade your cabinet doors or opt for new countertops.
Do Consider Hardwood Floors
Hardwood flooring has had a major resurgence in popularity in the last decade. At the top of many prospective buyers’ lists are hardwood floors. They’re easy to clean, they’re timeless, and you can switch up your decor with area rugs.
That’s why upgrading your flooring with hardwood is one of the best ways to add value to your home. In fact, you can expect to recover as much as 106% of the money you spend.
If you’ve always wanted hardwood floors in your home, it’s a great time to upgrade.
Do Replace an Old Roof
A roof replacement is another good way to add value to your home. Homeowners dread the major expense of replacing a roof, but it’s a critical part of maintaining a home.
A high-quality roof will protect your home from water damage, mold growth, and structural damage. Plus, if you decide to sell your home, a newer roof is a big selling point for prospective buyers.
If you spend the money to replace your roof, know that you’ll get as much back as you put in.
Use These Ideas to Add Value to Your Home Today
You’d think that any home improvement project would add value to your home. While a renovation may add personal value, it might not translate to dollar signs.
The key is to focus on smaller improvements in the kitchen and bathroom, while budgeting for big ticket upgrades like hardwood flooring and a new roof. Adding a laundry room, revamping your curb appeal, and refinishing your garage floor can also add value while keeping costs down.
If you’re looking to upgrade your garage floor, we can help. At Garage Force, we offer durable and attractive garage floor coatings that will last for years to come. Contact us today to learn more about our services.