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Ask a real estate agent, and they will probably have a list of improvements that are likely to increase your home’s curb appeal and value. Since agents stand to make a more significant commission on a higher home sale price, there’s no reason for them to mislead you. However, one piece of the puzzle an agent might not include is the return on investment (ROI). It’s one thing to spend money on an improvement and another to get that money, and possibly more, back when you sell your home.
The following five home improvements can increase your home’s value, and you can also expect to get some of the highest ROIs on these projects.
1. A Minor Kitchen Remodel
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You don’t need to spend big bucks renovating your entire kitchen. You can keep your costs reasonable by updating the appliances and a few other items that get the immediate attention of potential buyers and increase your home’s value. Repainting is another cost-effective way to refresh your kitchen. Next in line are upgraded countertops. You can swap out a tired laminate countertop for granite or engineered quartz. If your budget won’t accommodate these choices, you can opt to lay tile over the laminate or add a coat of paint made especially for countertops by Rust-Oleum.
Updated flooring is another attention-getter. Improved technology and designs in flooring mean that you have options like wear-resistant, water-proof vinyl “wood” planks that look like genuine hardwood but have the durability to stand up to kids and pets.
2. A Ductless Heat Pump
Many homes do not have existing air conditioning or heating ducts, and whole-house ductwork makes for an expensive project. Homes in temperate climates, older or historic homes, and add-on rooms make perfect candidates for a mini split heat pump in Canada that can be enjoyed at a lower cost. This is a great home improvement addition to invest in because it will increase your home value as well.
According to the Nature Energy journal, adopting an efficient ductless heat pump has resulted in average home selling price premiums of $10,400 to $17,000. Ductless heat pumps are efficient, but you can also purchase a unit with the ENERGY STAR certification, which keeps energy bills even lower and helps recoup the costs whether you sell your home or not. Installing a ductless heat pump provides the selling point of effective home heating and cooling while letting you avoid the cost and time of installing ductwork.
3. An Updated Garage Door
An improved garage door can instantly increase your home’s curb appeal and value. Curb appeal matters because if prospective buyers don’t like the outside of your home, they won’t take the time to look inside. The garage door tends to be low on a seller’s list of planned renovations but high on a buyer’s list, as it often takes up a good amount of the home’s front view.
If a buyer sees that your garage door has torn weather stripping, dirty or peeling paint, and rust stains, they will assume that you haven’t maintained the rest of your house either. Instead of a replacement, you can refurbish your existing door with a coat of paint, lubrication on the components, and new springs or an electric garage door opener. This is one of many great home improvements to consider.
4. Manufactured Stone Veneer
Real estate agents say that good curb appeal can increase your home’s value by 15% to 20%, but poor curb appeal can lower it by 10%. You can purchase manufactured stone for an economical price, and the thinness of the veneer means that it can be easily placed on many areas of your home’s exterior.
Consider embellishing the front of your home with touches of stone veneer, such as enhancing columns on your front porch. If your home doesn’t have columns, you can create a striking look for your entryway with stone veneer. You can also enhance your home’s siding by covering the bottom third of it with stone veneer.
5. Replacing the Siding
Add value to your home’s exterior by adding materials that combine aesthetics with durability. According to Remodeling Magazine, you can replace existing siding with vinyl siding and recoup over 75% of its cost once your home sells.
Vinyl siding provides a durable, wind-and-water-resistant exterior finish that will retain its looks for years. It doesn’t absorb moisture and doesn’t need caulking. The vinyl construction also makes this option low on maintenance.
New vinyl siding also increases your home’s energy efficiency, which adds additional value through the increased comfort and lower energy costs it provides.
Increase Your Home’s Value the Right Way
As a homeowner, spending money on maintenance comes with the territory. To increase your home’s value, invest your maintenance and upgrade budget into projects with the highest payoff in perceived value (by potential buyers) and ROI for you.
You can increase the comfort and livability of your home’s interior with minor kitchen upgrades and a ductless heating pump system. Your home’s curb appeal can benefit significantly from an upgraded garage door, sophisticated stone veneer, and attractive and energy-efficient vinyl siding.
Conclusion for Home Improvements
These improvements will pay off in terms of increased enjoyment for you and your family while you occupy the home and again with a higher selling value when you decide to move on to your next home-buying adventure.