Whether you’ve lived in your home for one year or ten years, it’s never really a bad time to think about home improvement projects that can add home value. In fact, outside of reactionary improvement jobs that address household damages and necessary repairs, increasing home value should be top of mind when making any home improvement decisions. Like all investments however, the quality of the return matters the most; it’s important for homeowners to make strategic decisions about the projects they take on.
The best part about these projects is that they can serve two purposes: you will enjoy and take more pride in your home in the short term while making a solid investment for the future. It’s worth asking, then: which home improvements add the most value? Read on to learn about the best, most ROI-friendly interior and exterior home projects to undertake in order to increase your home’s value.
Minor Kitchen Upgrades and Renovations
More than any other room in the house, the kitchen has a magnetic pull. It’s a social space, a place for family gatherings as well as a central hub. As a result, kitchens naturally have a tremendous sway over prospective home buyers. The right design can immediately boost your home’s appeal, whereas the wrong designs can be a deal breaker.
Minor, periodic improvements and upgrades to your kitchen can go a long way to increase home value. In fact, stylish kitchen renovations can lead to a 60%-120% return on investment.¹ The key is to not overdo it. Garish, large-scale remodels that don’t naturally flow with the rest of your house can act as a major deterrent. It’s always helpful to keep the buyer in mind when undertaking a kitchen refresh. Instead of shooting for the moon, tread the more sustainable route: look at installing new appliances, painting walls and cabinetry or putting in new flooring. These all don’t have to be done at the same time either; incremental, well-timed kitchen improvements can go a long way.
Minor Bathroom Upgrades and Renovations
More than just an essential space, bathrooms present major opportunities to improve your home’s aesthetic and its functionality. Practical bathroom renovations that take both of these considerations into account can result in a very high return on investment. If done correctly, the average ROI for minor bathroom upgrades is approximately 102%.² Similar to the kitchen, it’s important to take both the rest of the home as well as the buyer into account when making decisions. Paying attention to current home design trends, as well as cost-effective upgrades is essential during this process.
When thinking about what to do in the bathroom, think about re-caulking and re-tiling surfaces, installing new fixtures, addressing the plumbing, installing new lighting, painting, or putting in new flooring. Upgrading your bathroom doesn’t have to be a large-scale remodelling process. Sometimes, boosting home value is more about prioritizing practical, cost-effective jobs that still upgrade the home.
Energy-Efficient Windows & Doors
Installing modern, energy-efficient windows and doors present an excellent opportunity for homeowners to improve two key areas components of home value: their home’s energy efficiency as well as its aesthetics. As is the case with many other large-scale renovations, this process can be an expensive one. That said, it’s important to think into the future and the potential ROI rather than fixating on the upfront cost. This is because new windows can yield a very significant return on investment. Through both improved energy saving and the subsequent increase in home value, homeowners can recoup between 70 and 80% on the initial investment.
Landscaping
More than any of the home improvement projects we have discussed thus far, beautiful landscaping can help with an essential component of increasing home value: curb appeal. A well maintained, aesthetically pleasing front lawn and garden can make all the difference in attracting would-be homebuyers. And while estimates vary significantly on landscaping’s exact ROI, shrubs, flowers, eye-catching walkways and flagstones have a timeless appeal that has consistently proven to matter during the selling process. If done correctly, some websites predict that 100% ROI is possible, while others claim a 5% to 12% increase in home value.
Again, though, it’s important to not overdo it. An excessively manicured front or back lawn can have the opposite of the intended effect; some potential homebuyers may find the thought of maintaining such an over-the-top yard exhausting or unappealing. So instead of going overboard, plant flowers, create contrast, seek out professional lawn and garden maintenance and trim trees and shrubs.
A Deck Refresh or Addition
It doesn’t matter who you are, the prospect of having a beautiful backyard deck on which to play, relax and socialize is an appealing one. It’s no surprise then, that adding or refurbishing a backyard deck has a very high return on investment when it comes time to sell your home. The scalability of your deck will obviously depend on the size of your backyard, but even a modest-sized yard can contain a beautifully designed deck space.
For a deck that’s approximately 16-by-20 feet that includes railings, pressure-treated wood posts, railings and baluster, homeowners can expect an ROI of approximately 75%.⁴ And while the prices for deck installation can fluctuate, it’s an investment worth making if you have the capability to do so. For those homeowners that already have decks, refurbishing these spaces is an excellent option. Not only can power washing, staining and sealing your deck can improve the aesthetics of the space, it can also refresh an old, worn out surface and prolong its life. *Jiffy is a platform that instantly connects homeowners with nearby, quality home maintenance and repair professionals in over 30 categories. Welcome to their blog, where They share home maintenance tips, inspirational design ideas, and information on how we make it easier than ever to complete projects around the house.