As a new homeowner, your home will not only be the place where you live, but it will be a financial investment in your future. Whether you’re thinking about selling your home in three to five years, or plan to live there forever, there are many home improvement projects, big and small, that you can do to increase the value of your home.
Home improvement projects could be as small as replacing the hardware on your kitchen cabinets, to a complete kitchen remodel. Even a fresh coat of paint can make a striking difference, and increase your market value.
Before you decide where you will start, do some research to find out what project would be the best for your home and give you the greatest return on your investment. Think about the other homes in your neighborhood. If most of your neighbors have two or even three bathrooms, and you have only one bath, you may want to consider adding another bathroom. If your house could use more curb appeal to fit in nicely with the rest of the homes on your block, you might want to consider landscaping or other exterior home improvements as your first big project.
Here’s a list of some of the top home remodeling projects that just may pay for themselves if you decide to sell:
Upgrade the plumbing and electrical
While these can be major projects, especially if you own an older home, many homeowners experience a 260 percent average return on their investment when they make these upgrades.
Remodel the bathroom
Nothing says “Don’t buy this house” like an outdated lime-colored bathroom countertop. When you give an aging bathroom a fresh new look, or even add another bathroom, it can greatly increase the value of your home.
Remodel the kitchen
The kitchen is often considered to be the soul of the home, the place where everyone likes to congregate. While a kitchen remodeling project can become costly, it is a great investment that will add value.
When you add in brand new energy efficient appliances, your market value will grow even more.
Paint
A fresh coat of paint can do wonders on increasing your home’s appeal. It is relatively inexpensive when compared to other types of home remodeling projects, and can make a dramatic improvement.
Replace flooring
Get rid of outdated carpeting, replacing it with hardwood or tile. If the home has existing wood floors, spend a weekend refinishing the floors yourself or hire professionals to do it for you.
Make outdoor improvements
Spruce up the exterior of your home, by replacing or painting the siding and making other exterior home repairs.
Build a deck
By adding a deck to your home, or by improving the deck that you have, you’ll add value to your home. If a deck isn’t an option, create an outdoor living area, complete with landscaping, patio and furniture, to create an appealing outdoor living space.
Replace windows and doors
While replacing your windows and doors can be a big investment, you’ll also benefit by saving money on heating and cooling costs, along with adding value to your home. The federal government is now offering tax credits for these types of energy efficiency upgrades, and may be worth checking into, especially if you have an older, drafty home.
