If you are planning to sell your home in the future, you might want to consider some home renovation projects that can boost its value and appeal. However, not all home improvements are worth the investment, and some might even hurt your chances of getting a good offer. To help you make smart decisions, here are some expert-approved home renovation ideas that will increase your home’s resale potential.
1. Update the Kitchen
The kitchen is often considered the heart of the home, and it is one of the most important factors that buyers look for when shopping for a new house. A modern, functional, and attractive kitchen can make a huge difference in your home’s value and desirability. Some of the best ways to update your kitchen are:
• Replace outdated appliances with energy-efficient and stainless steel models.
• Install new countertops, cabinets, backsplash, and sink.
• Add more storage space with shelves, drawers, and pantry organizers.
• Upgrade the lighting with recessed, pendant, or under-cabinet fixtures.
• Paint the walls and cabinets with neutral colors that match the overall style of your home.
According to [HomeAdvisor], the average cost of a minor kitchen remodel is $23,452, and it can recoup 77.6% of its cost at resale. A major kitchen remodel can cost $68,490 on average, and it can recoup 58.6% of its cost.
2. Enhance the Curb Appeal
The first impression that your home makes on potential buyers is crucial. If your home looks inviting and well-maintained from the outside, it will attract more interest and offers. Some of the best ways to enhance your curb appeal are:
• Paint the front door, trim, shutters, and siding with fresh and appealing colors.
• Replace or repair any damaged or missing elements, such as windows, roof, gutters, fence, or mailbox.
• Landscape your front yard with flowers, plants, trees, mulch, and edging.
• Add some outdoor lighting, such as lanterns, sconces, or solar lights.
• Upgrade your house numbers, doorbell, doormat, and hardware.
According to [Remodeling Magazine], the average cost of a minor exterior remodel is $9,238, and it can recoup 95.6% of its cost at resale. A major exterior remodel can cost $59,039 on average, and it can recoup 66.4% of its cost.
3. Add More Living Space
One of the most effective ways to increase your home’s value is to add more living space. This can be done by finishing an attic or basement, converting a garage or porch into a room, or building an addition or a deck. More living space can increase your home’s functionality, comfort, and versatility. Some of the best ways to add more living space are:
• Finish an attic or basement with insulation, drywall, flooring, lighting, and ventilation.
• Convert a garage or porch into a bedroom, office, family room, or sunroom.
• Build an addition or a deck that matches the style and structure of your home.
• Furnish and decorate the new space with appropriate furniture and accessories.
According to [HomeAdvisor], the average cost of finishing an attic is $49,438, finishing a basement is $20,100, converting a garage is $12,557, converting a porch is $16,127, building an addition is $46,392, and building a deck is $7,674. The return on investment for these projects varies depending on the quality of workmanship, the location of your home, and the market demand for such features.