When planning a home renovation with increasing the value of your home in mind, consider the makeover that brings the highest return for your dollar. Of all major home renovations, kitchen and bath upgrades increase your home's value the most. Revamping your landscaping to enhance your house's curb appeal is a relatively low-cost investment that also increases the resale value of your home.
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A professional kitchen redo adds as much as 82 per cent of its cost to the value of your home. You can increase the return on your investment by tackling part of the job yourself. Demolition is one of the easiest ways to cut costs when you remodel. If you are handy with a crowbar and sledgehammer, remove the old cabinets and demolish a connecting wall on your own. The resulting savings can amount to several hundred dollars. If painting appears on the plans, gather painter's tape, brushes and rollers and do it yourself. This do-it-yourself paint project adds value to the finished room and reduces your renovation budget.
Renovating a bathroom adds value to your home, but only if it is done right. If you plan to do the job yourself, make sure you are up to the task. Value increases vary considerably by region of the country. In California, a bathroom remodel may return as much as 83 per cent on the dollar, while the same renovation in Nebraska may only bring back 54 per cent of your investment. If you do not have the funds to accomplish a grounds-up bathroom remodel, consider slapping on a new coat of paint, installing a new faucet, changing out the showerhead and draping new, plush towels on the towel bars and rings. While not a £3,250-plus remodelling project, these simple upgrades can make a significant impression on a potential buyer and increase the value of your home by several hundred dollars.
"You never get a second chance to make a first impression." The same holds true for the first impression of your home by friends, neighbours or potential buyers. Keep lawn maintenance and long-term investments to a minimum by planning a landscape with foundation shrubbery and patches of seasonal colour that invites positive comments from passersby. Foundation plantings might include low-growing evergreens, such as globe juniper bushes that reach a maximum height of five feet, grow in full sun to full shade, and are hardy to Zone 3, which includes most of the lower 48 states. Fill in with brilliant red geraniums or mellow yellow and orange marigolds for instant colour that lasts from early spring to early fall in most of the country. Keep the lawn mowed and trimmed to make the best impression on potential buyers or even the appraiser. While it is difficult to measure curb appeal in terms of dollar value, lack of attention to the landscape may turn a buyer off before he even steps in the door.
Although not considered a renovation, two relatively minor upgrades provide a good return on your dollar. Replacing your entry door can return 102 per cent, while replacing a garage door may return 84 per cent of its cost. Increasing liveable space, either through finishing the basement or attic or adding a room generally allows for a decent return on your investment. Keep in mind that these renovations should adhere to the original structure's architectural style and fit in with other houses in the neighbourhood. Such a remodel could increase your home's value by 72 per cent or more, depending on the overall cost of the project, the location and your willingness to expend sweat equity to lower the bill.
Do It Yourself
If you plan to do the upgrades yourself, make sure you are capable of doing it right and making it appear professional. If you are not equipped to invest the time and energy to create an acceptable finished project, hire a contractor. Nothing is worse than an obvious do-it-yourself remodel that negatively impacts the value of your home.
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