For some reason, many people believe that just about any type of remodeling project will help the value of their home. But there are times when it could actually be detrimental to it. In some cases, you could do things that could actually make the house less attractive to people in your area. Or you might make decisions that could make your house look outdated. In other cases, the cost doesn’t justify the return on your investment. In this article, we’re going to give you some of the best and worst home remodeling projects if you’re trying to increase your home’s value.
Best: Upscale Garage Door
One of the best renovations for your money and to increase your property’s curb appeal is the addition of upscale doors to your garage. This means getting rid of your old, 16 X 7 door and consider going for a four-section antique door with ornamental handles. Not only is it a cost-efficient renovation, but you’ll be able to recuperate almost 100% of your investment on it. And it will increase the chances of your home selling fast. Also, new garage doors tend to be better insulated and energy efficient, which is another plus.
Worst: Luxury Bathroom Additions
Making modest additions to a bathroom can be a great investment, however, the issue is when people go overboard with things like expensive imported tiles, fireplaces or waterfall showers. Another thing that can add to the cost is when they start moving important pieces around that will require plumbing reconfiguration.
If you want to get a better return on investment, doing simple things like replacing door handles and fixtures with more modern options, framing the mirror, and adding LVT flooring could completely change the look of your bathroom on the cheap.
Best: Reasonable Kitchen Remodel
This is another area of the house that will give you a reasonable return as long as you don’t go crazy with it. The kitchen is often one of the make or break areas in the house, and in many cases, if people don’t like the kitchen, they won’t like the house. Everybody wants an upgraded and modern kitchen, but nobody wants to pay for it. Doing things like replacing or repainting cabinets while adding new fixtures could be a great way to spruce up your kitchen. Adding counter lights and new light fixtures could also be reasonable additions.
But think twice about doing major renovations like replacing the countertops or renovating or adding a kitchen island. Not only do you not want to go overboard, but the team you decide to work with will make a huge difference as well.
You want to work with a contractor that will be as transparent as possible with you and will also be able to give you recommendations. In some cases, they’ll be able to tell you when a particular option might not be the most viable and which ones could actually be problematic later on. If you want more tips on how to find the perfect contractor for your kitchen remodel, you will find more info here.
Worst: A Brand New Swimming Pool
This might seem counterintuitive, right? After all, who wouldn’t want a brand new pool? Well, many people do want a pool, but they usually want it to be THEIR pool. Meaning that if they don’t like the way it was configured, they might think twice about it. People tend to be very particular with their pool and might pass if they don’t like yours. Others simply don’t want the hassle of maintaining an in-ground pool. Not only that, but installing one can be very expensive, and you may not see much of your money back in terms of home value.
Best: A Wood Deck
When it comes to exterior additions, wood decks are always a winner. Most people love decks, and not many will oppose having one. So, you will win either way. Not only that, but you could even build one yourself if you have the skills and wherewithal. The usual recommended size for a new deck is 16ft by 20ft, but it all depends on your backyard’s dimensions. This is one of the most affordable renovations you can make and one that will give you the best return on investment.
Worst: Midrange Patios
At the other end of the spectrum, midrange patios, while they might seem nice, are usually not the best investment for your money. You’ll get pretty much the same thing with a wood deck, minus the cost or trouble. So, skip fancy additions like outdoor kitchens, firepits, or costly composite materials and keep things small. Not only will these additions only appeal to a small niche of buyers but will cost much more with only minor benefits.
Best: Stone Veneer
Installing stone veneers whether inside or outside your house is one of the smartest additions you could make. Not only will they upgrade pretty much any surface, but they’re also reasonably cheap to buy and install. Adding stone veneers to a living room or basement can instantly make it look upscale, especially when using the right decor and lighting. Adding stone veneer to your home’s facade is also a quick way to increase its value and curb appeal.
Worst: Personalized or Complex Room Decor Choices
Going for a 50’s diner look for the kitchen or painting your son’s room with shades of neon green is all good if it’s for your own enjoyment, but don’t expect them to get you any return on your investment. Again, the goal here is to appeal to the widest variety of sellers, and choices that are too personal may not resonate with everyone. As a matter of fact, chances are it will put them off. As a rule of thumb, the less costly and elaborate renovations tend to be the ones with the highest ROI, so if your goal is getting the most back for your renovations, we suggest you stay with simple changes within the $2,000-$2,500 range.
Making the right renovations for your home’s value takes some time and proper planning. So, before you decide to go with any remodeling project, make sure that you get the opinion of an expert first to see if it’s the right choice for your money.