When you think about home renovations, you might typically picture a new kitchen or bathroom. But many other improvements will add value to your home and make it more desirable if done properly. With the cost of everything going up, homeowners need to take advantage of any opportunity they can to live comfortably with their fixed income. Here is a list of 5 renovations that will increase the overall value of your home and provide a higher ROI than others:
1. Install Hardwood Floors Or Refinish Your Existing Ones
Hardwood floors come in many different styles, finishes, and thicknesses, and depending on what the floor is designed to do, it can provide great value. Most people replace their floors once or twice in their lifetime, but keeping your existing floors in good shape can add a lot of value to your home.
Sometimes your floors are the first thing people see and the last thing they see. No one wants worn, dirty, or stained carpeting, and the same goes for a hardwood floor. A hardwood floor can be stained in many different colors, which can help set a home apart from other homes. In addition to its aesthetics, a hardwood floor can last a long time, and you can install wood laminate flooring for an added cost.
2. Garage Door Replacement
Housing value is determined by the square footage of the house and by the physical condition of the home. As time passes, the garage door tends to deteriorate. If the door is not entirely replaced on time, it will cause damage to the building structure as the door is swung open or closed, damaging the structure. For a property with a basement, this is a significant problem.
Insulate the door, replace the door hardware, and install new sliding window and garage door shades. This could save you about 20% of the value of your home, depending on the value of the house. You can also add solar-powered lighting around the garage. The cost of solar has declined by nearly 70% and it’s made a big impact on the U.S. Florida solar industry! Your outdoor living spaces can increase your property value by 8% to 12%.
3. Vinyl Window Replacement
According to research, vinyl window replacement typically costs less, provides several years of outstanding performance, and has a 30-year lifespan. To keep the cost of your windows low, you can opt for the cheapest, lowest maintenance window in the industry – plastic.
Hiring a professional can help you determine if you need new windows and if you should replace every single window in your home. Another option is to purchase a window film – this can be applied to the existing window, improve the windows’ appearance, and increase energy efficiency. These windows are not an option for everyone, however. Besides, buyers are so concerned about the condition of your roof. It’s one of the most important aspects of your house!
4. Roof Replacement
If you have your roof covered with old shingles, you are probably overlooking some expensive problems that can put your home at risk. One thing to consider when replacing the roof is that you want to make sure that you choose a roofer that can do the work. Inspect the roof to find any problems and have your roofer come out to look at them. Check for loose shingles, gutters that leak, wind damage, and other issues. Did you know that 33% of realtors say that a roof replacement directly helped close a home sale?
5. Touch Up Your Exterior Paint
Is your house looking a little tired and frayed around the edges? Paint the exterior of your home, including your siding. If you are a first-time homeowner, this is a relatively easy renovation that will dramatically increase your home’s value.
A word of warning: paint can fade over time, so you might want to consider a change of paint as it gets worn out. However, if you change it often, you can ensure the price doesn’t go up due to inflation.
There are many ways to increase the overall value of your home if you know what to do. By hiring a professional renovator for some of these jobs, you will be able to renovate your home and move on to other projects that can improve the look and feel of your home.
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