Before embarking on a home improvement project, most homeowners want to know—what projects add value to a home and attract more buyers? In short, the ones buyers also want and are willing to pay for.
In general, it’s best to make functional improvements over purely aesthetic ones and stick to conventional, widely desired features.
So which updates are best known for increasing home value? Consider these national averages from the 2019 Remodeling Impact Report compiled by the National Association of REALTORS® Research Group.
Kitchen Upgrade or Renovation
Upgrade worn-out surfaces, finishes, and appliances by updating your kitchen. You’ll garner over a 50 percent return on investment when you do, increasing your home’s value by an average of $20,000. Likewise, if your kitchen needs more than a few updates, complete a full kitchen renovation to see a 60 percent return, or around a $40,000 increase in home value.
Bathroom Renovation or Addition
If your existing bathroom is outdated, a renovation could provide over a 55 percent cost recovery, boosting home value by about $20,000. Then again, if your home only has one bathroom, an addition is all you need to change your listing from a one-bath to a two-bath house. Bathroom additions average a 50 percent return and increase home value by about $30,000.
New Wood Flooring or Existing Floor Refinishing
Hardwood or wood-look flooring is more popular than wall-to-wall carpeting these days. The upgrade is well worth it, providing over a 100 percent return and increasing home value by about $5,000. Even if you currently have hardwood floors, consider refinishing them to remove scratches and update their appearance. You’re likely to recoup 100 percent of your investment when you do, amounting to a $2,600 increase in home value.
New heating and cooling equipment is highly appealing to homebuyers. If your system is well over a decade old, you can recoup about 85 percent of your investment by installing new HVAC equipment before you sell. That’s a boost in home value of about $7,000.
Revamping the exterior of your home boosts curb appeal and may improve efficiency and resiliency against the elements, depending on which projects you pursue. The upgrades most likely to add home value include:
- New roofing: $8,000 increase in home value (107 percent return on investment)
- New garage door: $2,000 increase in home value (95 percent ROI)
- New steel or fiberglass front door: $1,500 to $2,000 increase in home value (about a 75 percent ROI)
- New vinyl or fiber cement siding: $10,000 to $15,000 increase in home value (about a 70 percent ROI)
- New vinyl or wood windows: $16,000 to $20,000 increase in home value (about a 64 percent ROI)
When you’re ready to sell your home, turn to Vutech | Ruff, Corcoran Global Living. As proud members of the Columbus Board of Realtors $25 Million Dollar Club, you can trust our team to make the home selling process as stress-free as possible. To speak with one of our knowledgeable real estate professionals, please contact us online or call 614-897-0618 today.