Home Improvement Projects That Pay Off
- Homebuying & Homeownership
Now that you’ve settled into your home and it’s almost time for warmer weather, you may be thinking about all of the projects you could work on. After all, your home is a big investment, and you can keep adding value to it over time. Home improvements often add value, but it’s a good idea to know what kind of home improvements can yield a greater return on your investment. Here are our top home improvement projects that can help increase the value of your home according to the experts.
6 Bigger Home Improvement Projects that Add Value to Your Home
Before you pick out which projects you want to tackle, it’s smart to hire a home inspector to do an assessment and let you know what needs to be repaired. An inspector can catch a minor problem before it turns into a big expense. The average cost of a home inspection in Pennsylvania is $404 according to Home Advisor, which can be a worthy investment into figuring out what projects to focus on.
However, there are some general guidelines on which home improvement projects have been found to add the most value to a home and give you the biggest return on investment. Here are the top nine projects that experts recommend focusing on:
Project 1: Add Fiberglass Insulation
Not one of the more glamorous updates, but the remodeling report shows that adding fiberglass insulation in your attic has the highest return (nearly 117%) for midrange homes, costing $1,268 on average. Plus, you will get greater peace of mind knowing that the heat and air conditioning stay inside where they belong.
Project 2: Replace the Garage Door
Replacing your garage door will yield the second-highest return on your home’s investment and add curb appeal. Homeowners can expect more than 90% return on investment, on average. Garage doors are more exciting than they used to be, so you might be surprised at the choices of materials, colors and decorative hardware.
Project 3: Replace Your Front Door
Your front door is a first impression for visitors, so it’s important to set the tone for the whole home. The practice of feng shui says that a good front door opening into a wide space can help invite wealth into your home. Remodeling Magazine’s 2017 Cost vs Value report in PA and NY agrees: You can expect nearly 70% return, for installing an upgraded fiberglass door on an upscale home, and nearly 80% return on investment for adding a steel entry door on a midrange home in PA or NY.
Project 4: Updating Cabinets
If you’re cabinets aren’t up to your standards, there are several things you can do to improve their look – from replacing the handles to painting them to hiring a company to refinish them. If you can afford it, replacing your cabinets is a wise investment. Homebuyers first look at kitchens and baths, so it’s important that yours make a great impression.
Project 5: Update Your Bathroom
A bathroom renovation can pay for itself, according to HGTV. Experts suggest not spending a fortune updating a one-bath home, but instead adding a second bathroom for increasing the home’s value. According to Remodeling Magazine’s report, bathroom additions and remodels return the most to upscale homes.
Project 6: Update or Add a Deck or Patio
If you have an older deck, try updating it by using a special paint that fills in cracks and gives it a nice finish. Or if you don’t have a patio or deck, add one to increase your home’s value. Today’s homebuyers appreciate outdoor living space just as much as indoor space.
3 Smaller Home Improvements for your PA or NY Home
For homeowners in PA and NY that are looking for smaller projects to tackle around the home that will still add value, think about adding these to your home improvement list:
Improvement 1: Freshen Up Your Paint
Fresh paint in modern colors can add a nice touch to your home without breaking the bank. Remember to keep colors as neutral as possible so you can appeal to as many types of people as possible.
Improvement 2: Go Green
Update your lightbulbs, appliances and windows to more energy-efficient models to save yourself some electricity costs while saving the planet. Win-win! Check Energy Star’s rebate finder to find any product rebate or special offers. Also, buy appliances toward the end of the month or during a weekday or holiday sale to save even more.
Improvement 3: Landscaping
Realtors tend to agree that upgrading the look of your front yard can help increase your chances of showing your home to prospective buyers. However, you don’t want to spend too much money on the perfect landscape because that money may not get recouped. Think about adding perennials, which come back each year, to add some beautiful accents to the front yard to increase your curb appeal.
While planning your home improvement projects, consider the long-term value each might deliver, the neighborhood you live in, and avoid upgrading so much that your house becomes unaffordable for your location. If you’d like to learn more about leveraging your home equity for an upcoming home improvement project, feel free to speak to a mortgage lender in PA or NY or contact us.