5 Renovations to Improve Your Home Value
They're all things that you probably looked for when home shopping but couldn't find - an up-to-date kitchen, space for a playroom, or maybe a home office.
These projects can be costly, however, when it's time to resell your home, some renovations can be recouped almost in full and increase the value of your home.
In this blog, we'll go over some of the home improvement projects that are the best bang for your buck.
Adding or Refinishing a Bathroom
The number of bathrooms and their size are usually at the top of a home shopper's list. If you have the space, you may consider converting a small 5x7 foot space into a powder room, or adding a bathroom in the basement.
If the idea of creating a whole new room is daunting, consider updating your current bathroom space. Depending on what you update, you can expect anywhere from 93 percent to 102 percent return on resale, according to HGTV.
Finish Your Basement
A finished basement can add hundreds of extra square feet in living space, which is a key selling point for a home that may have a smaller floorplan even if it doesn't appear on the appraisal.
Nerdwallet.com estimated a renovated basement with a bathroom, living space and a wet bar can recoup around 70% of its cost in improved resale value.
Event doing the bare minimum of adding floor or carpet and a coat of paint on the walls makes the space more appealing to home buyers who may like the appeal of a half-finished basement.
Update the Kitchen
Home buyers are always looking for their dream kitchen, and some minor changes can help make that happen. New appliances, counter tops, and a new backsplash can drastically change the look of a kitchen.
Smaller changes like a fresh coat of white paint on the cabinets and new hardware can update a kitchen at a minimum cost.
A minor kitchen remodel with new appliances, new cabinets, new counter tops, and a new sink recoups around 80% of the cost, according to Bankrate.com.
Garage Door Replacement
While it may not seem like the most obvious choice, replacing a garage door can be the biggest bang for your buck. A new garage door can cost around $3,611 according to Bankrate.com, but that project was also their top rated project when it comes to cost recuperation, coming in at a whopping 97.5 percent.
Curb appeal is a major factor when purchasing a home, and there are a few things you can do that'll draw more eyeballs of potential buyers.
Some basic landscaping can make your home look more appealing right away. New siding can change the color of a home, and also make it look newer than it actually is. The same can be said for awnings.
HGTV estimates that updating the front entry, replacing siding and some fresh paint can return about 95.5 percent of investment once your home hits the market.
Buy and Sell Homes with CCU
Whenever you're ready to list your home or start shopping for a new home, stop by Consumers Credit Union's Real Estate Center, where you'll find resources for buying, selling, and borrowing. Take advantage of this free program and earn cash rewards.