Spring is the perfect time to begin new renovations. The weather is getting warmer and the days are getting longer, but home improvements are not all created equal and some of them can get downright expensive.
Do your research to know what projects will be worth your time and money. The National Association of Realtors and the National Association of the Remodeling Industry’s 2022 Remodeling Impact Report has some great ideas to get you brainstorming. Here are several options, all with a cost recovery higher than 82%.
For many home buyers, carpeting is a thing of the past and hardwood floors are the new industry standard. Wood flooring is more durable than carpeting and is easier to keep looking clean and fresh.
If you already have hardwood floors in your home, you can save money by refinishing them yourself. Refinishing can buff out scratches and add polish and shine, reviving the appearance of the wood.
The more expensive route is to install brand-new wood flooring, but it would still be a worthwhile investment if you currently have wall-to-wall carpet. Choose your new flooring carefully to accent the materials and finishes already in your home. The wood should look like it was always a part of your home and not stick out.
Average Cost: $4,200 (Refinishing); $6,000 (New)
Average Cost Recovery: 147% (Refinishing); 118% (New)
Investing in new insulation for your home is rather cheap out of other renovations and prove high returns. For a couple of thousand dollars, you can improve your home’s heating and cooling efficiency. Properly installed insulation can also keep harmful pests from getting in and causing damage.
Home buyers like to see essential updates like this – especially if it’s not a newer build. Older homes come with a degree of uncertainty around basic but necessary updates. New insulation will ease some of that worry since old insulation would not be as effective and could contain harmful materials like asbestos.
Average Cost: $2,500
Average Cost Recovery: 100%
The roof is part of a buyer’s first impression of your home. If it looks run down and falling apart, prospective home buyers may move on to the next home without even looking inside. Worn-out roofs lead to annoying water leaks and, over time, water damage.
Avoid this possible pitfall by replacing your roofing. Take a thorough look at your roof quality and consider having a professional inspect it. Save some money by replacing particularly worn patches if most of your roof is in good condition. However, don’t cut corners if the whole roof needs repairs. Do it right the first time.
Spring is the ideal time to tackle this renovation project, between the winter snow and summer storms. Patch any leaks and replace any problem areas now to avoid leaks and damage later on.
Average Cost: $12,000
Average Cost Recovery: 100%
One of the most significant elements of a home’s curb appeal is the garage door. A basic builder-grade door will detract attention from your home’s winning features. On the other hand, a garage door with aesthetic appeal will attract the eyes of potential home buyers.
You can paint over your existing door to save money, which might help curb appeal, but it will not improve safety or provide a better user experience. If you have room in your budget, replacing it will be your best option.
Choose a door that is fortified with steel and has updated smart controls. When deciding on your new garage door’s appearance, consider how it will blend with the elements of your home and neighborhood. The door should match the style of your home and the colors should match your main home or trim color.
Average Cost: $2,000
Average Cost Recovery: 100%
Converting your basement into a livable space is possibly the most fun out of all these options. You may even love your new area so much that you decide not to sell when you’re done. Finished basements add valuable square footage to your home and can be turned into a media room, gym, lounge area, office space, a bathroom, bedrooms, or all of the above.
The only limits here are your imagination and building codes. If you are going to sell your home, adding at least one bedroom to a basement remodel can bring a high return on your investment by appealing to larger families. Check building codes where you live to see if you need to install a full-sized window for fire safety in basement bedroom renovations.
Average Cost: $53,375
Average Cost Recovery: 86%
Siding is another aspect of a home’s curb appeal that can make or break a sale. Sometimes, it just needs a good power wash, which can improve its appearance and save you some money, but there are some instances where replacement is necessary.
Check your home for signs of damaged siding like wood rot, warping, bubbling, gaps, and holes. Examine your utility bills. Are you paying more than you should or more than you used to? Damaged siding and insulation may be to blame. Replace your siding with low-maintenance vinyl or fiber cement. Both offer similar returns for money spent and they both cost about the same.
Average Cost: $17,300 (Fiber Cement); $16,650 (Vinyl)
Average Cost Recovery: 86% (Fiber Cement); 82% (Vinyl)
Making renovations to your home doesn’t always need to cost an arm and a leg. Making small changes like updating cabinet hardware, adding a kitchen backsplash, painting over loud colors, and adding new fixtures can all be done on a tight budget.
Focus your small renovation budget on the kitchen and bathrooms for the most considerable impact. These rooms can be quite expensive to overhaul, so make small changes where they are most needed. Upgrade the kitchen sink, add an island, install new kitchen counters, get a new toilet, or add a vanity with extra storage. Picking just a few of these will give home buyers what they are looking for while going easy on your wallet.
You may love a yellow accent wall or patterned floor tiles, but those choices may hurt your home’s value. These choices are highly individual, so not every potential home buyer will love them.
Instead, stick to neutral or earth-toned color palettes and avoid busy patterns. With a neutral and tidy space, home buyers will be able to visualize themselves in the home, making for a speedier sale.
Did you know that you can use the funds from a cash-out refinance for home renovations? That’s right! With the current housing market, you are bound to have some equity that you can use to make home upgrades to be able to sell for even more when you are ready. Do you want to discuss your loan options for home renovations? Chat with a licensed LemonBrew Loan Advisor today!