Renovations and upgrades add to the enjoyment of living in our homes. They also increase equity and add value when it’s time to sell. However, some home projects will give you a greater return on investment (ROI) than others. The following are 8 of the most promising areas around your home to invest money in.
1. Convert or Create a Home Office
The trend to work from home increased during the COVID pandemic and hasn’t slowed down. For some home buyers, a home office space is more desirable than a home that has minimum square footage. Consider converting a walk-in closet into office space or adding an accessory dwelling unit.
2. Enhance Your Outdoor Living Space
It seems these days everyone wants more than a simple deck or porch for outdoor living and entertaining. Outdoor living spaces can range from basic to lavish based on budget. Some are as simple as outdoor seating around a firepit or fireplace. Others include cabinets, a bar, and even standard kitchen appliances.
3. Open Up Your Floor Plan
In today’s market, open floor plans are favored so families can enjoy more time together. Some homes are more open than others so it’s ideal to think about what will work best for your lifestyle and home’s architectural structure.
Removing the right wall can create a sense of spaciousness and natural light for family living and entertaining. Be sure to consult a contractor to make sure you’re home will still have structural support.
4. Replace Your Steel Door
Nothing hurts the looks of your home from the street like a wooden door that is splintering and in need of a paint job. Home buyers appreciate the low maintenance and energy efficiency a steel door will provide. Steel doors will also make it harder for someone to break into your home which adds infinite value.
5. Replace Your Garage Door
A dinged-up garage door that makes strange noises will turn away potential homebuyers. By replacing a garage door, you will reduce the amount of time and money spent on repairs which will save resources in the long run.
6. Upgrade Your Curb Appeal
Well-kept landscaping will attract the eye of a buyer. Not only does your home’s exterior look better, it makes a statement that the rest of the home has been well cared for. On average, an attractive lawn with neatly trimmed shrubs will add at least 7 percent to the home’s total value.
7. Finish Your Basement
Completing an unfinished basement will turn what is only room for storage into a livable space. A finished basement can be used for a number of different things including an extra bedroom, home theater, workout place, playroom, or whatever you need it to be. Because you’ve added more square footage that’s climate-controlled, your home will get bumped up into a higher price bracket.
8. Add a Deck or Patio
Is your home lacking a space for outdoor living? Adding a deck or patio will allow you to add square footage to your house while also adding a bonus selling point.
