Carpet or hardwood floor, do I replace countertops or bathroom tiles? Build a deck or convert a bonus room? When you make the decision to sell your home, it can be tricky to know which changes would make your home sell more quickly or boost the sale price.
What are the best home improvement projects to do?
Your priorities will depend on your plans to sell your home. If you’re trying to sell your home soon for the highest possible price, your home improvement priorities are likely somewhat different than if you’re planning to stay for a few years. Whether you’re planning to sell your home now or in the future, consider these cost-effective home improvements that will increase the value of your home. These home improvement projects will yield the highest payback in a sale.
Maximize the amount you’re going to spend updating your home by knowing what improvements buyer value the most. Here are 10 home improvements that not only increase the value of your home but also boost your home’s curb appeal.
Painting gives outstanding results with little investment as long as you’ve choose tasteful colors and the work is very professional. Use neutral colors throughout your home to give continuity from room to room. It makes the living areas appear roomier. The payback is as much as 300%.
- Exterior Siding Replacement
Replacing siding can improve your home’s curb appeal. It would make your home look brand new. In Greenville SC, investing on an average of $11,013 on vinyl siding will recoup $9,012 or 81.8% return at resale. Whereas if you opt for fiber-cement siding, an average cost of $12,866 can get a return of $12,073 or 93.8%.
- Deck addition
A deck boosts outdoor living space, not only it’s a good place for cook outs, entertaining or simply relaxing, it also gives you a higher return of investment. In 2015, Greenville homeowners who spent $9,061 on wooden deck reaped $7,670 or 84.6% of their costs. Whether you opt for a wooden deck or composite deck, you can get an impressive return on investment.
- Updating the Kitchen
An ugly kitchen is one of the most prominent turnoffs for buyers so it’s really a good idea to remodel or make some updates. When remodeling the kitchen, remember to keep the project in line with the style and quality of the rest of the house. Don’t go overboard and make your kitchen fancier than all the kitchens in the neighborhood or you’ll never get your money back. A simple repaint or resurface of the cabinets, installing new faucet, replacing old appliances, upgrading your countertops can do the trick.
A minor kitchen remodel of Greenville homeowners with an average spent of $17,508 recouped $10,000 or 57.1%. Careful planning and shopping will help minimize your costs.
- Replacing the Windows
If your windows or doors are wasting energy, it is high time to replace them. Stick to standard styles; highly customized arrangements do little for resale value.
Greenville homeowners who spent $9,540 replacing 10 three-by-five-foot insulated double-hung windows with insulated, low-E, simulated-divided-lite vinyl window got a 62.9% ($6,000) return.
- Modifying a Bathroom
Upgrading the bathroom will enhance the value of your home and add to your daily comfort. If your faucets are leaking or worn, a new faucet is an absolute necessity. It sets a more contemporary aesthetic. Conservative spending on bathroom upgrades like fixtures, tile, and a new bath/shower setup is usually the best approach. The payback is anywhere from 68% to 97%.
As far as bang for the buck in a resale, landscaping is usually a must and it didn’t cost much money. Simple enhancement of your curb appeal like adding sod and making sure that bushes, trees, and flower beds are well maintained, an attractive yard can add up to a 200 % return at resale.
- Installing Central Air-Conditioning
Installing central air-conditioning is one of the most significant home improvements you can make in terms of comfort especially on a hot, humid summer day. Air conditioning is also one of the most expensive improvements. The average price to install a central air conditioner will range from $3000 upto $15,000. Nevertheless, this home improvement can increase the value of your home by 10% to 20%.
- Fixing up the Basement
Finished or remodeled basement offer a wealth of extra living space for many purposes and activities. In Greenville, homes with walkout basements typically appraise higher especially if remodeled to create more living space. You can use the walkabout basement as an entertainment space or even a bedroom. Remodeling your basement is a smart and economical move that not only gives you a better living space, but can increase the value of your home. Greenville homeowners recoup up to 84.4% return on fixing up the basement.
- Roof Replacement
A new roof can make your house look younger while significantly increasing the resale value of your home. According to the 2015 Cost Vs. Value Report of Remodeling magazine, a midrange roof replacement project in Greenville SC may allow you to recover about 55.3% of your cost. Many roof replacements today also come with transferable warranty, which is an added value when you eventually decide to sell your home.
Source: 2015 Cost vs. Value Report