Best Ways to Increase the Value of your Home
Posted on: March 14, 2018
Any homeowner wants to increase the value of their home, especially if they are planning on selling at some point in the coming years.
While many homeowners in the past would simply add a new bathroom or bedroom, it turns out that there are much better ways to increase the value of your home. For example, did you know that a small-scale kitchen remodel can actually increase your home value more than a full kitchen remodel?
Many homeowners love remodels because they can enjoy the changes until they sell while increasing their home value. If you’re upgrading your home with plans to sell at some point, here are some of the hottest and most cost-effective ways to increase the value of your home.
New garage door
If you want the best bang-for-your-buck, the first thing you should do is replace your garage door.
According to Remodeling Magazine, garage doors add the most value to your home for the price. The average garage door replacement costs $3,470 while adding an average of $3,411 to the value of the home. That’s good for 98.3% of the cost getting recouped.
Of course, these are just averages – replacing your garage door could end up increasing the value of your home by even more.
The added value of a new garage door is also increasing year-over-year, so if you plan on selling in a few years, this is a change to make.
New entry door
The entry door gets ignored far too often in most homes, but it’s something that home buyers subconsciously pick up on.
Replacing your entry door with a steel door can increase your home value by an average of $1,344, and the reasons are clear. Steel doors are much safer than wooden doors, and they are less prone to damage.
So, replacing your door now could protect your home while also adding to its total value.
Getting back to kitchen remodels, a minor kitchen remodel can make your kitchen look better while saving you money.
Homeowners that have done kitchen remodels know that they can be pricey, reaching up to $80,000 for upscale remodels. But minor remodels cost an average of just over $21,000 and add over $17,000 to the total home value.
Add a deck
Summer is just around the corner, so here’s a reason to add that new deck you’ve been dreaming about!
On average, wooden decks recoup nearly 83% of the total cost of the project. Add in some personal landscaping and you can easily make your yard a major selling point.
The roof isn’t the sexiest part of the house, but it’s what makes a home a home. It’s also tough to sell a home buyer on a home with old roofing.
Roofing replacements recoup nearly 70% of the cost, but just think about how much your roof goes through in one or two years. Getting roofing done now can really help your home’s value down the road – especially if your home is starting to need some new roofing.
Energy efficient changes
The most cost-effective way to increase the value of your home is by making it more energy efficient. Not only is this a draw for home buyers, but every change can help you save money on your monthly payments.
From large changes like putting in energy efficient windows to smaller changes like different lightbulbs, each change you make is going to add to the value of your home. In fact, in some areas these changes can more than recoup the cost of switch.
Funding a remodel
Remodeling and updating your home is much easier said than done, especially when it comes to funding the project.
Fortunately for VA eligible homeowners, there are refinance options available. One of the most common ways homeowners fund remodels is through refinancing, and there aren’t many options better than the VA cash out refinance.
The cash out refi allows you to take money out in the form of cash, meaning you can take out exactly as much as you need for your remodel – and maybe a little extra for anything else.