Home improvements do not always mean an increase in value in your home. Just because you see something that really needs to be done in order to make your life easier does not mean it will create financial gain for you.
Before you start spending money on sprucing up on your home, consider the top home improvements that typically provide you with an increase in the value of your home. At the very least, you will know what will and will not provide you with a return on your investment so that you can make the decision that is right for you.
Paint is an Often Overlooked Improvement
Who would think that something as simple as a coat of paint could make a difference in the value of your home, but it does! If you look at paint as more than changing the color of your room, but as a way to make your home look more updated and clean, you will see how that can translate into value. If you are planning on selling your home in the near future, consider neutral paint colors as they are the most appealing to many people, which can easily increase its value.
Curb Appeal Matters
You might overlook the need to update the exterior of your home, but it provides great value to your home. This type of change makes sense since the first thing anyone sees regarding your home is the exterior. If the outside is not appealing, no one is going to want to come in to see what the home has to offer, which is why simple landscaping, painting the siding, and roof repairs can have an incredible impact on the value of your home. You can make simple changes such as add low maintenance landscaping or do something as drastic as adding a front porch to make the elevation of your home more appealing.
One of the most important and most used rooms in any home is the kitchen. If you are going to spend money on major renovations, this is the room to do it in. You can make a variety of changes in this room that help to increase the value of your home including:
- Update the faucet
- Update the hardware on your cabinets
- Update lighting fixtures
- Replace old appliances
- Replace the cabinets
- Replace the flooring
- Add a backsplash
These are just a sampling of the changes you can make in your kitchen; typically any change in your kitchen that improves its use will improve the value of your home.
Bathroom Updates Help Too
The bathroom might not seem like a big deal when it comes to home improvements, but this room comes in second when it comes to enhancing the value of your home. Little things, such as updating an old vanity or changing the light fixture can improve the value of your home. You can also perform major renovations in this room, such as updating the plumbing, changing out the flooring, or expanding the bathroom to make more room. Just like the kitchen, almost any change in this room will translate into more value in your home.
Expand your Home
Making more room in your home almost always means more value. A sunroom, added bedroom on the standard living level (not below grade), and expanding living area always mean more value in the home. You can even do something as simple as adding a closet to a room that does not have a closet and it suddenly becomes a bedroom, which means more value in your home. Typically, every 1,000 feet added to your home’s living space equals a 30 percent increase in the value of your home.
Of course, not every change you make to your home will mean a higher value, but sometimes this does not matter to homeowners. If there is a change you have always wanted to make you can make it, but don’t do it just to expect an increase in the value of your home. The best way to find out if an improvement is worth it in terms of financial gain, you can talk to an appraiser that works in your local market as they have the best information when it comes to what home improvements are providing the most bang for their buck.
Justin McHood is America's Mortgage Commentator and has been providing expert mortgage analysis for over 10 years.