Homes are becoming increasingly more expensive in the United States. Many people are not landing their dream home during their first purchase, but that does not mean your home cannot become your dream home.
Home renovation can still make a fixer-upper the house you always imagined living in, and remodeling can often increase your return on investment of the house. Certain renovations will improve both your ROI and home more than others. Of course, this requires you to budget correctly. Many homeowners make the mistake of dipping into their retirement funds or using the majority of their savings to curb costs. Instead, try opting for a reverse mortgage. According to All Reverse Mortgage, many seniors who own the majority equity in their home are approved. Other options are a Home Equity Line of Credit or personal loan.
Most homes are not “forever homes” so purchase one that will help you put a more significant down payment on your next home. These are some of the best renovations to increase home value and appearance:
The kitchen is often viewed as the heart of the home and what many potential buyers consider first when purchasing a home. People are willing to spend more on a kitchen renovation, and for a good reason. The kitchen is where many social and family events take place; it is what makes a house a home. A renovation that instantly improves appearances and home value is installing a kitchen backsplash.
It is probably the most affordable kitchen update a homeowner can do. The kitchen often serves as a cooking and gathering space, so you should also consider upgrading kitchen lighting. This can be as inexpensive as a $200 modern lamp fixture. Other minor kitchen renovations that will more than recoup your investment are installing a kitchen island and filling in-floor gaps.
Replace Wood Siding
Home renovation can often focus on the interior and forget the exterior. Many houses have damaged siding, and while it may not be an “attractive” renovation, it will instantly increase house value. Appraisers take note of the exterior structure of homes when they dictate your house’s value, so replacing your siding is a smart investment.
Another exterior renovation that would increase your home’s value is windows. Having wood windows will have a higher return rate than other materials. Wood windows are also more visually appealing than vinyl ones. In addition, new windows will also open up your home and make it feel brighter and more open.
One of the easiest ways to increase home value and appearance is by adding a deck to your home. Decks are fairly easy to build, so consider doing it yourself to save some extra money. A deck adds “living space” to any home and costs less than building a room or expanding the house. Decks serve as an entertaining space that increases the perceived value of a home. Using treated wood is the best way to get a timeless look that will both hold its value and increase your investment in your home. It can also become a selling point if your neighbors do not have a deck, but your house does.
Replace Carpet with Hardwood
The carpet in a home needs to be heavily maintained, and nice carpet costs just as much as wood. If your budget allows it, consider removing the carpet in your home and replacing it with wood or laminate flooring. Wood floors increase the elegance of a home. It is also easy to keep clean. Proper care on wood floors ensure they last multiple decades. The cherry on top is that wood floors have one of the highest return rates of any home renovations. Most home buyers are not looking for carpet and will likely remove it themselves, so they are willing to pay extra to have someone else do it for them.
Repainting is a great way to update a home’s appearance. A fresh coat of paint will make any house look cleaner and newer, but many owners forget about the “curb appeal.” First impressions are important, which means repainting should also extend to the exterior of the home. No one wants a faded and cracked home, especially a potential new buyer. Consider neutral tones for both the interior and exterior of the home. This will help keep the home modern for multiple decades as interior and exterior design changes. If you are on a budget, consider high traffic errors in your homes, such as the kitchen and bathroom.
Update Popcorn Ceilings
One of the most dated home details is the popcorn ceiling. These textured ceilings were once in style, but now every homeowner dreads the task of removing them. Doing this repair will help modernize your home for you and a buyer, should you ever decide to part with your home. Popcorn ceilings also are prone to discoloration, reduce lighting, and attract dust and dirt. Remove this dated detail and enjoy a better home.