There is no doubt that renovating or remodeling your home can increase its value. That being said, not all renovations provide the same value. In fact, some renovations can actually decrease the value of your home. While you certainly want to invest in renovations that will increase your enjoyment of your home, you never want to lose sight of the fact that a home is still a piece of real estate and real estate is an investment. If you are getting ready to renovate, here are the three best home improvements to increase the value of your home.
- Boost your Curb Appeal
Since you mostly live inside your home, it can be easy to forget the importance of keeping up the outside of your home. While you may long for an appliance upgrade, your home’s value may increase more from exterior improvements such as cleaning via a power wash, refreshing the landscaping, replacing the deck or fixing cracked walkways.
- Remodel your Kitchen
There is no doubt that a kitchen remodel can go a long way towards increasing the value of your home but only if you keep it within strict limits. An extravagant kitchen remodel can easily eat up $60,000 or more of valuable equity. On the other end of the scale, you can simply reface existing cabinetry and give your kitchen a facelift for as little as $5,000. When planning a kitchen remodel, make sure to keep your budget within realistic parameters to the overall value of your home or you may end up actually losing money rather than gaining equity.
- Increase the Efficiency of your Home
You can both lower your own costs as well as increase the value of your home by considering maintenance and efficiency at every turn. Exterior improvements should include low-maintenance options like plants that need very little watering or use solar lighting. Interior improvements should increase efficiency. You don’t even have to do an entire remodel to increase your home’s value, either. Replacing existing windows and doors with energy-efficient options or replacing your toilets and showerheads with low-flow options can go a long way towards decreasing costs and increasing value without a significant upfront investment.