So much to do with so little time, money, contractors--or all of the above! Whether you are a home owner considering a remodel or rehabbing a new house, we all have a budget and limited resources. We brought together our top 5 upgrades that return the most on your investment. These 5 have the most value when considering the cost versus value.
1. KITCHEN
Sounds like a big project, but don't let it be. Making basic upgrades will, on average, give you a return rate of 80%-90%. Instead of replacing cabinets completely, reface them. Swap out the doors or if they are still in good shape, sand and give them a new coat of paint. There also are inexpensive Shaker style cabinets as an option. Upgrading appliances and replacing laminate countertops with new laminate also give an immediate "wow" factor. The sink and faucet are also good to consider since they are fast to install and relatively low cost.
2. ADDED INSULATION
Not one you would typically think off the top of your head, right? Every year, Remodeling Magazine compares the cost to value of renovations and in 2017, attic insulation made its list. According to the magazine, it recoups a return of about 105% and is a good investment regardless of whether you plan to sell. With an average cost of about $1,500 the value in insulation is that it lowers your energy bill--a hefty savings in itself. Other benefits include reducing the pollen, pollution, and pests that enter your home, protecting the environment, and also preventing long-term moisture damage to your home.
3. LANDSCAPING
What will make a buyer more invited to tour a home? A real estate sign reading "I'm beautiful inside!" or a lush green garden? The average home owner will spend a few thousand for a landscaper and another thousand for a designer. Pinterest it and do it yourself! Landscaping recoups a return of about 100%-105%. You can reduce the cost by purchasing season flowering shrubs and perennials. Get the grass as green as possible, and make the door stand out by trimming (or even getting rid of) anything in the way of it. Seeing the door from the sidewalk elevates curb appeal greatly. Pick a themed color for your plants and you can mix and match the height to make them stand out without looking like a circus of flowers.
4. BATHROOM
Remove dated wall coverings and apply a fresh coat of paint. Bathroom renovations recoup an average of 100%-110%. Buyers, guests, and I'm sure even you do not want to do your business and wash yourself in something that looks old and dirty. Most renovators will focus and change the vanity, lighting, and toilet for a quick yet dramatic upgrade. It really depends on the condition of the bathroom though, so if you're close to your budget then replace what absolutely needs to be done. If the vanity and wall coverings are fine, consider clear doors for the shower to make the bathroom feel larger.
5. INCREASING SQUARE FOOTAGE
In some areas that have a high price per square foot, the pay off for this addition can average a return of 85%. Although the cost may be around $20,000 and up, it adds enormous value when looking at the return. However, there are rules to be scrutinized with this to ensure the square footage actually counts. For example, a screen porch is not considered in your home's square footage. If you were to enclose that screen porch, and make it a four-season room with real windows, walls, heat, then it probably will be counted. Do more research or consult with a realtor. The key is to find an area that can be easily and legally converted to legitimate, livable space. Some good starters to consider for this project would be the garage, basement, or attic.