If you’re thinking of putting your house on the market within the next few years, you’d be smart to start working on some home improvement projects now.
I’ve already written about how to sell your home for top dollar once it’s already on the market. But if you want to drastically increase the value of your home, I recommend focusing on several home improvement projects that will make a real difference in the long run.
A word of caution, though: Not all home improvement projects are created equal. Some might seem like great ideas to you at the time but then only yield a small return—or none at all. For instance, expensive landscaping might sound like a wonderful investment, but it won’t actually increase the value of your home by very much.
That’s why it’s a good idea to make sure that the project you invest in is one that will actually boost your house’s selling price.
With that in mind, let’s explore some of the best home improvement projects in 2020.
1. Update or renovate your kitchen.
Kitchen renovations are one of the most lucrative home improvement projects out there. And the good news is that you don’t have to go for a major overhaul, which could cost upwards of $100,000 or more. Instead, smaller kitchen renovations cost around $5,000 to $20,000 on average and still help your home value.
In fact, minor or mid-size kitchen renovationsyield a greater ROI yield a greater ROI (at 77.6%) than major renovations do (53.9%).
So if you want to go the route of granite countertops, tile backsplash, and custom cabinets, that’s fine. But simply replacing appliances, adding nicer laminate counters, replacing cabinet fronts, and redoing the floor can still increase your home’s value—and at a much cheaper price.
2. Remodel your bathroom or add an extra one.
Bathrooms are another common focal point when it comes to home improvement projects—and for good reason. A mid-sized bathroom remodel yields an average of >64% ROI in 2020.
That might include adding a tub, retiling the shower, and replacing the bathroom sink. Updating all the fixtures to give the bathroom a more cohesive and modernized look can also go a long way in increasing your home’s appeal to buyers.
3. Add manufactured stone veneer to your house siding.
Manufactured stone veneer wins the award for most lucrative home improvement project with a whopping 95.6% ROI. This style adds a beautiful touch to your home if you’re thinking of replacing your vinyl siding.
The average cost of manufactured stone is $6 to $9 per square foot. That price can quickly multiply, but the good news is that you don’t need to do the whole house. Replacing just the bottom third of the siding at the front of your home is enough. The result is gorgeous, and buyers are willing to pay extra for it.
4. Repaint the exterior of your home.
A fresh coat of paint goes a long way. Painting the exterior of your home can also give buyers a better first impression.
The other benefit of painting is that it’s not as expensive as other renovation projects. The average cost of repainting a homeof 500 to 1,500 square feet is $1,000 to $3,000.
5. Build a deck or a porch.
Extending your home by building a wood porch or deck is another great way to increase your home’s value. Decks are ideal for buyers who plan to spend time outdoors, which is becoming more important as “staycations” increase in popularity.
In 2020, the average homeowner spends anywhere from $2,000 to $10,000 on building a deck, depending on the size.
6. Replace your house’s siding.
If your house’s vinyl siding is getting dirty, it might be time for a replacement. Earlier, I mentioned replacing some of your siding with manufactured stone veneer. But you can also replace it with wood, brick, stucco, or fiber-cement.
Vinyl siding is much cheaper than these other options, though, costing anywhere from $1 to $9 per square foot. So if price is an issue, fresh vinyl siding might be the right way for you to go.
7. Replace your garage door with a motorized one.
When homeowners think of increasing the value of their home, they hardly ever think of replacing their garage door. And yet getting a motorized garage door yields a 94.5% ROI, making it one of the smartest options for home improvement projects.
This simple project can increase your home’s selling price by as much as 4%, depending on the style.
New motorized garage doors cost, on average, $1,000, but the price can vary anywhere from just under $500 to over $4,000.
8. Install or refinish hardwood floors.
If you’re thinking of replacing your floors, consider getting hardwood. Hardwood floors increase your home’s value more than other types of flooring, such as tile, carpet or vinyl.
In fact, a survey revealed that houses with hardwood flooring sold for as much as 10% more than nearly identical houses that didn’t have hardwood floors. I’d say that’s worth the investment!
9. Get energy-efficient windows.
Energy-efficient windows do more than lower your energy bill. They can also increase the value of your home.
If you choose windows that save you $1,000 or more in energy, studies show that buyers will pay nearly $9,000 more for the home. That’s because most house hunters are smart—they know that saving on utilities can earn them thousands of dollars in the long run.
If you go this route, you can expect to pay about $270 to $800 or more per window (including labor).
energy efficient windows
10. Install low-flush toilets.
Once again, home buyers are willing to pay more if they know they’ll save on utilities. In this case, low-flush toilets can save on water bills.
If your house was built before 1994, then chances are, your toilets use more water than they need to. Older toilets use around 7 gallons of water to flush, whereas newer toilets use around 1.6 gallonsand extra-efficient models use only 1.28 gallons.
You can find low-flush toilets at Home Depot and Lowe’s for under $150, making this a cheaper home improvement project if that’s what you’re looking for.
11. Replace your front door with a steel door.
Getting a steel door for your front entrance is another lucrative option for increasing your home’s value. Steel doors are better at protecting your home from high winds, heavy rains, and would-be intruders. So it’s no surprise that buyers are willing to pay more for homes that have them.
As far as home improvement projects go, steel doors aren’t that expensive. You can expect to pay around $500 to $1,230, according to Home Advisor.
Which of These Home Improvement Projects Will You Work on First?
Now that you know the top 11 projects that will increase your home’s value, which ones are you most eager to get started on? Tell us in the comments below!
And when you are ready to sell your home, be sure to contact us at Jessica Foote & Associates so we can help you sell it for the best price possible. If you’re ready, click here to set up a time to chat with us!