No matter if you’re hoping to sell your home in the next year or planning to stay put, home improvement projects make your space more comfortable and useful. When choosing which improvements to tackle, look at projects that add value to your home. Ideally, a project will have a relatively low cost and a high return on investment, or ROI.
Easy Projects That Add Value
Paint to Add Value to Your Home
Painting is one of the least expensive projects that add value. When selling the home, you can earn back as much as 107 percent of the price invested on interior paint. It’s possible that you have paintbrushes and basic supplies on hand, which helps keep costs down. Repainting the outside of your home boosts value and helps protect the wood from the weather while improving curb appeal. You can get a 55 percent ROI from exterior painting.
Update The Bathroom
Bathrooms are small spaces and relatively easy to renovate. You can greatly improve the bathroom for little time and money. Plus, updating the bathroom is one of the few home projects that add value consistently.
Payback on a bathroom remodel can be up to 172 percent of costs, making it one of the safest bets if you are hoping to get a return on your project. Another way of making a project worth the effort is to improve water and energy efficiency in the bathroom. Water and energy-saving projects pay for themselves over time.
Add Value to Your Home by Improving the Front Door
A new steel front door can recoup up to 101 percent of the cost. It can also enhance security and energy efficiency, making it a great investment even if you aren’t planning to sell anytime soon.
An attractive front entryway boosts curb appeal and can catch the attention of a potential buyer. A great first impression shortens the amount of time the home is on the market.
Make the Home Comparable to Others in the Neighborhood
Home’s value is largely determined by comparing it to similar homes in the area. Similar homes command similar asking prices.
If most houses in the neighborhood have amenities that yours lacks, consider this as you make improvements. For example, if you have the only one-bathroom house in the neighborhood, adding a second bath will be a perfect project to add value.
You may have an idea of what homes are like in the neighborhood. If not, do some research and learn how to make your property stand out.