Most people who make home renovations do so with an eye toward creating value in the event that they eventually sell their home. Though just about any home improvement will create some value, there are certain renovation projects that produce a lot of value relative to what they cost. Here are some of the best home improvements to make to add value to your home.
Replacing doors both inside and outside your home is one of the best home improvements you can make. In fact, replacing your front entry door is one of the only home improvements you can make in which you are likely to recoup 100 percent of what you spend. Replacing interior doors or upgrading the hardware and replacing your garage door are both good improvements to make that will allow you to recoup most of the money you spend.
Adding or repairing a deck
Another good home improvement to make that will add a lot of value is to add a deck or improving an existing one. New decks cost several thousand dollars, but you should recoup more than 90 percent of what you spend. While wood decks may look better, composite decks require less maintenance and can appeal to some people. If you already have a deck that is in poor shape, repairing it by giving it a new coat of paint and replacing boards that are damaged will help you add value.
Minor kitchen remodel
Kitchens are one of the most important rooms in your house when it comes to adding value. Most families spend a significant amount of time in their kitchen, and it is one of the most important rooms in the home to potential buyers. A minor kitchen remodel can recoup about 80-85 percent of its cost. The key is minor. Concentrating on things like new counter tops, upgrading cabinet hardware and replacing fixtures is a good decision value-wise. Ripping out your whole kitchen and replacing it with custom everything is not a good decision when it comes to trying to recoup what you spend.
Finishing unused space
Creating more usable space in your home creates a tremendous amount of value. Finishing the space in an attic or basement will help you recoup about 80 percent of what you spend on the renovations. Evaluate and plan before you start any renovation to make sure it makes sense to the pocketbook.