When planning to sell or rent, many homeowners want to extract the most value they can from their properties. Oftentimes, that means making a few upgrades to increase the appeal of their home, grab the attention of buyers and hold their interest.
Increasing your property's value is more of a science than anything. Certain projects and renovations will add more value to your home than others — and the list and its order are always changing.
While there are a number of factors to consider when choosing which home improvement projects to take on and which you can forget about — such as evolving consumer preferences and market conditions — we're listing the top 10 that can help you increase your asking price today.
10 Renovation Projects To Increase Property Value
In general, any renovation project that increases your home's appearance, functionality or square footage will increase the property's resale value. Critical projects, such as fixing broken plumping or roof repairs, are not included on this list as they're deemed necessary improvements.
It's also important to note that there are only a few projects that produce a positive return on investment (ROI). In most cases, the money you spend to update certain parts of your home will not be fully recouped when it comes time to sell.
With all of that in mind — here are 10 renovation projects for a variety of budgets to help increase the value of your home.
1. Increase Energy Efficiency/HVAC Conversion (Electrification)
Energy efficiency is of ever-growing importance across many industries — real estate included. In fact, a 2023 report revealed that 63% of realtors and brokers said promoting the energy-efficient aspects of a home was valuable to their marketing and selling process.
That means that buyers are looking for and appreciate more eco-friendly homes. Why? Because they're better for the environment and help the homeowner save money on their utility bills.
One of the most effective ways to achieve this is with an electric HVAC conversion and the addition of home smart tech. In fact, HVAC electrification topped the 2023 Cost vs. Value report, with an average ROI of 103.5%.
In addition to HVAC conversion, providing the ability for homeowners to control the climate no matter where they are is a big improvement. Connecting home smart tech to electric HVAC systems comes pretty easy, and if you're already doing the conversion, there's no good reason not to do it.
If a full HVAC conversion is a bit out of your price range, don't worry: there are other lower-cost ways to increase your home's energy efficiency:
- Replace old windows and doors (including your garage door).
- Install energy-efficient appliances, such as washers, dryers, dishwashers and refrigerators.
- Have solar panels installed.
- Re-insulate the home with new insulation.
2. Upgrade Exterior Doors, Especially the Garage Door
As briefly mentioned above, replacing old exterior doors with new ones not only helps increase energy efficiency, but curb appeal, too.
If your front door is old or doesn't match the rest of the house, replacing it can slightly increase the value of your property by increasing curb appeal. Still, new doors are often more effective at keeping the outside air out and the inside air in — which helps with climate control.
The same principle applies to garage doors. Garage door replacement consistently ranks among the top remodeling projects in the Cost vs. Value report. Garage doors are large and often 30% of the front elevation of the home. If your current garage door is an eyesore, people will notice and it could decrease interest from potential buyers and, worse yet, the value of your property.
Not only does updating your garage door add exterior benefits but economical ones too; especially when you have an insulated garage door as the insulation will help to maintain temperatures within your garage better than an older, non-insulated garage door. So replacing your garage door is one of the easiest and best ways to increase your home value as you can see.
What makes it even easier is working with an experienced garage door dealer who can walk you through choosing the best garage door to fit your home's style and needs. To find a trusted dealer in your area, simply use our Find an Amarr Dealer near you to get started with your garage door replacement project today!
3. Replace Siding
Siding replacement is nearly there in terms of positive ROI — so it's a great option if you're looking to increase value and make the most of your money back.
Particularly, vinyl and fiber cement siding offer, on average, a 94.7% and 88.5% return, respectively.
The best part about replacing siding is that, unless the entirety of your house's exterior is damaged or you want a new look altogether, you can usually get away with replacing only the weathered, warped or cracked parts of siding. This can help save money in the long run while dramatically increasing the curb appeal of your home.
4. A Minor or Major Kitchen Remodel
Perhaps one of the more expensive projects on this list, remodeling a kitchen is no small task. That said, an updated kitchen is one of the most sought-after aspects of a home, and buyers may be willing to pay more if you've shown some love to your kitchen.
The great thing about a kitchen remodel is that it can be as extensive as you want it to be. Does your kitchen have great bones but look a little dated? Update the cabinets, countertops and backsplash to give it a more modern look. If it needs a little more attention, gut the whole room and start fresh with a brand-new floor plan and appliances.
5. Window Replacement
Akin to increasing energy efficiency and replacing exterior doors for better curb appeal, windows help to achieve both as well.
And, one of the great aspects about windows is that there are options. Not only are there lots of different types of windows to choose from, but a couple of them (vinyl and wood) are a mainstay in a few different impact modeling reports.
6. Bathroom Remodel
The average midrange bathroom remodel in America costs just short of $25,000 and offers a return of about 66%. The hefty price tag may turn homeowners off when they're exploring remodeling projects. However, there are many aspects of a bathroom remodel that go beyond appearance.
Of course, you want your bathroom to look appealing. However, upgrading elements such as the bathtub and shower to be more accessible, or adding a double vanity for increased usability are great examples of bathroom remodeling extras that can help increase desirability alongside value.
7. Paint the Interior From Top to Bottom
Applying a fresh coat of interior paint, from top to bottom, is one of the most popular projects homeowners complete before listing their property — and for good reason. It's relatively low cost compared to other, more expensive projects; it's easily done (for the most part) and breathes a breath of fresh air into the home.
Sure, once the home actually sells, the buyer may opt to re-paint it. However, it's about keeping up appearances. If you haven't given your home a new coat of paint in some time, chances are there will be little imperfections, marks and smudges on the walls that can detract from your otherwise clean and presentable interior.
8. Add Usable Square Footage and Extra Living Space
Almost always a value-added home improvement project, building extra, usable square footage on your home is a welcome addition for most potential home buyers. In fact, homes are valued and priced based almost entirely on livable square footage.
Of course, this doesn't mean that you have to go out and contract a whole new addition or in-law suite, although that can be a great idea. Adding a room as large as a bathroom can increase your home's functional square footage and, therefore, its value.
In the same vein, if your home's basement is unfinished, it could be worthwhile to finish it for that extra square footage. If you're really looking to stand out on the market, especially today, consider converting your finished basement into an apartment — a surefire way to attract potential buyers.
9. Add a Hardwood Floor (Or Refinish an Existing One)
According to various home flooring trend reports, light, bright and neutral flooring options are working their way to the forefront of interior design trends. Hardwood flooring is a great way to appeal to trend seekers while also remaining timeless. Essentially, hardwood floors attract more than just one audience, which is a great strategy when you're looking to sell.
10. Outdoor Additions (Fencing, Decking, Pool, etc.)
An often overlooked area of the property when renovating has nothing to do with the actual house at all and instead with the property at large. There are a handful of outdoor additions that can both increase curb appeal and liveable square footage, thereby increasing the value of the home.
For example, adding a white picket fence is great for curb appeal, or, if there are lots of neighbors around, a privacy fence in the backyard for added peace of mind. Further still, adding an inground pool could net you an extra 5-8% increase in the real estate value, according to experts.
The Importance of Curb Appeal
Curb appeal has been a recurring topic throughout this list, and importantly so. The outside of the house makes the first impression on a prospective buyer — and it can be lasting. Unattractive, dated or poorly maintained exteriors can negatively impact a potential buyer's opinion about your property in a big way. They may be more inclined to offer less than the asking price or be turned off of the sale completely if curb appeal isn't up to snuff.
Increasing your property's curb appeal can be achieved by taking on many of the projects on this list. In summary, those include replacing:
- Exterior doors, including the garage door.
However, curb appeal extends beyond the bounds of just the structure itself to include other aspects of your property, such as:
- Landscaping. This could include planting fresh grass seed or trees, trimming hedges, adding garden beds and more.
- Re-paving, -graveling or -sealing the driveway. The appeal that a freshly re-done driveway adds to your home can be huge — especially if it's in rough shape. Plus, if the driveway is rather large, giving it a facelift can do a lot in terms of first impressions.
- Cleaning and pressure-washing footpaths and porches. Cement footpaths and porches are bound to get a little dirty. A quick powerwash can help restore them to their like-new appearance and add an extra touch of cleanliness to your property.
No matter which projects you decide to take on, be sure to consider not only how they'll increase the value of your property, but the appeal, too. In certain markets, selling can be quite a challenge, so it's important to attract as many buyers as you can to increase your chances of selling close to your asking price.
Ready to Increase Your Home Value With a New Garage Door from Amarr?
As you can see, there are a lot of ways to increase the value of your home. Depending on your budget and time, some options may be more practical than others. But one thing is for certain — if you want to bump up the value of your property and recoup the money you invested, replacing your garage door is the best first step.
Ready to get started? Then an Amarr garage door dealer is only a click away! Find a professional garage door dealer near you!