Remodeling costs money. According to industry guides, it could cost as much as $40,000 to improve the entire house. You might as well make sure it truly counts. For example, you can increase the value of a property by choosing the right material or color.
1. For Your Entrance Door, Paint It Black
Enhancing your curb appeal on a budget can be as simple as repainting the entrance door, and Zillow has the right color for that.
In 2018, the real estate marketplace analyzed over 130,000 listing photos and discovered specific colors sell better than the others. For the entrance door, anything dark, such as black or charcoal gray, sells the fastest.
It can also likely increase the property value by $6,000–not too shabby for a project that may cost less than a thousand dollars. The shade’s appeal may come from its ability to make the door stand out, not to mention black is the color of luxury.
2. For Your Empty Yard, Add a Deck
Decking can be time-consuming and expensive, especially if you do it DIY, but it’s worth the sweat and money. HGTV estimates that it could boost real estate value by as much as 90%.
This project creates the illusion of more space, utilizes empty spaces well, and speaks of fun outdoor entertainment.
The material, though, also counts. According to the 2020 Cost vs. Value Report, you can recoup up to 72% of your spending on a wood deck and 66% if you prefer composite. Using a waterproof decking material is also an excellent investment since it promotes durability and stability.
3. For Your Bathroom, Add or Keep the Tub
A bathroom remodel can cost a lot of money, but it also provides one of the most significant rates of return: a whopping 65% if you do it right. That includes adding or keeping a bathtub.
Bathtubs appeal to families for many reasons:
- Children would likely prefer to play than to stand in the shower to bathe.
- Parents would love the idea of soaking themselves for a few minutes after a long day.
- Many families these days have pets, and bathtubs are great places to wash them.
If you have extra budget, you can combine a tub with a walk-in shower, preferably one with a stainless-steel rain shower head.
4. For Your Kitchen, Replace Cabinetry with Wood
Remodeling magazine seems to end the debate on whether to use open shelving or keep the cupboards. The experts lean toward the latter, but you may want to change the paneling to shaker-style wood design. You can also pick the same style to update the drawer handles.
For a minor upgrade, the magazine further recommends investing in energy-efficient appliances or buy the most expensive faucet and sink you can afford. Finally, consider changing your flooring to something more stain or dent resistant. All these could give you an ROI of 77% from a possible cost of $23,000.
5. For the Entire Home, Think Smart
It pays to have Alexa or Philips smart lighting in your home. According to Consumer Reports, embracing home automation can add at least 5% to your home value. These technologies appeal not only to millennials but also to many baby boomers who are becoming more tech-savvy.
Make your money work even when you’re doing home remodeling. Invest in value-added projects.