When renovating your home, you should consider the impact it will have on your home's value. Installing an inground pool, for example, may lower your home's value if other homes in your neighborhood or local community don't already have one. The good news is that not all renovations adversely affect property values. There are plenty of projects that can actually increase your home's value, including the following.
Installing Attic Insulation
With energy costs on the rise, millions of Americans are now taking a more proactive approach towards reducing their home's energy usage. As a result, installing attic insulation may increase your home's value. According to Family Handyman, this renovation yields an average return of 107%. Best of all, installing attic insulation is a project that home homeowners can do themselves without hiring a professional contractor.
Installing a Steel Front Door
Another value-adding renovation is the installation of a steel front door. Steel doors don't look like chrome, metal doors. Rather, they contain a steel center with a wood or composite wood exterior. This design means that steel doors offer the same aesthetics as conventional wood doors but with the added benefit of strength, durability and security. Just remember to let prospective buyers know about your steel front door when you get ready to sell your home. Otherwise, they won't factor it into their offer.
Installing a Wood Deck
If your home doesn't already have one, consider installing a wood deck. According to Bankrate, this project can increase a home's value by $9,065. This shouldn't come as a surprise given the functional benefits of a wood deck. Homeowners and their family members can use this outdoor area to rest, relax, host parties, grill and smoke foods, and more.
Studies show that finishing a basement offers about a 70.3% ROI, making this an excellent home renovation project to increase your home's value. Finished basements greatly expand the amount of living space in a home. Homeowners and family members can use a finished basement for additional bedrooms, game rooms, play areas and more. Some homeowners even rent out their finished basement to offset the cost of their mortgage.
Kitchen remodels consistently rank as one of the top value-adding home renovations. According to Remodeling Magazine, a mid-range kitchen remodel increases a home's value by $16,699. This involves painting the walls, replacing the appliances and installing new counters.