Renovations can make your home a happier place. However, some renovations have the ability to add more value to your property than others when the time to sell comes. Therefore, if you’re planning to renovate your home, you should do the upgrades properly. This means avoiding the “lipstick and mascara” type of upgrades that only cover up serious issues within your home.
To get the most return on investment, consider the following remodeling projects in 2022.
Garage Door Replacement
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The average cost of a garage door is $3,907, and it has an average resale value of 93.8%. Out of all renovation projects, you may wonder why replacing your garage door can yield the best return. A two-car garage door is quite large and it will help to color the first impression of potential buyers when they arrive at your home. Conversely, an old, ratty garage door can be an eyesore and reduce the amount potential clients would be willing to pay.
A Bathroom Remodel
Renovating your bathroom is one of the best home upgrades. In addition, bathroom remodels will significantly contribute to your home’s resale value. You can expect to recover a 60.1% return on investment after remodeling your bathroom.
To increase the value of your property, you don’t need to include expensive upgrades; simply painting the bathroom, adding new mirrors, and changing the lighting fixtures will attract potential buyers.
Replace Old Windows
The average cost of replacing old windows with new vinyl windows is $19,385, and it can get you a 68.6% return on investment. Although window frames can be made from aluminum, wood, vinyl, or fiberglass, vinyl offers some advantages like low installation cost and maintenance. Plus, vinyl comes in a variety of colors and you can paint it.
Replacing old windows will make your home look more appealing, make your windows more functional, and it will cut energy usage. This is because new windows will give you better insulation.
Install Vinyl Siding
Replacing your vinyl siding will cost an average of $16,576, and give you a return on investment of 68.3%. New vinyl siding will freshen up your home’s exterior and is more budget-friendly compared to cement siding.
Paint Your Home
A fresh coat of paint will give you the biggest bang for your buck. According to Forbes, the average price of a gallon of Latex-based paint is $15-$50, making it the most inexpensive home improvement project.
When painting your property, consider the following:
- Paint your kitchen: Ideally, paint the cabinets black and the walls white. You can also consider neutral colors or greige walls.
- Paint the bedroom: Ensure that the bedroom colors are not too dark. The right colors would be soft grey or more neutral colors.
- Paint your bathroom: White and other bold and deep colors won’t help to increase the value of your home. According to a recent color analysis by Zillow, light blue or light grey color significantly increase the overall value of your home.
- Update your paint colors: Always remember that bright, bold, or saturated paint colors are off-putting to serious buyers. Therefore, if your home has a lot of these colors, then you should get a professional painter to update your interior with a fresh, neutral coat of paint.
- Paint the exterior of your home: Results from a recent study showed that homeowners who paint the exterior of their homes get a 51% return on investment. Apart from the high returns, the exterior paint will also act as the first line of defense against elements.
Summing Up
Renovating your home will make it more habitable and also increase its value. If you put your money into remodeling the areas highlighted above, buyers will likely pay more for your home.