Even if you are not thinking of selling your home, you should always consider the value of any home improvements that you make. This should be value for money for the materials you are buying and the project you are completing. But also, the increased sale value of your home once the project is complete.
Each project you take on in your home has the potential to add to the resale value of your home in the future. So, we recommend that if you are looking to complete a project, you do this to the best possible standard.
Also, if you are planning to complete home improvement projects on an ad-hoc basis for the future resale value of your home, we recommend the projects below as a starting point for any home.
Small Kitchen Remodel
Most homeowners spend a considerable amount of time in their kitchen, so having this room at a high standard can considerably increase the marketability and value of your home. Spending between $15,000 and $27,000 sounds like a lot of money, but it has an average 72% return on investment spent.
What we mean by a small remodel of your kitchen is updating your kitchen to make it more modern and attractive to future buyers. This could include brightening up cabinets and worktops with new surfacing or paint. Updating some of the main items, such as the oven or sink, can also add considerable value. If you are living in an older home that has not been updated for a number of years adding new faucets and cooktops makes an instant difference.
Replace the Entry Door
Increasingly homeowners are opting to replace their main entry doors with steel doors. This is due to steel being a durable material that makes residents feel safe. Also, it is relatively inexpensive to do with an initial outlay of between $500 and $1500 and a return on that cost of 65%. This home improvement project can be completed in a day if you have all the materials ready.
All you need to do is remove the old door and frame, install the new door and frame and add a new lock mechanism. If you are not confident doing the work yourself, a contractor can do this quickly. The entry door is one of the first things prospective buyers see about your home, so a steel door can make a very positive impression.
Remodeling your bathroom can be a major undertaking, so you may want to complete this one in stages or rip off the bandaid and complete it all in one. A full bathroom remodel can cost quite a lot.
A bathroom remodel is one of the first things we recommend you complete, as it will not only improve the resale value of your home but make your time there better too. Improved functionality in your bathroom can only be a good thing and can sometimes save you money on your water bill.
Remodeling your bathroom would include tasks such as; removing or replacing the bathtub installing a newer, more efficient toilet and shower. Also, cosmetic projects like removing medicine cabinets and removing or replacing the vanity unit for a more modern sink with countertop. You could also include new flooring, possibly underheated, while you are putting the new items into the room.
Alternatively, for an average of $39000 with a 57% return on the cost, you could install an accessible bathroom when remodeling. This could make your home more attractive to buyers who are older or who have a disability. This would include accessible bathtubs and toilets and small adjustments like moving the light switches to a lower level.
Major Kitchen Remodel
If you do not think that the small kitchen remodel above would be enough to improve the resale value of your home to the level you would like, you could complete a major remodel. This would be more beneficial if you feel that the full layout of the kitchen needs to be upgraded.
This project would include tasks such as; replacing the cabinets, changing all of the countertops to a new material, replacing the sink, and making the oven more energy efficient. You could also install inbuilt appliances and new flooring.
The average return on investment for a major kitchen remodel is lower than a small remodel, so we do only recommend this project if you need to change the layout. The average cost is between $30000 and $60000 with an average return of 57%.
Adding a Bedroom Suite
This project is a major undertaking and a major cost outlay, but if completed correctly, it can add significant value to your home. If your home does not have a bedroom suite or if it is not the best layout, then adding another is a solid investment. With a cost of between $100000 and $224000, the average 54% return on your investment is a substantial amount of money.
You can keep the cost of this home improvement project toward the lower end of that price range by converting a room you already have, such as an attic. Depending on your proficiency level with DIY projects, this may be a task better suited to professional contractors. Although this will cost more in the short term, it will mean the project is completed quickly and to a professional standard to sell your home.
Adding a bedroom could also go hand in hand with adding an additional bathroom, especially if you are adding the bedroom suite in the attic. Including a bathroom in the same location avoids going downstairs in the middle of the night and will add additional resale value to your home.