Renovations to Increase Home Value
Renovating your home is one of the best ways to increase your property value. There are many different changes you can make to your home, such as finding ways to increase curb appeal, functionality, and more. From completely updating your kitchen, adding a deck, or replacing your garage door, the possibilities can range from simple to complex. However, some renovations are bound to increase the value of your home more than others. Use this guide to learn more about the best home renovations that add value and how they can be beneficial investments in your home.
- Entry Door Replacement
- New Roof
- Landscaping
- Kitchen Update
- Paved Driveway
- New Siding
- Stone Veneer
- New Deck
- Garage Door Replacement
- Contact Olympic Garage Door To Request An Estimate
Entry Door Replacement
The entry door of your home can make a big statement in many ways. Choosing to upgrade your entry door is actually one of the best home improvements to increase value. A new door can take a home from drab to fab by improving its overall aesthetic. Choose one that compliments the exterior of your home by going with one that is charming, elegant, or bold. An entry door including a half-glass panel or sidelights can add special details that will make homebuyers swoon.
In addition to elevating your home’s outdoor appearance, a new entry door also adds a higher level of security. Investing in a replacement door that meets the recommendations of a 20-gauge steel unit will get you the highest value increase. When they are combined with a deadbolt lock, this kind of door provides a sense of security due to its long-lasting durability. Not only that but steel doors also prevent leaks and provide optimal insulation, helping to save on energy costs, making them an added bonus in the eyes of homebuyers.
Replacement entry doors can cost upwards of around $1,000 but vary depending on the material and overall design.
New Roof
A roof is an important part of the overall structure of your home, making it crucial that it is kept in good condition. A roof that is in poor condition with missing shingles, sagging, and leaks can be a major turnoff to potential homebuyers because of the risks that come with a roof in less than ideal condition. A home with a bad roof is likely to get fewer offers, sit longer on the market, and have a greatly reduced offering price by those who are interested. It is no wonder that a new roof can greatly improve the value of a home by up to 60%.
The kind of roof you choose to invest in is important because different materials provide different benefits. Asphalt shingles are durable, affordable, and easy to install. They have a lifespan of about 25 years or more and cost around $15,247. Synthetic/composite shingles are made to look identical to slate or wood but are as affordable as asphalt shingles. They tend to last up to 50 years Metal roofing is expensive but the investment is worthwhile thanks to its durability and the fact that it can last 50 years or more and cost an average of $23,526.
Landscaping
A beautiful yard greatly enhances curb appeal. That’s why when your home has a healthy lawn in addition to well-maintained shrubs, flowers, and trees, its value can increase by up to 200%.
Keep in mind that landscaping doesn’t have to be expensive or overly done. When it comes to an attractive yard, less is sometimes more, especially when exotic plant life can be difficult to care for and easily turn into a costly investment. Practicality is also an important factor for homebuyers when it comes to lawn care. They will likely be more interested in something that they can easily maintain. If you want to use landscaping as a way to improve your home’s value, consider picking local and seasonably appropriate flora.
If you live in an area that has all four seasons, think of bulbs for the springtime, annuals for the summer, shrubs for fall, and evergreens for winter to keep it looking beautiful no matter the time of year.
Kitchen Update
For many, the heart of the home is the kitchen. In fact, 80% of home buyers rank the kitchen as one of the top three most important spaces when seeking a new home. When you are making an investment to renovate your home, consider ways that you can upgrade the kitchen to make it functional and attractive.
Replacing old cabinets, counters, and appliances may seem like a huge investment but in the end, it can provide an 80% increase in home value. Kitchens that look fresh with new countertops, flooring, fixtures, and appliances spout things that dream homes are made of, especially if they are high-end upgrades. The average cost of a kitchen remodel is about $22,200 with a large-scale renovation costing upwards of around $52,800.
If completely gutting your kitchen for a complete overhaul is not exactly in the budget, there are other solutions that can still increase your home’s value. Sanding and repainting cabinets to give them a new, updated look can make a huge difference, as can the replacement of old appliances. Adding a nice backsplash or updating the color palette to something fresh and new can make a big impact without costing as much as a total renovation of the space.
Paved Driveway
Paved driveways are a fantastic way to add an extra $10,000 to $20,000 in market value to your home when you are ready to sell. That is because unpaved driveways cause a number of issues including a lot of maintenance, spreading around dirt and dust in and out of the home, being difficult to walk on, and being rough on cars, among other things.
Paved driveways vary in cost depending on the materials used and the size of the area. For example, poured concrete averages around $8 to $18 per square foot of space, making it one of the most affordable options for paving a driveway, while pavers cost anywhere from $10 to $15 per square foot. All paving options available have their own pros and cons, so it is a good idea to do your research before making the final decision on which one is best for your home.
A lot of homebuyers appreciate a paved driveway not only because of the hazard-free and mess-free traveling space but also because it adds to the physical appeal of the home.
New Siding
Over time, the siding of a home can become worn, dingy, and damaged. Replacing it with new siding can actually help increase the value of your home by 73%. In some cases, new paint may be enough to provide a fresh new look, but if the current siding shows cracks, holes, mold, or other forms of damage, you are better off replacing it.
New vinyl siding will help with adding durability, increasing insulation, and saving homeowners money through utility savings. Another form of siding called fiber cement siding has also proven to be one of the best investments due to its return in value. This is because of the lack of maintenance needed to keep it looking its best and its durability, which allows it to stay in good condition for 25 years or so.
New siding can also help make a home look completely different, boosting its visual appeal to homebuyers, making it more valuable than a home that looks less than picture-perfect.
Stone Veneer
Stone veneers are the gorgeous stone siding commonly found on the side of homes that face the street. It generally covers the bottom third portion of a home, as well as around the entryway if space allows for it. This stone is usually chosen in colors that complement those of the rest of the home’s exterior, such as the roof, siding, or trim work.
This is one of the best home renovations that add value to a home because it is such an affordable way to greatly improve its appearance by lending a touch of drama. While a lot of other homes have vinyl siding, a home that has stone veneers offers a unique look that sets it apart from all of the rest, and for many homebuyers, a distinguished home exterior is an excellent detail.
Stone veneer also provides functional benefits in addition to upgrading the look of a home. It offers substantial water resistance and provides fantastic heat retention. While stone veneers are available in actual stone, manufactured stone veneers are much more cost-effective, easier to work with, and have less stress on the home’s frame and foundation. They are also just as beautiful as their natural counterparts, making them the perfect choice compared to natural options.
On average, the cost of using a stone veneer to add something extra to your home can cost around $9,625. However, this cost can be much less, especially if it is only used as an accent as opposed to covering the entire face of a house.
New Deck
When it comes to functionality, a deck is one of the features that help to seriously improve a home’s market value. A new deck allows homeowners to enjoy the outdoors without leaving their homes. It gives them a space to relax or spend time with family and friends. It is no wonder that a home with a gorgeous deck addition can see an increased home value of 75%.
The cost of a new deck will vary depending on the materials you choose. Exotic hardwoods including ipe and tigerwood are going to cost a lot more than synthetic materials. However, the right size and materials can also allow the opportunity for decks to exceed 100% in additional home value. Wood decks provide the best return on the investment but are not as resilient to weather and temperature as other materials. This material is best for a home that is to be sold almost immediately after the deck has been added.
Composite decks are much more resilient to the outdoor elements and come in a variety of different looks. Not only that but maintenance is simple. A composite deck works well for homeowners that do not plan to sell their home for six months to a year after the deck is built.
The average overall cost of adding on a new deck is about $7,225, making it a renovation that at is relatively attainable for homeowners looking to sell in the future.
Garage Door Replacement
Is a garage door a good investment? Does a garage door add value to your home? Surprisingly, yes! Garage doors are an important part of any home, much like cabinets, flooring, countertops, and appliances. The price to replace a garage door with one that is updated with the superior features of today’s modern designs is a decision which the outcome will actually exceed the value of the investment. In fact, a home that has an updated garage door can see an increased value of up to 112%, making it one of the most affordable and achievable upgrades for homeowners.
The garage door is often the focal point of a home and when it is old, dented, and rusted, it can bring down the entire appearance of your property. A new garage door that helps to compliment the rest of your home can greatly add curb appeal, making a garage door a pretty big deal when it comes to selling a home. A nationwide survey to understand realtor perceptions of garage doors showed that 70% of realtors agree that a new garage door helps to sell a home faster. This is important to remember because time is money when it comes to selling a home.
A new garage door also provides better security, safety, and even energy savings than old garage doors. Older doors also tend to be faulty, allowing for floodings in the garage and cold winter weather to break through the cracks resulting in costly expenses.
You may feel as though your current garage door works just fine, and that may be the case. However, replacing even an old garage door that works perfectly well with a new one lets potential homebuyers feel more confident in its condition, crossing it off on their list of concerns, making your home an easier sell.
The average price to replace a garage door can be around $1,080, making it one of the most affordable upgrades to a home. However, it never hurts to splurge for a double-layered door with added insulation and galvanized steel exterior, especially if you live in a location with extreme temperatures. The upgraded investment will really prove worth it in the long run when potential homebuyers are impressed by a simple garage door.
Contact Olympic Garage Door to Request an Estimate
If you are looking to increase the value of your home with a new garage door, allow the experts at Olympic Garage Door to provide you with the best. Our garage doors are made with only the best quality and functionality in mind. We offer a wide range of garage door designs to suit any home exterior. Whether you want something bold or simplistic, we are sure to have something that will enhance the overall appearance of your home. Contact us for an estimate and allow us to help you find the perfect garage door to bring new value to your home today.
