Smaller Projects to Increase the Value of Your Home A small kitchen remodel, such as updating kitchen lights. Replacing vinyl siding with stone siding in a part of your home, such as a driveway, can improve the exterior of your home. The average cost estimate represents 36 linear feet of thresholds, 40 linear feet of corners and an address block, and materials including two layers of water-resistant barrier and corrosion-resistant slats and fasteners. This project can recover just over 92 percent of its cost.
An outdoor kitchen that goes beyond the grill with features such as cabinets, countertops, a bar and a small sink or refrigerator enhances the luxury and charm of outdoor dining and entertainment. Our agents say that buyers especially like a combination with a grill, sink, fridge and bar (46%), as well as a retractable awning or awning for shade (34%). A Bank of America survey revealed that more than 70% of Americans tackled home improvement projects during the COVID-19 pandemic, with millennials spending the most. You will have time and time to enjoy the renovations before posting photos of the new and updated rooms.
And remember, even with real estate renovations that are known to add value, you're very likely to spend more money than you'll get on resale. You can also do a cash-out refinance, which exchanges your current mortgage for a new, larger loan so you have the funds to make renovations. Read on to learn how to strategically renovate and what projects really add value to your property. Eric Périgny says that a five-year period is a good crossroads between the renovation date and the sale date of the property.
However, before you shell out big bucks for your home upgrades, make sure you have a solid understanding of renovations that produce the highest return for the money. The Canada Assessment Institute says that the renovations that generate the highest return on investment are, in this order, the kitchen, the bathroom and the interior and exterior painting. Yes, you want to live in a space you love, but think twice before investing in major or expensive renovations. The Office de la Protection du Consommateur offers several tips to follow before hiring a contractor for renovations.
In short, before you invest tons of money in an elaborate renovation project, consider what competing properties in your neighborhood have to offer. Any overly customized renovation can damage the value of a home, especially something like tiling, which requires more effort and money to replace it, said Bob Gordon, real estate agent and blogger for Boulder Real Estate News. And while it's natural to want to make improvements to increase the resale value of your home, some renovations will cost you money in the long run. There is always something of value in adding personal touches, even if it's the simple fact that you'll enjoy your renovations as long as you own the home.
To avoid mistakes in kitchen renovation that will not give you a return on investment, try to focus on which aspects of the kitchen are more dated or worn out.
