5 home updates to increase your property's value by 20%

With home prices at historic highs and mortgage rates remaining volatile, a growing number of Americans are opting to renovate their existing homes rather than relocate. A recent survey by Discover Home Loans indicates that over 55% of homeowners prefer investing in their current properties, with 57% either undertaking or planning renovations within the next year. As individuals age, renovation priorities often shift from purely resale value to encompass comfort, safety, and the ability to age in place. The advantage is that many renovations can achieve both objectives simultaneously. This article outlines seven home renovations that offer significant returns on investment while also improving quality of life for aging homeowners. The list is based on national averages and estimated ROI from Remodeling magazine’s 2024 Cost vs. Value data, emphasizing the importance of considering local market conditions, personal budgets, and long-term goals. The top renovation for 2024 is garage door replacement, boasting an average recoup of 193.9%. This improvement enhances curb appeal and offers a substantial ROI. Recommendations include using durable materials like steel, aluminum, or fiberglass, and installing automatic openers for convenience and accessibility. Entry door replacement, specifically with a steel door, follows closely with a 188.1% recoup. Beyond boosting curb appeal and energy efficiency, a new entry door can be adapted for aging in place by installing wide, flat thresholds, easy-to-grip handles, and keyless entry systems. Manufactured stone veneer, designed to mimic natural stone at a lower cost, provides an average ROI of 153.2%. It’s highly durable and low-maintenance, making it suitable for long-term residency, provided it’s installed correctly to prevent moisture issues. A fiberglass grand entrance, which includes a new fiberglass door, sidelights, a transom window, new hardware, and a doorbell, yields a 97.4% recoup. Fiberglass is chosen for its low maintenance, energy efficiency, and durability, and can be enhanced with flat thresholds, lever-style handles, and smart locks for accessibility. A minor kitchen remodel, focusing on updates like refaced cabinets, energy-efficient appliances, new countertops, and fresh paint, has a 96.1% recoup. This approach is more cost-effective than a major overhaul and can include aging-friendly features such as easy-to-read smart appliances, lower-profile shelving, and accessible storage solutions. Fiber cement siding replacement offers an 88.4% recoup, improving curb appeal and energy efficiency with the look of wood but without the maintenance. Combining this with other accessibility upgrades like wider thresholds or improved lighting can further enhance its value for aging homeowners. Lastly, a wood deck addition, with an 82.9% recoup, creates an outdoor living space. While composite decks are lower maintenance, wood decks provide a better ROI. Features such as smooth handrails, nonslip surfaces, built-in seating, and proper lighting can increase safety and usability for older individuals. The article also covers various financing options for renovations, including Home Equity Lines of Credit (HELOCs) and Home Equity Loans, personal loans, and 0% intro APR credit cards. HELOCs are revolving credit lines against home equity, suitable for uncertain project costs, while home equity loans offer a lump sum with fixed rates. Personal loans provide an unsecured option for those with good credit, and 0% intro APR credit cards can be useful for smaller projects if paid off within the promotional period. Building equity faster through biweekly mortgage payments or refinancing is also mentioned. Tax deductibility for home improvements is discussed, noting that medical-related renovations and energy-efficient upgrades may qualify for deductions or credits, subject to IRS guidelines. Most renovations, considered capital improvements, adjust the home’s cost basis upon sale rather than being deductible in the year they are completed. The article cautions that not all renovations increase home value; highly personalized or overly expensive upgrades might deter buyers. However, renovations that enhance comfort, accessibility, and independence for aging homeowners can significantly improve quality of life, justifying the investment even without a high financial return. Practical advice for aging in place includes specific modifications for bathrooms (grab bars, walk-in showers), kitchens (pull-out shelves, accessible appliances), flooring (slip-resistant materials, lower thresholds), and lighting/electrical (strategically placed light switches, accessible outlets, smart home systems). The importance of hiring reputable contractors is stressed, with recommendations to verify licenses and insurance, check professional affiliations, research reputations, obtain itemized estimates, and secure written contracts. Warnings against common home repair scams targeting older adults are also provided, alongside guidance on filing complaints with state and federal agencies. #HomeRenovations #PropertyValue #AgingInPlace #HomeImprovementROI #HomeFinancing #KitchenRemodel #SidingReplacement #DeckAddition #AccessibilityUpgrades

Renovating a home often adds value to the property but can come with substantial costs. However, there are numerous do-it-yourself (DIY) home improvement projects that can significantly increase a home's value without necessitating large expenditures or accumulating debt. These projects, often requiring only 'sweat equity' and minimal financial investment, can make a home more appealing to potential buyers or enhance the living experience for current residents. Key DIY projects that offer high returns include painting, updating fixtures, installing ceiling fans, and refinishing hardwood floors. Painting walls, both interior and exterior, can dramatically change a home's appearance, making it seem well-maintained and boosting curb appeal. Updating switch plates, outlet covers, curtain rods, light fixtures, and doorknobs can add a touch of elegance at a low cost. Installing ceiling fans can save on electricity bills by improving air circulation, thereby increasing a home's energy efficiency—a factor that can raise a home's selling price by 3% to 5%. For older homes, uncovering and refinishing existing hardwood floors is a cost-effective way to add significant value, with buyers often paying an additional $5,000 to $6,500 for homes with such features. Bathroom upgrades, despite their small scale, can yield a return on investment (ROI) of about 73%. Simple bathroom renovations like redoing tile floors in neutral colors and updating fixtures like vanity lights, sink faucets, and showerheads can make the space feel more modern and luxurious. Similarly, kitchen renovations are known for their high ROI, with minor updates potentially offering up to a 96% return. Painting or staining existing cabinets and upgrading cabinet knobs and drawer handles can give a kitchen a fresh, updated look without the expense of a full remodel. Exterior improvements also play a crucial role in increasing home value and curb appeal. Installing a new front door can provide an impressive ROI of nearly 188.1%. Even a fresh coat of paint on an existing door can make a difference. Regular maintenance, such as cleaning gutters, is essential for preventing structural damage and costly repairs. Power washing the home's exterior can instantly refresh its appearance and potentially add up to $15,000 to its value. If power washing isn't enough, repainting the exterior can make the house look almost new. Finally, landscaping enhancements, including planting perennials and tidying up existing greenery, can significantly boost curb appeal and offer a substantial ROI of 100%. Maintaining a home's basic structure and making small, strategic upgrades contribute greatly to its overall value. #HomeImprovement #DIYProjects #HomeValue #Renovation #CurbAppeal #RealEstate #InteriorDesign #ExteriorMaintenance #CostEffective

A fresh coat of paint offers an accessible and relatively affordable method for transforming a room's atmosphere, and critically, it can also enhance a home's market value, provided the correct colors are selected. Neutral colors such as white, beige, taupe, and various shades of gray are generally recommended by real estate experts as they tend to facilitate quicker sales. This preference stems from the fact that neutral palettes offer prospective buyers a 'blank canvas,' allowing them the creative freedom to envision and implement their personal aesthetic touches. Conversely, selecting bright or bold paint colors can be perceived as risky by sellers, given the highly subjective nature of personal color preferences. An Opendoor survey corroborates the appeal of neutrals, indicating that gray and beige are the most popular choices for home exteriors, accounting for 30 percent and 26 percent respectively. These findings underscore the financial benefit associated with neutral hues. To guide homeowners in making informed decisions, six real estate professionals have shared their preferred paint colors, suitable for both interior and exterior applications, whether for an imminent sale or simply a decorative refresh. Among the recommended shades, Sherwin-Williams' Agreeable Gray (SW 7029) is frequently cited. This 'greige' shade, a blend of gray and beige, is lauded for its versatility, complementing a wide array of decor styles. It is often considered a critical interior home improvement. Sherwin-Williams Alabaster (SW 7008) is another popular choice, particularly for exteriors. Skyler Frazier, a realtor at The Landings, notes that light and airy colors like Alabaster appeal to buyers by providing a neutral foundation. He describes it as a soft white that avoids being overly stark. For interiors, Frazier observes a shift from pure grays to 'greige' tones. Benjamin Moore Gray Mist (OC-30) is highlighted as an excellent example, offering a balanced mix of tan and gray. This shade provides a subtle contrast to trim while imparting a more inviting and homely feel compared to stark white walls. Liz Giddens, another realtor at The Landings Company, recommends Sherwin-Williams' Snowbound for exteriors, pairing it with Iron Ore (SW 7069) for shutters and other exterior accents. Iron Ore is described as a crisp black, providing a sharp contrast. Benjamin Moore's Chantilly Lace (OC-65) is gaining popularity for interior spaces. Mary Lou Wertz of Maison Real Estate notes its frequent use by clients, stagers, and interior designers alike, praising it as a warm yet bright white. For those with predominantly warm interior tones, Florida-based realtor Virginia Girton suggests Sherwin-Williams' Accessible Beige (SW 7036). She asserts that warm grays consistently lead to increased profits for home sellers, and Accessible Beige, a universal paint color, is highly effective in this regard. Finally, Jen McConnell, co-owner and broker-in-charge at McConnell Real Estate Partners, reiterates the current trend for white exteriors, naming Sherwin-Williams' Snowbound (SW 7004) as a personal favorite. She clarifies that while it is a pure white, it avoids a harsh or stark appearance. These selections offer homeowners strategic options for enhancing their property's appeal and value. #PaintColors #HomeValue #RealEstate #NeutralColors #HomeImprovement #InteriorDesign #ExteriorPaint #SherwinWilliams #BenjaminMoore

Many homeowners focus on major renovations like kitchen and bathroom remodels, or adding new spaces, when looking to enhance their homes. However, there are numerous smaller, often overlooked improvements that can significantly boost a home's value and aesthetic appeal. These renovations are beneficial whether the goal is to prepare a home for sale or simply to upgrade a living space for personal enjoyment. One such renovation involves prioritizing open-concept design. While some might question its relevance, Kristin Hintlian, co-owner of Bonsai Builders, a high-end residential contractor, affirms its enduring value. Instead of wholesale demolition, the focus should be on selectively opening up spaces that are functionally and aesthetically suitable, particularly kitchen, living, and dining areas. Removing a wall between living and dining spaces, for example, can enhance natural light flow and create a more inviting, spacious atmosphere. This approach is not universal; older homes might benefit from preserving defined spaces to maintain their original character. Nevertheless, considering this for homes on the market can be a strategic move. Landscaping is another frequently underestimated renovation. Excellent landscaping can increase a home’s value by as much as 10%. Beyond financial returns, a well-landscaped property improves curb appeal and creates an inviting outdoor living area, effectively extending the interior space. While professional landscaping can be highly valuable, homeowners can also undertake DIY projects for personal enjoyment, provided the work is executed well to maximize monetary value. Replacing countertops offers an effective way to refresh a kitchen without the expense of a full remodel. Hintlian recommends granite due to its heat resistance and durability against scratches and stains, making it a wise investment for both long-term use and resale value. Although the initial cost may be higher than alternatives like laminate, granite elevates the kitchen's functionality and aesthetics, ultimately proving to be a worthwhile upgrade. Staircases, despite being central visual features, are often neglected during renovations. There are various ways to upgrade them, such as updating stair treads, replacing railings, repainting, decorating risers with wallpaper or tile, adding a stair runner, or incorporating artwork. Hintlian notes that these upgrades can significantly modernize a home's interior without requiring major structural changes. Finally, swapping out light fixtures is a simple yet impactful upgrade. Replacing outdated or builder-grade fixtures can drastically improve a home's value and ambiance. Additionally, installing new light fixtures in areas with insufficient lighting, particularly in older homes, can make spaces feel brighter and more expansive. Adding overhead lights, pot lights, sconces, or table lamps can transform a dark room. This renovation is relatively quick and easy, especially with professional help, offering fast and effective results. #HomeRenovations #HomeImprovement #HomeValue #OpenConceptDesign #Landscaping #KitchenUpgrades #CountertopReplacement #StaircaseRenovation #LightingUpgrades #InteriorDesign #ContractorTips