4 Quick Home Renovations that Boost Property Value
You don’t always have to dip into your saving’s to make your home look presentable to potential buyers. In fact, you can boost the property value of your home just by making a few updates. If you’re looking for the most value, renovations to the kitchen and bathroom provide the highest return, yielding an average return on investment (ROI) between 75 and 100 percent.
Another feature that most buyers want when purchasing a home is energy efficiency. According to the National Association of Home Builders, “94 percent of home buyers want energy-star rated appliances, 91 percent want an energy-star rating for the whole home, 89 percent want energy-star rated windows, and 88 percent want ceiling fans.”
If you’re looking to sell your home soon, here are four quick home renovations that can boost the sale of your home.
1. Install New Sinks & Faucets
Nothing spruces up your kitchen or bathroom like replacing an old sink and a leaky faucet. This is a simple do-it-yourself (DIY) project that you can do in a few hours and it’s relatively inexpensive.
Additionally, make sure you repair any leaks when you replace the faucet. This is not only a great way to add value, but it can also save gallons of water. In fact, “hot water leaking at a rate of 1 drip per second can waste up to 1,661 gallons of water over the course of a year, and waste up to $35 in electricity or natural gas.”
2. Replace the Front Door
A new front door will not only improve your home’s curb appeal, but it also has a significant ROI. According to the 2014 Cost Value Report, a fiberglass door recoups as much as 66 percent of the total job cost, while a steel door replacement can recoup up to 114 percent! Plus, you may qualify for a tax credit if you purchase a qualifying energy-efficient door.
Replacing the front door is not exactly an easy DIY project, so it might be best to hire a professional to ensure proper installation.
3. Resurface and Paint
Interior painting can yield a return as high as 250 percent, and it’s a simple way to bring new life to your kitchen or bathroom when you make it a weekend project. For best results, remove the old paint first before you add primer and fresh paint.
When selecting colors, look for neutral colors or natural wood finishes. Although bright pink walls may suit your personality, it can turn away potential buyers when you sell your house.
4. Replace Old Carpet
Is your carpet badly stained or worn? If so you might want to replace it, or at least replace the worst areas in your house. For an even bigger return, you may want to replace the carpet with hardwood floors. In a study conducted by Professor G. Stacy Sirmans of Florida State University, floors that are wood, tile, or a combination of both add the most value to your home.