If you're thinking of selling your home or an investment property, you may be wondering what you can do to boost its value first. And even if selling isn't in the game plan right now, if you're considering some renovations, it's always a good idea to be sure you're getting the most bang for your buck.
With that in mind, let's take a look at three ways you can add considerable value to your home. Then you can decide which renovations you and your family will enjoy most -- while benefiting your bottom line considerably at the same time.
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1. Boost your curb appeal
You probably know that first impressions are a big deal, in real estate as in life. Landscaping that appears sparse, uninspired, or out of control can be a huge turnoff to potential buyers, making it an uphill battle for the interior to turn things around during a showing.
But beautiful, well-done landscaping can make the home appear more charming and inviting. And buyers aren't left calculating how much they'll have to spend to do it themselves and trying to imagine how the home will look once they do.
You'll likely spend over $1,500 on a nice landscaping project. But while the return on investment (ROI) varies considerably, an ROI of around 300% is not unusual. Just be sure to avoid these common landscaping mistakes.
And while you're working outside, you may want to consider purchasing a black door or painting your current door black, if it isn't already and if black would work well with your home's exterior.
That's because a Zillow report released a few years ago revealed that homes with black doors were selling for over $6,000 more than homes that were comparable in all other ways. There doesn't appear to be any update on whether this is still the case. But for that kind of return, it certainly seems worth a shot.
2. Deck out the kitchen
If your kitchen cabinets and countertops have seen better days, this is an area where it really pays to make that upgrade. The kitchen is often referred to as the heart of the home, and potential buyers are likely to linger here, imagining themselves preparing meals and snacks with friends and family. You could spend $3,000 to $10,000 on your cabinet upgrade, but you can expect an ROI of 80% to 100%.
And of course, kitchen countertops take a lot of abuse, too. Countertops made with durable materials like quartz and granite don't come cheap, with costs ranging from $35 to $100 per square foot, plus a few thousand dollars for installation. But with an ROI of 60% to 80%, this is another upgrade that can be a fantastic investment.
3. Grab some paint
Can't afford to spend thousands of dollars on renovations right now? No problem. Simply painting your home's interior can provide some much-needed refreshment and give you an ROI of over 100%. Cost will vary widely, depending on the paint you choose and whether you go DIY or hire it out, but you may be able to paint the whole interior for under $1,000.
You'll probably want to keep it neutral. Bold, dramatic colors can turn potential buyers away as they struggle to imagine their furnishings against the backdrop and consider the hassle of having to repaint as soon as they move in. Off-whites, as well as soft grays and beiges, tend to be safe bets that most people are comfortable with, and you should be able to find a neutral color you and your family will enjoy, too.
What does your home need?
If renovations are on your radar, you probably have a good idea of which of these upgrades will be the best fit for you. A fresh coat of paint is a great idea no matter your budget. And if your landscaping consists of a couple of shrubs and a few plants, you may want to see what you can do about that. Meanwhile, if it's been awhile since you've shown your kitchen some love, now may be a good time to get in there and renovate. Any one of these projects has the potential to significantly increase your home's value while increasing its appeal, both for your own family and a potential buyer.
