Best and Worst Home Improvements: Use Your Money Wisely
You’ve done the research and worked with your financial institution to get a home equity line of credit to spruce up your home. There are so many different projects you could tackle, but which home improvements will get you the most for your money if you plan to sell your home someday? Which home improvements won’t deliver the return you’re hoping for? Below, we’ll outline the best and worst home improvements for your money.
Best Home Improvements
If you’re looking to add resale value to your home, it’s important to determine what projects will add value and get the most from your money. Renovations should enhance your home, but doing something too elaborate may not be worth it.
Kitchens and Bathrooms
Kitchens and bathrooms are usually the most popular rooms for home improvements. Giving your bathroom or kitchen a facelift is a great option to give your home an updated look. These are typically the rooms we spend a lot of time in. Updating fixtures in the bathroom or replacing outdated cabinets and appliances in the kitchen are all projects that deliver change right before your eyes and improve the resale value of your home.
However, be careful not to go overboard with the upgrades if you’re looking for a good investment. Custom stonework in the bathroom or high-end countertops in the kitchen usually only recover a little more than half the expense and may not appeal to future buyers if they’re too specific to your tastes. Keep updates more moderate in price and not overly customized to your preferences.
Backyard Deck or Patio
A backyard retreat is an extension of your home. A deck or patio is an excellent investment since it gives you an outdoor living space to relax in. Building a quality deck or installing a nice patio is a great way to get more resale value out your home, and it provides you with another space to enjoy.
Curb Appeal
What your house looks like from the outside is just as important as what’s on the inside. Consider projects like replacing the front door, installing a new garage door or adding or replacing landscaping. All of these projects will give your home an updated look while also giving you a good return on your investment.
Worst Home Improvements
While no home improvement is bad, some may not be worth the money, especially if you plan on seeing a return on your investment later.
Sunroom
A sunroom may seem like the perfect addition to your home, but if you’re planning on getting the most out of your money, it may not be the best upgrade. Sunrooms are usually unheated, so you’ll only get use out of the sunroom for half of the year. A deck or patio is the better investment when adding an outdoor living space.
Wall-to-Wall Carpet
While you may enjoy the feeling of brand-new carpet under your feet, that may not be the case for potential buyers in the future. Carpet can get dirty and show wear more quickly than other flooring. If you plan to sell your house at some point, installing new carpet in the hopes of adding more value to the house is not a wise decision.
Overly Personalized Touches
Making changes to make a home yours is an enjoyable part of owning a home. However, if you plan to sell any time in the future, be careful of how many personalized projects you take on. Adding wallpaper, painting rooms in loud colors, or installing a quirky light fixture may make your space feel just right to you, but it could turn off potential buyers. Stick to more neutral upgrades that don’t require unique design taste.
While choosing what updates you make to your home is entirely up to you, if you’re looking at adding value to your home and seeing some return on your investment, keep these tips in mind.