Projects that increase the value of your homeRemodel the kitchen. Kitchen updates pay off. Do you have questions about buying, selling, or renting during COVID-19? Learn more You don't have to spend a lot of money to make your home more attractive to buyers. Consider these lower-cost projects that still offer a lot for your money.
You don't need to tear off the tiles or add all the new accessories to add a touch of elegance to your bathroom. In fact, 27% of sellers make improvements to the bathroom before selling it, and they can be simple solutions. Fixing floors is another common task, taken on by 24% of sellers. A HELOC works like a revolving line of credit, secured by the capital of your home.
Borrow what you need as you go, but borrow it with a variable interest rate, so costs can rise (or fall) over time. An updated bathroom is an important selling point for any home. When renovating, incorporate elegant surfaces to create a bright space that makes cleaning easy. According to the same report from the National Remodeling Industry Association, real estate agents estimate that homeowners can recover up to 57% of the cost of renovating a bathroom if they sell their home.
Your home's heating, ventilation and air conditioning (HVAC) are the components that keep everything running. These are some of the most important elements to maintain. In addition, real estate agents estimate that homeowners can recover 85% of the cost of an HVAC replacement if they sell their home. Bathroom and kitchen renovations are the most popular home improvement projects.
You can expect to recover 75% of your investment (according to the Canadian Evaluation Institute). Replacing an outdated vanity, old plumbing and lighting fixtures, or adding a new tile floor will ensure a great return on your money and give your bathroom a modern, updated look. Replacing old lamps, countertops, cabinets, toilets, and floors can also increase the appeal of your home. Bathrooms have the second highest rate of return on investment, behind kitchens.
With the stairs and heights involved, this may not be a DIY task for everyone, but even if you have to hire other people to do this work, it's still quite inexpensive when it comes to home improvements and can make your house look almost new from the outside. So, which renovations have the greatest impact on a home's value? The real estate experts at Six Better Homes %26 Gardens weigh in on what projects are really worth undertaking. A composite deck addition or backyard patio won't yield as much to return as wood, at 82.8 percent (decking and composite patios produce an average yield of 63.6 percent and 47.6 percent, respectively). The remodel recommends sticking with a 16-foot x 20-foot wooden deck, although the right size for your home will depend on the size of your house and patio.
This is a simple update and market research indicates that homebuyers are looking for smart devices in the home for greater convenience, energy management and greater security.