When it comes to home renovations, not all upgrades are equal. If you want to increase the resale value of your home, you need to choose projects that will provide a 100% return on your investment. Here are three home upgrades that will stretch your renovation dollars and maximize your ROI.
Flooring and Moldings
Many homeowners are choosing to switch from carpet to hard flooring. Hard flooring is a great investment, as it’s durable, easy to maintain, and attractive. Ask your contractor about the different types of flooring and finishes that would suit not only your style, but the look and feel of the home as well. Hardwood, laminate, and ceramic tile are just a few of the options available that can add value to your home. Woodwork and moldings are a relatively inexpensive way to spruce up a room and add drama.
Whichever flooring or moldings you choose, be sure to buy the best materials you can afford. You should also try to keep in mind not only your own tastes, but those of the future homeowner as well. One good way to select flooring and moldings is to consider what’s popular with other homes in your area. By staying on top of current trends, you can keep you home beautifully updated and ensure its attractiveness to future buyers.
Basement
To get the maximum ROI on your basement renovation, you’ll need to make sure the space is dry and well-lit. Dark, damp basements can be a turn-off to potential buyers. Before starting your remodeling project, check your basement for leaks and cracks in the foundation. Repair leaks, then waterproof your basement with pros like Murrell’s Waterproofing to keep moisture out. If your basement is poorly lit, ask your contractor for ways to add more natural and artificial light. A cozy, warmly-lit basement shows well to buyers.
Deck or Patio
Not only is building a deck or patio inexpensive, you’ll also have an inviting space for entertaining and relaxing outside. A basic deck can be constructed with wood materials, concrete, or high-end synthetic wood. Any of these options will draw the attention of potential buyers, who will be happy to pay a premium for the added benefit of an outdoor living space.
Landscaping
Besides adding curb appeal your property, there are several other ways good landscaping can increase your home’s resale value. A well-designed landscape helps reduce your energy costs by providing natural heating and cooling effects year-round. In hot climates, trees and shrubs can be planted around walls and windows to keep the house cooler. In colder regions, trees and shrubs deflect winter winds, keeping the house warmer. The U.S. Department of Energy has a handy guide on their website that can help you determine the best landscaping strategy for your climate.
Renovating your home to increase its resale value doesn’t need to be an expensive undertaking. By making a few strategic upgrades, you can easily add value to your house without spending too much cash. Even if you’re not planning to sell anytime soon, the above renovation projects will provide you with a beautifully updated home.