Whether you’re planning on living in your home or putting it on the market, home renovations are an exciting change that may increase the value of your home. Not all renovations are created equal, however. While adding a fresh coat of paint or updating a kitchen or bathroom are important and may be the first areas you’ll want to update, there are other changes that enhance curb appeal and your living space. Although some renovations are more expensive than others, most of the time you’ll be able to recoup a percentage of what you spent when you sell.
Here are a few suggestions for renovations that may also increase your home’s value:
1. New Steel Front Door
Replacing your existing front door with a steel one can change the look and feel of your home. Your front door is the first thing people see and it can get worn out over the years. Steel doors are easier to maintain than a wood door, and they protect your home better against break-ins and fires.
2. Add a New Wood Deck
Al fresco living is trendy, but it requires having the right outdoor space. Rather than a new addition, a deck is considerably less expensive. You can use wood or manmade materials like vinyl, composites or PVC, but wood adds more value to your home. You can decorate your new outdoor space with a table and chairs, lounges or a barbeque, which helps expand your living space to the outdoors.
3. Replace Older Siding
By replacing worn siding with vinyl or fiber-cement siding, your home will have a bright new look. Vinyl siding is easier to maintain, and while fiber-cement siding is more costly, it also has a more expensive look to it.
4. Replace an Old Garage Door
Garage doors also affect curb appeal, and installing a new one can enhance your home’s aesthetic appeal. Also, consider your budget and style when upgrading the door. There are many options to choose from, including wood, steel, aluminum or fiberglass doors. Consider that while wood may be the most popular choice, it’s the most difficult to maintain.
5. Converting an Attic or Remodeling a Basement
Depending on your home’s layout, either of these can be converted into additional living space or a retreat. You can turn an attic into a bedroom or a basement into a den. These renovations are more costly, as this space may need walls, insulation and wiring, and may require being built to code.
6. Approvals and Permits
Depending on where you live, some renovations may require permits and inspections if you’re changing your home’s structure or modifying systems like plumbing, electrical or HVAC. While you might be able to do this work yourself, a licensed architect or engineer may have to sign off on drawings and plans, or an electrician or plumber may have to inspect the work. Be sure to check your community’s rules so that if you do any renovations, you won’t have issues down the road because you didn’t obtain permits or have work inspected.
Considering a larger home improvement project? Find out how a home equity line of credit can help turn your plans into reality.