The average home sale price at the beginning of 2019 was $393,700. Where does your home stand? If your home is worth less than the average, it may be time to spruce it up with some wise home improvements.
It's no secret that renovations can be costly. However, if you make the right renovations, you'll get most of your money back with an improved home resale value. But which home improvements get you the biggest bang for your buck?
If you're interested in adding value to your home, here are the best home improvements for resale value.
The Top 9 Best Home Improvements for Resale
As far as resale prices are concerned, homebuyers are interested in two things: great curb appeal and extra space. Most of these improvements offer one or the other. In some cases, increasing home value is as easy as replacing a new door.
Don't believe me? These nine projects will make you think otherwise.
1. Entry Door Upgrade
If you don't have the capital for expensive renovations, replacing your entry door is an affordable way to add value to your home. Remember: Few things are more important than curb appeal.
Opt for a solid, secure steel door. It may sound utilitarian, but steel doors can provide beauty as well as additional security. Homebuyers love both.
2. Bathroom Remodel
Along with curb appeal, you can't forget the most important room in the house: the bathroom. I won't deny that a midrange bathroom remodel is an expensive and lengthy process, but it's worth it in the end.
Since bathrooms are a lucrative expense, don't remodel yours if your home is already worth the neighborhood's average price. It could place your home's resale value out of the competition and limit your return.
However, you can always make smaller changes to the bathroom, rather than a full renovation. Changing the tiles, adding a new sink, or installing a large soaking tub are great options.
3. New Garage Door
Trying to avoid an expensive renovation? A garage door will run you $3,000 to $4,000 dollars and you'll get back every dollar in resale value. In fact, replacing your garage door is a project that offers some of the highest returns.
The improved curb appeal will also impress homebuyers once you put your home on the market.
4. Finished Basement
Turning that moldy basement into a beautified living space can transform the value and functionality of your home. Popular options include a drinking bar, recessed lighting, or a cozy home theater. Depending on the layout of your home, it could also become a rental unit separate from the house.
Finishing a basement is a costly project. However, depending on your location in the US, you'll get a return on two-thirds of your investment or even turn a small profit when you sell the house.
5. Wood Deck Addition
Adding a wood deck to your home is a moderate, achievable expense for most homeowners. The deck adds curb appeal, additional square footage, and an entertainment area. In short, it's a collection of everything homebuyers love.
And best of all, it reclaims an average of around 80% in resale value. Rather than putting tens of thousands into your home with renovations, a wood deck only costs around $10,000. It's a great choice if your home value needs a slight bump, but nothing major.
Take a look at some other home additions that expand the functionality and improve the resale value of any home.
6. New Windows
Not only do new windows improve the look of your home, but they're also a way to increase energy efficiency. Many homebuyers covet energy-efficient additions for both financial and environmental reasons.
You'll get the largest return in cold climates, where heat retention is a serious concern.
7. Stone Veneer Siding
It's amazing what stone veneer can do for a home's curb appeal and rustic appearance. Real stone veneer is a serious expense. For the best value, go with a manufactured veneer. Don't worry -- it looks just as good as the real thing.
Depending on the size of your home, you can expect to pay around $10,000 for manufactured stone veneer. But you'll recoup nearly 100% of the price.
Or, if you aren't fond of stone veneer, replacing your old siding with some new vinyl can still pay dividends. Although, it won't be as much.
8. Kitchen Renovation
Renovating your kitchen is one of the most expensive upgrades you can make to any home. You could be looking at $20,000 to even $100,000, depending on the extent of the remodel. Since people use kitchens for many things -- cooking, eating, entertaining -- it's one of the most important rooms in the house.
Because it's so important, homebuyers are willing to pay extra for a fantastic kitchen renovation.
9. Attic Bedroom Conversion
Want to know how to increase the value of your home? Well, do you have an attic? Just like converting a basement into a living space, the same can be done for an attic. Even in areas with the worst return, you're still looking at about an 80% resale conversation rate.
Make sure your home still has plenty of storage options before you decide to turn your attic into a bedroom.
Get the Most Out of Your Home Improvements
Not every home improvement project is created equal. For example, you'll barely get any money back from the expensive addition of a swimming pool.
Remember that the best home improvements for resale value are all about curb appeal and space. Specialized rooms and house functions just aren't worth the price.
With these home improvement tips in mind, your next renovation will pay for itself.