Did you know that US homeowners spent over $400 billion every year on renovations? That amount covers everything from full remodels to minor improvements. But if you are looking for a good return on investment (or “ROI”), then you need to plan carefully.
What home upgrades are worth the expense? Your home is one of the most significant investments in your life, so it’s important to know what to spend your money on when renovating. Try these five home upgrades that increase value and have the biggest ROI payoffs.
1. Kitchen Remodeling
The kitchen is where many people spend a substantial amount of time, so you might want to consider kitchen upgrades that increase home value when choosing projects. You can go full-reno with a brand new kitchen, or replace the cabinet faces and freshen up the overall look with a new backsplash.
2. Window Replacement
While windows are usually a big investment, they can really improve the look of the facade. Finding the best window replacements for your home is worthwhile in terms of both aesthetics and also long-term costs.
By purchasing more energy-efficient windows, you can save a lot of money on heating and cooling bills.
3. Floor Refinishing
Floors are notorious for showing wear and tear that age a home, so it’s a good idea to focus on that area. If you have hardwood floors, you can refinish them, or replace old linoleum or carpet.
4. Garage Door
Want garage upgrades that increase the value of your home? Start with the garage door, since it’s one of the first things potential buyers will notice. Switching from a manual to a motorized one, or even just purchasing a newer model can give your home’s worth a boost.
5. Solar Panels
One of the easier ways to save money now and add upgrades that increase the value of your home is to invest in solar panels. They will reduce your electric bill and there are usually state incentives, tax credits, and other programs.
Companies like Blue Raven Solar offer a $0 upfront cost for permitting, design, and installation, and can discuss financing options.
Make Minor Home Upgrades That Increase Value
If you don’t have the budget to make a major upgrade investment, here are a few tips that won’t break the bank.
If you aren’t afraid to DIY, spend a few hundred dollars on interior paint, or exterior paint on the front door. You can also give your property instant curb appeal by cleaning up your yard and spiffing it up with some minimal landscaping.
Ready to Add Value to Your Home?
Now that you’ve learned about home upgrades that increase value, you can make them with confidence. Doing things like painting, replacing the garage door, and refinishing the floors can all make your home look better. And investing in new windows and solar panels can actually help you save money immediately, so it’s a win-win situation!
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