The 5 Simplest Home Upgrades That Add the Most Value

Who said adding more value to your home can be a pain? Here are five of the simplest home upgrades you can implement. 

When it comes to home improvements, there are two major factors to consider when deciding where to put your money: whether it will increase the value of the house to you and whether it will increase the value of the house to others if and when you decide to sell your home. The most valuable home improvements are those that boost the value of your home in proportion to the money you spend on them. And, while the upgrades that are most valuable to you are subjective and difficult to measure, we combed through many publications to provide useful national data on which home improvements provide the greatest bang for your buck. Here are six enhancements to focus on.

Which one of these home upgrades are you starting? 

Kitchen Remodel

When it comes to the most significant home improvements, the kitchen is crucial. Buyers frequently look here first when considering if a home is worth its asking price because most people desire an enhanced kitchen without having to spend a fortune after purchasing a home. From installing energy-efficient stainless steel appliances to painting cabinets and installing new worktops, there are a variety of important home renovations you can make in the kitchen to match your specific budget and objectives.

Surprisingly, you don’t have to spend a lot of money in the kitchen to get a significant return. In terms of average resale value, a moderate kitchen makeover will recuperate approximately 81 percent of its cost, but a significant premium kitchen remodel will recover approximately 53.5 percent of its cost. Modernizing the cabinets and countertops, upgrading to brand-new appliances, replacing the sink and faucet and updating the flooring are the most important home improvements in a simple kitchen renovation.

Basement Finishing

You may have storage space in an unfinished basement, but you’re missing out on livable space for future purchasers to enjoy – whether as a home office or entertainment space. According to HomeAdvisor, completing a 400 to 1,500-square-foot basement has a potential ROI of up to 75%. Finishing a basement costs an average of $18,400, but can cost up to $34,000, depending on square footage. This job necessitates the installation of flooring, drywall, and paint, but it results in a wonderful blank canvas for potential buyers.

Deck Addition

The most valuable upgrades are those that focus on the exterior of your property. And wood is the way to go for your backyard deck or patio. A composite deck expansion or a backyard patio will not provide the same return as wood, which will return 82.8 percent (composite decks and patios return 63.6 percent and 47.6 percent, respectively). Remodeling advises a 16-foot x 20-foot wood deck extension, while the appropriate size for your property will depend on the size of your house and yard. You should also install a railing system for enhanced functionality and safety.

Bathroom Remodel

A mid-level bathroom remodel (think upgraded tile, fixtures, toilet, counters and lighting) will yield a national return of 70.1 percent. And, as in the kitchen, doing more does not imply receiving more. An upmarket bathroom remodel will only yield a 56.2 percent return, while a new bathroom expansion will yield only a 54.6 percent return.

Turning your regular bathroom into a globally accessible one is another of the most valuable home upgrades in terms of bathroom remodels. This involves making wheelchair-accessible doors, installing a walk-in shower, lowering light switches, and installing support rails near the toilet. While this may not appear to be important for the majority of today’s buyers, it will be very soon. Ours is an aging society. The population of people aged 65 and up is expected to more than double from 43.1 million in 2012 to 83.7 million by 2050. Small accessibility changes will have a big impact as homeowners and buyers get older.

Hardwood Floor Refinishing

The cost of new flooring is determined by the price range of your home and its existing condition. In general, if I arrive at a higher-end home and the carpets are in good condition, we don’t advise them to replace them because we know someone will come in and replace them with hardwood. If the seller is unwilling to bear that expense, some buyers and sellers will agree to a flooring allowance. If you have dogs or your flooring has seen better days, spending a few thousand dollars to replace or revitalize it is money well spent. Hardwood floor refinishing costs an average of $1,799, or around $3 to $8 per square foot. (By the way, you can have your carpet cleaned for a $75 fixed charge.)

Determine whether the improvement would help a buyer picture your property as somewhere they want to live as you go around your home and determine which updates are worthwhile. Are certain rooms in your house decades old? Perhaps you should concentrate on that. Do you lack the current features and conveniences required by a remote worker to balance work, family, and relaxation? Perhaps it’s time to build a patio or turn a large closet into a home office.

Will the update make life easier or bring joy with the beauty of new and modern materials? Then it’s usually a safe bet, but the cost recouped will be determined by your market and the designs you choose. When in doubt, consult with a top-rated local real estate expert who knows what’s hot in the neighborhood. Once your real estate expert fills you in on what would add the most value, call the top stress-free remodelers and repair experts in your area — Valor Home Services. We can help you renovate, repair or update many of the projects listed above and more. For more information, call our team to learn about our process or to book an appointment.