5 HOME IMPROVEMENTS THAT ACTUALLY PAY OFF
The fanciest and most expensive renovation projects aren’t necessarily the wisest investment. Simple updates and smaller improvements can significantly enhance your quality of living, increase the value of your home and bring higher returns on investment. Before undertaking a renovation project, take some time to find out which one will actually pay off.
Deck addition
One renovation project that will increase your home’s value, especially if you don’t have an outdoor space, is a wooden deck addition. An average cost is around $10,000, but you can recoup an average 80.5%. Prospective buyers are always attracted to homes with stylish outdoor spaces. If you aren’t planning to sell your house, you’ll have an outdoor sanctuary where you can relax with your family.
Entry door replacement
The curb appeal of your home is an important factor that can significantly affect your sale price and the most conspicuous detail is your front door. If it has become worn-out, replacing it with a steel one will set you back around $1,300, but you’ll recoup around 91%. If you’re planning to stay in your home, a new door can also reduce your energy bill. If your old door has air leaks, you’re probably wasting a lot of energy, but a new entry door will help you change that.
Home insulation
Home insulation is another item on the list of profitable home improvements, especially attic insulation. The estimated average cost of attic insulation is around $1,200, with 116%
return on investment. This is a project that will increase your savings in the long run – not only will it increase the value of your home, but it will also reduce your energy bill significantly. It will keep your home warm during winter and cool during summer, reducing the need for the cooling and heating systems.
Kitchen Renovations
If you’re planning to put your home on the market, you should take some time to style up your kitchen. However, keep in mind that smaller renovations and changes come with a higher return on investment. A minor kitchen remodel might set you back around $20,000 or less, but you can recoup around 83%. When it comes to specific improvements, you have plenty of options. You can replace the old fixtures and knobs with new, metal ones to give your kitchen a modern look. If your kitchen cabinets look a bit worn-out, you can simply repaint them. You can also replace the lighting fixtures, spruce up the countertops or add treatments to the kitchen windows.
You should avoid over-investing in your kitchen because you can spend a fortune while recouping just a portion of your expenses. In addition, if you don’t have much experience in remodelling or decoration, you should consider seeking help from a contractor. They can always give you some guidelines or useful advice that will make your job much easier.
Bathroom updates
The bathroom is another area in your home where you can make smart and cost-effective updates that can actually pay off. Minor updates in your bathroom can go a long way, especially if they can lead to an increase in your savings in the long run. You can introduce plenty of eco-friendly updates, such as installing water-saving showerheads or low-flow toilet. These green updates will help you reduce your energy and water consumption and your bills. If you ever decide to sell your home, this will certainly appeal to prospective buyers.
Another simple yet significant bathroom renovation is repairing or replacing broken pipes. Not only will water leaks increase your water bill, but they may actually result in more serious damage that can cost you significantly more. It’s advisable that you hire a professional to take care of this. In Australia, for example, you can find a reliable plumber in Western Sydney who provides plumbing services at any time. Try to find one in your area and contact them to help you with a plumbing problem.
Instead of wasting your money on expensive yet unprofitable renovation projects, take some time to make a smart decision and wise investment. Not only will you improve your quality of living, but you’ll also attract potential buyers.