10 Construction Projects That Can Increase A Home’s Value
Renovating your house serves dual purposes: it allows you to transform your house into a more functional, aesthetically appealing dwelling and it helps to increase your home’s value. Certain renovation projects give you a bigger return on your investment than others. If you’re considering renovating, consult our list to see if your project made our top ten construction projects that’ll be well worth the time, effort and money.
You don’t have to gut your entire kitchen, in fact, according to Remodeling Magazine’s Cost vs. Value Report, making only minor changes to your rundown, outdated kitchen pays off big. Updating essentials such as kitchen cabinets, appliances, and flooring adds a resale value of about $13,900. Want to gut it completely and start new? A major kitchen remodel adds $37,100 resale value.
Shiny new faucets, a stylish vanity and sink, and a large soaker tub are just some of the changes made in a bathroom renovation that add a lot of value to your home. A minor bathroom renovation adds $10,200 to your home’s value. If you’re adding a completely new bathroom, your home’s value will go up by $20,000.
3. Front Entry Door Replacement
First impressions definitely count and your front door is the first thing visitor see as they approach your home. Fiberglass and steel doors add a resale value of $1,800 and $975, respectively.
4. Wood Deck Addition
Adding a deck (especially in warmer climates) is like adding an extra living space. A deck is a great way for people to entertain and relax outdoors. A composite deck adds more value than a wood deck because of the virtually maintenance-free material. The resale value of a composite deck is $10,100, while a wood deck’s value is $7,200.
5. Window Replacement
Replace drafty, old windows that are painted shut with new windows. Much like a deck, the type of material your windows are made of makes a difference in resale value. Unlike a deck, windows made of wood give you a better return than vinyl– $7,800 versus $6,900.
6. Attic Bedroom
Put that empty, unused space to better use by turning it into an additional bedroom. Whether it’s for your guests or your teenager, adding an attic bedroom adds $34,000 to your home’s value.
7. Vinyl Siding Replacement
The only thing the peeling, dirty and faded siding is doing to your home is hurting its curb appeal. Replacing your old siding with vinyl adds $8,100 to your home’s value.
8. Finished Basement
Similar to an attic, transforming your basement into a livable space adds great value to your home. Turning all that extra space into an entertainment area gives you a great return–approximately $43,000.
9. Two-Story Addition
Adding another story to your house is a huge undertaking, but the payoff is equally huge. A two-story addition adds almost $99,000 to your homes resale value!
10. Garage Door Replacement
Replacing your garage door goes in the same category as replacing your front entry door. It can instantly improve the look of your home’s exterior and adds $1,100 to the value of your home.
In case you’re wondering, these are some of the renovation projects that don’t add much value to your home: swimming pools, up-scale finishes (expensive chandeliers, copper kitchen sink, or high-tech speakers), over-building for the neighborhood (turning your home into a 5,000 square foot home, when all the other homes in the neighborhood are only 1,500 square feet), and wall-to-wall carpeting.
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