You bought your new home and spent the first few months basking in the shiny newness of it all. You unpacked your belongings and hung your artwork and it’s really starting to feel like yours.
But as time passes, those little fix-it things start popping up here and there. Is the mailbox crooked? Was that crack always there in the driveway? Is that a stain on the basement carpet?
Upgrades to your home don’t just make living in it better for you and your family; they can also add value to your house. Small repairs and remodel over the years can make a big difference when it comes time to sell the place down the road.
Related: How to Build a Plan to Save for Your First House
Why You Should Invest in Your Home
You probably know that real estate is a solid investment option. According to our friends at Freddy Mac, the average home appreciates about 3% each year.
But there are ways you can maximize that appreciation, too, such as making improvements to your home that add value.
While home improvements can be a pain to see through from beginning to end, they can actually make your house that much more desirable when it comes time to sell. And by doing small projects throughout the years, you can space out the costs of home improvement projects. If all goes to plan, you should make that money back (and then some) when you eventually sell the home.
5 Home Improvements that Can Add Value to Your House
While the most obvious way to add value to your home is to add square footage, there are several other ways you can give your home a worthwhile makeover.
1. Kitchen Updates
Kitchens are one of the most important rooms in the home. It’s a gathering place for cooking and eating that’s probably used all throughout an average day.
If your cabinets need an update or you haven’t upgraded your appliances for years, it might be time to consider a remodel. Even little things like new drawer handles, a fresh coat of paint and upgraded light fixtures can make a massive difference.
Keep in mind that while kitchen remodels are expensive, you’ll likely see at least a 50% return on your investment when you sell the home.
2. Window Replacements
Windows can also add big value to your home, especially if you live in an area with severe weather.
On average, expect to pay about $750 per window replacement. So if you have ten windows in your home, the total cost could end up around $7,500.
If you plan to sell the home in the next few years, adding new windows to the listing description can attract more buyers and drive up the price.
Curb appeal is a big deal in the real estate market. It’s the cover of the book that’s getting judged.
One of the easiest ways to improve your home’s curb appeal is to invest in quality landscaping – yard updates can add up to 12% more value to your digs.
Landscaping can be as simple or intricate as you’d like – it’s not just a well-mowed lawn. Your yard could include lighting, walkways, fire pits, fencing, water features, trees and plants. A professional landscaper can help you design your yard and bring it to life.
4. Basement Remodels
Although basements are known for their dark dankiness, they actually can be a great place to add value to your home.
From bonus bedrooms to offices and playrooms, a basement is a blank slate to unleash your creativity. Just keep in mind that there are several coding regulations surrounding basements, which can vary by state and city – make sure everything’s above par before you start making major changes.
5. Exterior Updates
Aside from landscaping, there are updates you can make to the exterior of your home to add value. Think of siding, your front door, your porch and so on.
Homelight reports that buyers will pay 7% more for a house with great curb appeal compared to one with a neglected exterior. Touch up the paint, repave the driveway and upgrade your mailbox to attract more buyers.
Buying a home can be a great investment for your future, but making improvements on that home can help you maximize your gains and build more wealth in the long-term.
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