As people decide to stay in their homes longer and longer, one question that constantly pops up is: what are the home improvement projects that will net me the most when I finally decide to sell my home? Let’s be real here, not all home improvement projects are created equal and certainly not all of them will add back the cost of the project to your home’s overall sales price. We realize that many of us don’t do home improvement projects with the hope of raising our property values. Sometimes, it’s a matter of convenience or necessity or it’s simply something on our own personal wish list.
Today, however, we are going to look at the five home improvement projects and upgrades that the experts say will give you the best return on your investment. You may be surprised what’s on the list, but remember, large scale projects don’t always equal large scale returns. One tidbit that we always remember is that “invisible” improvements (such as new HVAC systems, water heaters, insulation, etc.) are typically upgrades that get little money on your investment because buyers are aren’t willing to pay for these upgrades. That’s why in this article, we’re going to focus on home improvements that have an immediate and visual impact.
Garage Door Upgrade
You may laugh at this one, but it’s more important than you think, especially if your garage door faces the street. The technology and styles of garage doors have come a long way in the last 10 years. Now that luxury vinyl has also crept into the doors, there are so many more designs and styles to choose from. You can get doors to match your windows, different layouts, textured finishes, interesting hardware, the list goes on. For a few thousand dollars you can add instant impact to your home and, according to Aly Yale from thebalance.com, you can recoup up to 93% of your investment.
Replacing Old Windows
Depending on the number of windows, this could be a rather large project, but if your house is 20+ years or older, money.com says that upgrading your windows (to more insulated and energy efficient ones) could help you reap up to 90% of your investment when you sell. Not only can you get back the bulk of your investment, if you don’t sell right away you can still get a great tax deduction for saving energy, as well as seeing the actual energy savings add up in your monthly electric bill.
Adding an Outdoor Kitchen
Here is one upgrade that will not only add a ‘wow factor’ to your home, but it will also bring you a ton of joy: adding an outdoor kitchen. We’re not just talking about a new grill. Throw in an outdoor refrigerator, drawers and cabinets, a sink, some counter space and you’ve created a whole other room! In many places, like Hilton Head, this space can be used nearly year-round. Not only will you raise your grilling game, but when the holidays roll around, the extra cooking spaces will make hosting big parties much easier. According to realtor.com, you can expect to get back over 85% of your investment and it’s one feature that has been known to help sell a house much faster.
Minor Kitchen Refresh
It’s well known that a kitchen renovation is the next closest thing to a real money pit. That’s usually because it’s one of the easiest rooms in the home where people tend to go overboard. However, if you can keep to a budget and focus on upgrading some aesthetics and key pieces, you can definitely increase your home’s value (beyond just recouping your investment). The price of higher end appliances keeps dropping and rather than replacing all the cabinets, you can re-paint for a fresh look at a quarter of the cost. Also, if you plan on staying in your house, upgrading your kitchen is a great way to fall in love with your home all over again.
Adding a Patio or Deck
As more and more people askew travel and vacations for more family time at home, projects that add curb appeal and expand your outdoor living are gaining in popularity. Also, adding a patio or deck is an easy way to help potential buyers envision themselves in your home and make a sale happen quicker. Now, if selling your home in the near future is not on the horizon and quality of life is your goal, just like an outdoor kitchen above, a new deck or patio will not only bring the family together, but it’s one of those projects that can satisfy the itch of wanting a new home. A new patio or deck is also more of an evergreen project where the value of the investment lasts much longer than some other home improvement projects.
We get a chance to visit so many beautiful homes here in the Lowcountry and, of course, to us, they all need an outdoor kitchen! The good thing about building an outdoor kitchen or adding a BBQ Island to your property here in the Hilton Head area is that your seasonal window of use is so much greater than in other parts of the country. Not only does an outdoor kitchen increase your home’s value, you also get to use it more often than your northern neighbors! Whether you’re interested in making your home more valuable for future resale purposes, or in making it more valuable for your own everyday needs and uses, let us help you design and build the perfect outdoor kitchen that’s right for you.