Renovations to Your Home That Pay Back

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Remodeling is a big decision. homeowners Home improvement stores such as Lowe’s are a great place to find the necessary supplies to finish your home project. This is a smart move, especially as the right projects can help you save more money.

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Home renovations can cost a lot. The average bathroom remodel costs from HomeAdvisor is between $6,000 and $35,000. Kitchen remodels can be as affordable as $4,500 and up to $50,000.

For the best home remodeling, here are several that will give you the biggest bang for your buck when the time comes to sell.

yunava1 / Getty Images

yunava1 / Getty Images

Remodel your kitchen

“Upgrading the kitchen floor, cabinets, and appliances to current standards is a good way to save money if it’s older than 15 years. [the] Joe Polyak (founder and Realtor of Rise Homes in San Francisco Bay Area) said that the time for sale was now.

The kitchen is often considered the heart of the home by many families. Minor kitchen renovations can dramatically increase the value of your home. The Remodeling report found a national average recoup of 65 percent. You can make your home more enjoyable for everyone in the family by doing this renovation.

Consider updating your outdoor kitchen’s appliances if it is in dire need of renovation. Lowe’s, for example, offers discounts on high-quality appliances.

Jule Eller (Director of Trend and Style at Lowe’s) stated that “outdoor entertaining and grilling are synonymous.” You can bring the heat and grill up some backyard flavor with a modular barbecue. You can also add on accessories like a sink and side burners to make an outdoor kitchen.

However, renovators must be careful not to spend too much on kitchen remodels. Polyak stated that upgrading appliances to a certain level — KitchenAid or Bosch — can dramatically increase the value. “Be careful, though. Wolf appliances don’t have to be placed in a condo at a blue-collar complex. This will not add value.”

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Tyler Olson / Shutterstock.com

Tyler Olson / Shutterstock.com

Create an Outdoor Deck

Polyak said, “This project is relatively affordable and can add a lot to the eyes of potential buyers.” Remodeling’s report shows that specific features vary by location. Accordingly to Polyak, the average national cost to upgrade a home is $17,000 for composite materials and $10,000 for wood. A homebuyer can expect to recover 71% and 65% of that cost, respectively.

“People in Arizona like a fire pit that has a beautiful outside area. A nice deck with landscaping is what people want in the San Francisco Bay Area,” he stated. You can hire someone to do it, but this project can be done by the homeowner for a very affordable price.

Tiplyashina Evgeniya / Shutterstock.com

Tiplyashina Evgeniya/ Shutterstock.com

Paver Patio

A paver patio could be a great addition to your home. Eller stated, “Building a paver walkway or patio is an easy way to make your outdoor living space more inviting.” You can even install the pavers yourself. Landscape lighting can be used to enhance the ambiance and add dimension.

Eller recommends that you purchase 10 percent more blocks and pavers than you thought. Eller stated that excess material should be used to account for breaking, cutting and future repairs.

Volodymyr Plysiuk / Shutterstock.com

Volodymyr Plysiuk / Shutterstock.com

Upgrade Lighting Fixtures

While most fixtures can be bought for less than $100, it’s worth noting that professional help is required when working with electric wires. According to HomeAdvisor. An electrician will cost homeowners about $318, which can increase remodeling costs. It is still a great home renovation that can be done on a tight budget.

Outdoor patio lighting can also be upgraded with string lights, lanterns or candles. This will bring your patio alive. Maybe you have a porch? It’s likely that you will want to replace those lights. The good news is that it won’t cost a lot at Lowe’s.

Eller said that outdoor lighting is great for setting the mood and illuminating after dark. “Check out these battery-operated LED step lights or these bronze solar LED post lights.”

karamysh / Shutterstock.com

karamysh / Shutterstock.com

Replace the entry door

Remodeling’s report states that installing a new steel entrance door is expensive and will have the highest resale price. It is a $1,400 job that will increase the value of your home by the same amount.

Bold colors are a great way to replace traditional doors such as a bright yellow or high-gloss dark. You can make this change by purchasing a cheap door and painting it yourself. You can find many affordable options online for doors.

ESB Professional / Shutterstock.com

ESB Professional / Shutterstock.com

Get Flooring Repurposed or Installed

John Bodrozic, cofounder of digital home management platform HomeZada said that “updated hardwood floors or new flooring can help sell homes.” “How much money is invested will play a major role in determining whether the project will pay for itself.”

HomeAdvisor estimates that existing carpets can cost $174 to clean, while hardwood refinishing costs range from $1.50 to $4 per foot. New flooring can increase the cost by $1,583 for carpeting and $4,397 if you choose wood. You can lower these costs.

Bodrozic said, “If you have the ability or are willing to learn it, you can save labor costs if some of the work is done yourself.” If you hire a contractor, get at least three to five bids. Make sure to let the contractors know that they are competing for your business. You could save money depending on how your project is timed and marketing conditions.

Volodymyr Plysiuk / Shutterstock.com

Volodymyr Plysiuk / Shutterstock.com

Upgrade to Energy-Efficient Features

Diana George, vice-president at Century 21 Real Estate Alliance, said, “I’m noticing an enormous trend toward energy efficient appliances, LED lights, and tankless water heating,”

These products help homeowners save money and leave a smaller carbon footprint. George estimates that a tankless water heater will cost approximately $4,200 to install in a 2,200-square foot home. Additionally, LED converter bulbs can be purchased for $14 per light.

Energy-efficient upgrades don’t necessarily have to be done before you move. A tankless water heater will cut homeowners’ water heating costs by approximately a fifth every year. An LED bulb switch can also save homeowners $300 per year. While energy-efficient upgrades may not be the most glamorous of home improvement projects they can have a dramatic impact on the home’s overall profitability.

Kingarion / Shutterstock.com

Kingarion / Shutterstock.com

Vinyl siding should be replaced

Although it’s not everyone’s dream project, vinyl siding can greatly improve a home’s curb-appeal, which can be a major factor in a homeowner selling on the open marketplace.

A newer siding can reduce heating and cooling costs, as well as the occurrence of mildew, mold, and fungus. Remodeling reports that new vinyl siding costs about $14,000 and can increase a home’s value by around $11,000.

Hintau Aliaksei / Shutterstock.com

Hintau Aliaksei / Shutterstock.com

Remodel a Bathroom

Karen Gray-Plaisted, of Design Solutions KGP in Warwick (New York), stated that bath renovations are always worthwhile. “If the home has strong bones and high quality finishes, the home sellers will reap the majority, if not all of the cost.”

Remodeling estimates that a homebuyer will pay approximately $18,000 to renovate a bathroom in the middle-range and recover about 65 percent. Making small changes can bring you big benefits. Gray-Plaisted said that the impact of a new fixture can change a house’s feel from old to new. “It is worth the money to upgrade light fixtures in kitchens and bathrooms.”

The ultimate goal of a home renovation is to increase the value of your home. You should consider projects that not only will maintain your home but will also be enjoyable for your family. A house is not just an investment, it is also where your family will make memories for many years to come.

piovesempre / Getty Images

piovesempre / Getty Images

View the Floor Plan

A homebuyer today is more interested in an open floor plan than ever. Polyak says older homes are more likely to have narrow hallways and many walls. The good news? It is relatively inexpensive to tear down a wall and create an open space. HomeAdvisor estimates that an interior demolition will cost about $3,000 per hour.

Even load-bearing walls are possible to be removed by skilled contractors who can place a beam into the ceiling for support. Polyak said that even with the additional home renovation costs, this improvement can still be a significant addition to a home’s value.

Syda Productions / Shutterstock.com

Syda Productions/ Shutterstock.com

Paint the Interior

According to HomeAdvisor, most homeowners spend $996 to $2,721 for home interior paint. It’s possible to easily recoup that cost when you sell your home. However, it may be worth speaking with a professional to help you choose the right color.

Professional advice does not have to increase the project’s cost. Free consultations are offered by many national paint retailers, such as Benjamin Moore or Sherwin-Williams.

More from GOBankingRates

This article first appeared on GOBankingRates.com: Home Renovations That Will Pay You Back

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