Real estate prices are rising, and millions of homeowners have equity in their homes they can tap. One way to use that money is to make home renovations. If you make renovations on the exterior, you can attract potential buyers and increase your property value.
Some of the best home renovations that may increase your home value are detailed here.
Many homeowners in the southern United States dream about having a modular outdoor kitchen, and for good reason. Having a kitchen in your backyard makes it easy to entertain guests. And these days, you can even assemble your modular outdoor kitchen yourself, so you don’t need to pay a contractor.
An outdoor kitchen also provides more usable square footage to the home and gives you more chances to be outside.
Putting money into an outdoor kitchen can be a fantastic idea if you live in an area with a mild winter, such as Florida, California, or Texas.
Homeowners say they often prefer to install an outdoor kitchen instead of a pool because it’s usable for more of the year. And while some families don’t want a pool, most enjoy the opportunity to cook and entertain outside.
Further, cooking outside prevents food smells from permeating your home. Therefore, having an outdoor kitchen will be a significant appealing factor for prospective buyers when you decide to sell your home.
Replace Garage Door
Some homeowners think of their garage door as purely functional. But upgrading this item will boost curb appeal because the garage door is usually visible from the street.
It’s estimated that replacing the garage door will cost you $3000 or $4000, but you will recoup most of that investment in increased property value.
When prospective buyers drive by your home, you will make a favorable impression with your new garage door.
Replace Front Door
When adding new flowers and bushes to the front yard, take the time to replace your front door, too. Swapping that old, worn door for a modern steel one with windows will cost you $1000 or so, but it will increase your home value.
And it makes a visual impression on prospective buyers, too.
If you install a modular outdoor kitchen in the backyard, take it to another level with a firepit. The great thing about an outdoor firepit is that it provides comfort when fall or even winter comes.
Realtors say one of the most popular outdoor home improvements is a gas-powered firepit with stone walls and tile. If you spend about $6000, experts say the ROI is up to 70%. This is great because you can enjoy the warmth and atmosphere out of a firepit and get most of your money back when you sell.
Having a fire pit in the backyard helps the prospective buyer see the property has the features that make it enjoyable in all seasons.
Many homeowners focus on landscaping the front yard. But the American Society of Landscape Architects says that curb appeal applies to the entire property. Landscaping in the backyard and around the patio is desirable and can add value.
If you are thinking about adding grass to the backyard, there are many resources to help you decide whether to use seed or sod. Also, adding patio lighting makes the feature look more attractive at night and prevents guests from tripping.
Installing a deck also increases the home’s usable square footage outdoors, so many realtors recommend it. Tiered and multi-level decks also are becoming popular; it’s a great way to create more interest and visual appeal to the backyard.
Before the deck is installed, it’s important to check local regulations and determine what’s necessary to build it according to code. Also, hire a professional engineer to check the deck joists are deep enough and spaced correctly.
A pergola or shade structure in the backyard also adds usable space and value. If the home is in the south and there is no shade for sitting, a pergola can be the perfect addition.
You can add many features to make the pergola more usable, such as electrical outlets or a firepit. Some property owners even add lights, a roof, and a ceiling fan.
An outdoor pergola with furniture does a lot to make the outdoor space more appealing to prospective buyers. This will boost the home value because many home shoppers seek a backyard refuge as they work from home more often.
You can make many attractive outdoor additions to your home that increase its value. Review the outdoor home improvements listed here and decide which ones appeal to you.