Home Improvement Projects That Will Add Value to Your Home
A home is the single greatest investment most Americans make in their lifetimes. Whether you’ve just bought your first home or are thinking about flipping properties for profit, increasing the resale value should be a top priority. And when it comes to adding value to your home, flooring plays a huge role! From kitchen and bath remodels to replacing low-value flooring throughout your home, your decisions can make a big difference in the overall resale price of your greatest investment.
Calculating Resale Value Added
How do you know what projects will add the most value to your home? Most projects are listed by the potential added dollar amount to the resale of your home and the percentage of project cost recuperated through a sale. So your manufactured stone veneer, for instance, might add (on average) $9,000 to the value of your home but cost (on average) $9,400 to complete. That means that the project reclaimed about 96% of the project cost. That might seem like a losing game, but it’s important to consider a few things when you’re calculating the added value of any given project:
- Added value to your home will depend on a lot of variables. These variables include the area in which your home is located, the quality of existing materials, and the quality of the work and materials being added into your home. Added values are also often calculated as an average, so you might experience greater or lesser impact on the resale value of your own home.
- Most calculations are based on undamaged, average-quality existing construction. If you’re replacing low-quality or damaged flooring, siding, decking, or other materials, the value added to your home will be much greater.
- Project costs usually include required labor to complete the project. If you’re doing a lot of the work yourself or if you live in an area where construction costs are lower than the national average, you could see huge savings that add up to a greater resale value for your home.
Remodels That Add Value
Some of the biggest returns on investment can be earned through remodels throughout your house. Opening the floor plan of your home, for example, can provide huge returns – but it also can be an expensive undertaking that fundamentally changes your home and could even lead to a loss of functional rooms. On the flip side, some remodel projects are almost always worth the investment:
- Bathroom Remodels: With an average return at resale rate of 102%, a minor bathroom remodel can add lots of value to your home. You’ll want to consider replacing the toilet, sink, and vanities or countertops, but you definitely want to replace the flooring with a waterproof material. Many flooring options can also create the visual effect of larger spaces and cleaner surfaces, adding to the appeal of your bathroom.
- Kitchen Remodels: On average, a kitchen remodel can return 99% of the project cost in added resale value to your home. But if your kitchen is dated or the floors are covered in linoleum, you’ll see a major difference in resale value with updated cabinetry and flooring. Like your bathrooms, you want the flooring in your kitchen to be high quality and waterproof for ultimate durability and appeal.
Flooring Replacements That Add Value
In your bathrooms and kitchen, choose a flooring option that is highly durable and waterproof – like ceramic tile. Ceramic tile in these spaces will add value, allow you to update the style of your home with virtually unlimited color and pattern options, and protect your floors against water and moisture. Ceramic tile is also easy to clean and maintain over the long life of your home.
For a huge impact on the resale value of your home, consider replacing the flooring throughout (or even in public spaces) with real hardwood flooring. Hardwood flooring in a 2,000 square foot home can increase the resale value on average by $13,500. For all homes, replacing flooring with hardwood has been shown to increase resale value by 2% or more.
You can also increase your home’s resale value by building a deck or outdoor patio area. Don’t neglect this opportunity by simply pouring concrete for a patio. Consider durable outdoor flooring options like stone or ceramic tile to add even more value to your home through a new outdoor living space!
Consult the Experts on Adding Value to Your Home
When it comes to adding value to your home, visit the experts at The Carpet Center! We can help you choose the right flooring for every space to add value to your home. Our professional team can even give you a quote on a flooring replacement project and help you figure out the best projects to drive the resale price of your home up. Call or visit us today for your free quote and always fast, friendly, and convenient service at The Carpet Center.