We all know that remodeling a kitchen or a bathroom can boost your house value. But the same is true for exterior remodeling too. Surveys have found that some exterior home remodeling projects can yield more returns than interior redesigning.
Although some exterior projects’ costs can be higher than interior remodeling, the investment return can justify the costs. According to recent surveys, an average home addition cost is around $46,000. However, the returns can be as high as 97 percent. Hence, it’s high time to start focusing on the exteriors as well. Here are some exterior additions that can significantly boost the value of your property.
Exterior additions for higher ROI
As the saying goes, the first impression is the last. The exterior of your home is the first thing that either your tenant or buyer looks at. An appealing outdoor will not only increase the value but also attract potential buyers.
More and more people have started to stay at home for a vacation, usually referred to as staycation. In such a scenario, adding a deck in your backyard can make it more appealing to buyers. You can easily get around 70 to 90 percent return on investment.
The cost of building a deck can vary vastly depending on the size and other factors. Hence, the returns vary, too, depending on your investment. For instance, going over budget to build a deck would not yield many returns. You can also do some part of the work DIY to save some money.
If you are planning to build a deck, it is also essential to look at the long-term. For instance, you might want to ensure that your deck is waterproofed to ensure reduced humidity and increase deck life. It will also help reduce maintenance costs.
Installing a patio is neither going to be easy nor budget-friendly. But it is undoubtedly going to be one of the best investments to make. If you have space and budget, put up the walls and a roof to create an amazing-looking patio.
A patio can be the place to organize several events and gatherings. Prospective buyers will like to spend a bit extra to get a house with a patio instead of spending much more on organizing events in a hotel, banquet hall, or community center.
Garage doors are considered to be one of the best investments you can ever make. With a return that can go well above 90 percent, remodeling or installing new garage doors is undoubtedly worth your money and efforts.
The dingy doors that you might have bumped into several times are not that pricey at all. On the other hand, changing the doors can enhance your house’s curb appeal while providing a sense of safety and security.
Just like a patio, a porch can be a great way to attract prospective buyers. It will provide a welcome feel while increasing the outdoor space simultaneously. The size of the porches can be as large or small as you wish.
You can also use a porch as an outdoor sitting area. To further increase its curb appeal, you can include other functionalities such as fans or fire pits.
Enhancing your landscaping is one of the most cost-efficient ways to increase your property’s value. Always remember that it should look as beautiful as your house itself. There’s nothing much you need to do here. All you need to maintain are some healthy and trimmed plants, beautiful flowers, and a manicured lawn. You can maintain all of it yourself, and there’s nothing much to spend on. Just try to widen the landscaping visually and make everything look pristine.
Another pocket-friendly way to increase your home’s curb appeal is by deploying some manufactured stone veneers. They resemble natural stones and are installed in the same way. You can use them in the entryway, backyard, or any small portion. You can get around 95% of returns on this small investment.
Adding a dormer to your roof can give two benefits. It will make the house more appealing and increase the space for use. A dormer can increase the usable area of a loft or second story used for an extra bedroom, playroom, and other areas.
On top of it, it can also help increase the ventilation in the loft. A dormer is usually installed with a window, which can serve the purpose of increasing ventilation. If you have a great location, it can also give you that perfect treetop or lake-side view.
Interior and exterior additions and remodeling go hand-in-hand when it comes to enhancing property value. Hence, you need to give equal attention to both. The only thing to take care of here is to not go over budget. Spending too much on something can reduce the returns.