If you’re like most homeowners, you keep a mental list of the home projects you’d like to start next. Whether you can do some of the work yourself, or need to hire a contractor, it helps to budget for home improvements. Budgeting is part of the planning process for a successful renovation. Check out this list of seven popular improvements to increase your home value and let us know how we can help you realize your home improvement dreams.
Your windows are an essential part of your home, both in terms of appearance and function, but it can be easy to ignore them. Do you know when the last time your home’s windows were replaced?
Not only is there a cosmetic appeal to getting new windows, but there is also a major energy efficiency benefit, as well as improved comfort in your home. Replacing windows can help save on utility costs due to better insulation. Add-ons like low-E glass and argon gas windows help bring the temperature of your windows closer to room temperature, effectively lowering drafts. You’ll be more comfortable all year round, while saving an average of 12% on your utility bill. If you live in a noisy area, new windows could also potentially reduce the outside noise you hear.
The ROI on home window replacement is up to 85%.
If your backyard is big enough, you can turn it into your own personal oasis with a new pool. According to HGTV, in-ground pool installation can increase the value of your home by 5-8%. For example, if your home is currently worth $300,000, a new pool could add about $19,500 in market value.
However, the average pool installation costs approximately $35,000, so you may spend more than you gain in home value. You should also consider the costs of maintenance, fence installation (if you don’t already have one), and potentially higher home insurance premiums.
Ultimately, the decision to install an in-ground pool comes down to personal preference more than future ROI. If you’ve always wanted a backyard pool and you know you’ll use it frequently, then why not go for it? In Houston, the average temperature stays around 70+ degrees for most of the year, so you can certainly get a lot of enjoyment out of a backyard pool here.
Home Office Addition
If your job is 100% remote or you have a hybrid arrangement with some work-from-home days, consider turning an extra room in your house into a home office. This is a great way to functionalize an under-utilized space and it can also help you separate your work and home life. Having a dedicated space to work can also help with productivity.
Tip: If you are planning to sell your house soon, it’s important to be strategic about which room you convert into an office. For example, taking over an already useful space such as a primary bedroom or mudroom may not be appealing to prospective buyers. You could also set up a desk and filing cabinet in a guest bedroom to make it a hybrid space.
With an average ROI of 90.3%, adding a deck or patio to your front or back yard is a great investment, not to mention a place to relax, grill, entertain, etc. A patio in the front of your house can increase curb appeal, which could be beneficial when it’s time to sell. And backyard patios or decks can provide a relaxing spot to unwind as well as a space for a container garden of herbs, vegetables, or flowers.
The average cost to add a deck or patio is $11,000.
Lawn Care & Landscaping
According to the National Association of Realtors Research Group’s 2023 Remodeling Impact Report, standard lawn care has a 217% ROI. A healthy, tidy lawn is an attractive feature that will add to your home’s curb appeal when it’s time to sell.
Landscape maintenance has an average ROI of 104%. Together, lawn care and landscaping provide some of the highest ROIs on home improvement projects.
Additionally, an appealing outdoor space can benefit your mental health. Studies show that outdoor green spaces actually make humans happier–it’s science!
Some ideas for finishing your basement include:
- Adding an additional bedroom for guests or a teenage child
- Adding a full or half bathroom
- Adding designated storage space
- Refinishing floors or adding tile, manufactured flooring, or carpet
- Adding a game/ movie area for hosting
If you’re going to DIY your basement renovation project, ensure the new space is up to building code. To qualify as a bedroom, a room must have two means of egress (exits). This could be a door, large window, fire escape, ramp, or staircase.
Interior Paint Job
A fresh coat of paint can refresh your space in any season. The cost of a professional paint job will vary depending on the size of your home–the average is $7,000. But interior paint jobs also offer one of the best ROIs, at about 107% according to Crash of Rhinos Painting.
When choosing paint colors, you can follow trends, go with a color you personally love, or stick to safe neutrals–this last options is a particularly good idea if you’re planning to sell soon. Buyers may be put off by your personal style–it’s better to give them a clean palette they can envision their own style on.
Get a Home Equity Loan from Moody Bank!
Do you have your next home improvement picked out, but you’re not sure how to pay for it? Speak to a specialist about a home equity loan from Moody Bank and begin adding value to your home and your life. If you’re fixing your house up to put it on the market, we can help you buy your next house in Texas with hassle-free Home Mortgage Loans. Contact us today!
Looking for more home-related topics? Check out our recent blog on "Tips to Pay Off Your Mortgage Faster".