BUYING a home is one of the biggest investments most people will ever make.
But you won't see the financial return on that investment until you ultimately sell your home.
As a homeowner, it's important to think about the potential return you'll be getting when you sell.
And there are plenty of ways you can boost the resale value of your home.
Even if you're not planning to sell for years, these renovations can help increase the windfall you receive when selling your house.
Remember to keep receipts on any home improvement jobs to save money on your taxes after the sale.
You'll qualify for a tax exemption up to $250,000 on the sale of your house, but you can use the cost of renovations against your profit to shield your income.
For instance, if you sell for $300,000 but report $50,000 spent on renovations since you bought the home, you can reduce the income from the sale to $250,000 and exempt all of it.
If your house has a garage, particularly one visible from the street, a simple facelift can be worth thousands.
Remodeling Magazine's 2021 Cost vs Value Report found that replacing your garage door costs, on average, $3,907, and adds $3,663 in sale value.
Upgrading your garage door will improve the quality and look of your garage, lifting your home's value and curb appeal.
This option can be pretty pricey if you don't already have the space for a home office, but adds more value than almost any other single renovation.
If you have a spare room that could be an office, convert it into one before you start selling your home.
According to a report from real estate platform HomeLight, adding a home office can boost your home's value by more than $10,000.
With working from home more popular than ever, it's no wonder that homebuyers value having a workspace in their new house.
You can opt for the pricey option of extending or adding a new room to your home, which could add around $50,000 in value, but may cost up to $80,000.
Any overhaul of your kitchen can reap huge benefits, but the best value comes from installing new stainless steel appliances.
According to HomeLight, this renovation actually has a positive return on investment.
The average cost of a new slate of appliances is $4,229, but can add $5,982 in value.
Siding can make or break a home's curb appeal, and impact the resale price by more than $10,000.
Whether you opt for vinyl or fiber-cement siding, you can expect to get around 70% of the price you paid added to your home's value at closing.
Remodeling estimates replacing 1,250 square feet of siding with vinyl will cost $16,576 and fiber-cement will cost $19,626.
A relatively lower-cost renovation, a firepit costs $1,665 to install and adds $1,394 in home value, according to HomeLight.
Firepits are just aesthetic upgrades but are desirable to homeowners nonetheless.
And setting up a firepit can be a DIY project if you're particularly handy, offering more savings on installation with the same potential benefit.
If you're planning to buy a home soon, check out these four need-to-know tips before you make a purchase.
And here are seven ways that you can get discounted or free home repairs.
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