The real estate market is booming in Charlotte, North Carolina. According to Redfin, a real estate brokerage website, the average home price in the Queen City is $353,000 – up nearly 18% since last year. In fact, the market is so hot that some houses are under contract within 24 hours.
Most Charlotte homeowners know that simple home renovations can make their property even more competitive when it comes time to sell. But which renovation projects have the highest return on investment (ROI)? And which should be avoided?
Read on for the best and worst home renovation projects for increasing home value in Charlotte.
Do you want the most bang for your buck? If so, consider tackling one (or two) of these renovation projects before listing your Charlotte home.
Let’s face it: Garage doors can be pretty unsightly, especially if they’re dented or faded. That being said, upgrading your garage door adds curb appeal to your home and boosts its perceived value by 4%2.
There are less obvious benefits too, including:
If you’re debating the merits of a garage door overhaul, remember that your garage is often the most visible part of your property. Depending on your home’s layout, it might be the first thing visitors see when they arrive. Don’t you want to make a good impression?
Stone veneer, also referred to as faux stone siding, consists of thinly-cut pieces of stone. This siding is typically installed on a home’s front-facing exterior to add a charming, cottage-like aesthetic.
Besides amping up curb appeal, stone veneer can also dramatically increase the value of your Charlotte home. Consider these numbers:
Do you want to increase the square footage of your Charlotte home without knocking down any walls? If so, consider adding a deck. Ranging from $5,000 to $10,000, a back porch is a fairly affordable way to add functional living space4.
Potential home buyers will love that they can host barbeques and other outdoor gatherings. But you’ll love the ROI. Though not all decks are created equal, most homeowners can recoup 80% of their costs5. Comparatively, a family room addition offers an ROI of just 69%.
But what if your Charlotte home already has a deck? Consider giving it a facelift by:
The kitchen is the heart of your Charlotte home. Doesn’t it deserve to look its best?
If you’re on a tight budget, consider making small modifications to your kitchen. For example, you may hire a general contractor to:
If you have more money to work with, you may consider replacing the cabinets, installing new flooring, or buying new appliances. Though a kitchen remodel can be pricey (think: $125,000 on average), you can expect to recoup about 50% of this cost6.
Much like the kitchen, your bathroom is one of the most-used spaces in your Charlotte home. Because of this, even minor upgrades can dramatically increase the value of your property. According to Zillow, you can expect to see a $1.71 increase in home value for every $1 you spend on your bathroom.
Tight on cash? Here are some budget-friendly changes you can make with a general contractor:
If you have more time and money, consider making these modifications to your Charlotte bathroom remodel:
Never underestimate the power of mulch and flowers. Expert landscaping can add between 5.5% and 12.7% to the resale value of your home8. In Charlotte, where the average home price is $353,000, some roses and petunias could earn you between $19,415 and $44,831.
Outdoor landscaping can be as easy as spreading some mulch in your front flower beds. But if you’re ready to roll up your sleeves and get dirty, you might tackle one of these outdoor projects:
Unfortunately, not all upgrades are worthwhile. Some add little value to your downtown bungalow, while others actually lower the resale value.
Here are three home renovations to avoid in Charlotte, North Carolina:
Is the carpet in your Charlotte home stained and tattered? If so, you might want to replace it before listing your house. However, if you have the budget for it, opt for hardwood instead. On average, home buyers are willing to spend $2,080 more on a home with hardwood floors10.
We get it – you want your Charlotte kitchen to have all the bells and whistles. But installing high-end granite countertops and a warming drawer may not pay off.
Consider this: A minor kitchen renovation costing $21,000 has an ROI of 81%. However, a major kitchen renovation costing $126,000 offers a measly ROI of 54%. That means you’ll lose about $58,00011. Yikes!
Instead of blowing your budget on fancy upgrades, simply paint the walls, swap out chipped laminate countertops, and call it a day.
While some studies suggest that a swimming pool could increase the value of your Charlotte home by 7%, this backyard addition could deter some buyers12. Before you sink $30,000 on an in-ground pool, ask yourself these questions:
Increasing the value of your Charlotte home need not be complicated or expensive. Simple modifications like a fresh coat of paint in your powder room or new cabinet pulls in the kitchen can do wonders for your wallet. Plus, most homeowners can tackle these projects themselves.
However, if you hope to make more extensive changes to your house, you’ll need the help of an expert. As a licensed general contractor in Charlotte, Portico can take on a variety of home renovations that will dramatically increase your home’s resale value.