The Best & Worst Renovation Projects for Increasing Home Value in Charlotte, NC

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 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.

7 RENOVATION PROJECTS WITH A HIGH ROI 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.

REPLACE YOUR GARAGE DOOR

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:

Added security. Flimsy, outdated garage doors are often targeted by thieves and trespassers. An upgraded garage door ensures your home and its occupants remain safe.
Lower electricity costs. Since older doors have shoddy insulation (if any at all), a lot of heat can escape. Replacing your garage door can increase the energy efficiency of your home.

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?

INSTALL STONE VENEER SIDING

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:

On average, it costs about $9,350 to replace 300 square feet of vinyl siding with stone veneer3.
Homeowners can expect to recoup 95.6% of this cost. So, if you spent $10,000, your home’s value would increase by $9,560.

ADD A DECK

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:

Scraping off the old finish
Scrubbing the surface with a metal brush
Applying a cleaner and power-washing
Replacing broken boards
Applying a fresh stain or paint

UPGRADE YOUR KITCHEN

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:

Paint the walls a neutral color like antique white or soft gray
Change cabinets and drawer hardware
Refinish the cabinets
Replace the light fixtures
Add a kitchen island

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.

REHAB YOUR BATHROOM

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 bathroom7.

Tight on cash? Here are some budget-friendly changes you can make with a general contractor:

Update lighting. A dark, shadowy bathroom will not sell well. Consider installing wall sconces, a backlit mirror, or even a chandelier for extra flair.
Repaint. A fresh coat of paint can do wonders for a tiny en suite bathroom. To maximize resale value, stick to muted neutrals like antique white or sage green.
Swap out hardware. Outdated cabinets and drawer pulls can make your powder room seem, well, outdated. Opt instead for sleek and modern stainless steel accents.

If you have more time and money, consider making these modifications to your Charlotte bathroom:

Nix the tub. If your bathroom has a tub, consider installing a shower stall. This will make the bathroom seem bigger.
Install new flooring. Say goodbye to the tattered linoleum in your Charlotte bathroom and hello to ceramic tile or even waterproof hardwood.
Replace your sink. Is the sink in your powder room yellowed and chipped? If so, consider installing a new vanity.
86 the cabinets. Though cabinets are great for storage, they can eat up lots of elbow room in an already small space. Consider swapping out your cabinets for floating shelves, instead.

IMPROVE YOUR LANDSCAPING

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:

Plant some trees for shade and charm
Install an automatic irrigation system
Increase privacy with hedges or fences
Replace the cracked sidewalk leading to your front stoop
Add functional outdoor lighting

UPGRADE YOUR FRONT DOOR

Are you looking for an affordable way to improve the value of your Charlotte home? If so, look no further than your front door. According to Realm, a data clearinghouse for homeowners, a front door refresh has an ROI of 484.55%9.

However, your new door needs to match the overall aesthetic of your home. If you have a modern mountain chalet, a traditional fiberglass door won’t match. Likewise, if you have a garden cottage, a modern door with frosted glass will look out of place.

If you have a limited budget, consider replacing the hardware on your door and giving it a fresh coat of paint. You may choose a neutral like white or gray. Or, you may choose an eye-catching lime green or burnt orange.

3 CHARLOTTE HOME RENOVATIONS TO AVOID

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:

1. CARPETING

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.

2. HIGH-END KITCHENS

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.

3. SWIMMING POOLS

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:

Do you live in a high-end neighborhood where most of your neighbors have pools? If not, then a swimming pool may not be a wise decision.
Does your potential home buyer have children? If so, they’ll be turned off by the dangers of a backyard pool.
Do you live in a hot climate like Arizona or Florida? If not, then a potential home buyer won’t benefit from year-round use.
Will the pool take up your entire backyard? If so, think twice. Home buyers want space for their kids to run around.

PROTECT YOUR INVESTMENT & HIRE A PROFESSIONAL

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.