4 Renovations to Boost Your Denver Home's Value Up To 20%
In Denver, home prices are reaching record highs, with the average single-family home selling for over $600,000. Even if you're not planning on selling soon, investing in renovations is a smart move, as it will further grow your home's value and help you get more enjoyment out of every square foot.
Of course, while you may be thinking about remodeling your laundry room or upgrading your master closet, those aren't the things that will bring the best returns. If you're looking into renovations that can substantially boost your home's value, look no further than these four aspects of your home's design.
1. Refresh Your Home's Curb Appeal
Typically, beautifying and adding function to outdoor spaces can add a ton of value to a home—think fire pits, swimming pools, decks, and gardens. However, for Denver homes, green space tends to be sparse. Having a large yard is a luxury in itself, so buyers rarely make niceties like an in-ground pool a necessity. This doesn't mean you shouldn't invest in your home's outdoor areas, it just means you should shift your focus.
If you want to do something to your Denver home's curb appeal that will also keep your pets and kids safer, and give you privacy, consider adding a fence. This is a relatively inexpensive thing to do, just be sure your HOA approves. If you do have a big yard, the next best thing you can do is invest in a deck, and you'll see that up to 80% of its cost is reflected in your home's growing value.
Other things, like fire pits, are fun and inexpensive to add, although you're unlikely to see your home's value move as a result of their addition. A big investment, like a swimming pool, rarely leads to a return due to the high costs of installation and ongoing maintenance—it can even turn buyers off to your property.
Still thinking about curb appeal, the last big change on this list that's worth making is replacing your garage door. A new door will generally cost less than $4,000, and homeowners in Denver enjoy up to a 115% return on that investment, making it an incredibly wise decision if your door is looking a little worse for wear.
2. Invest in Kitchen/Bath Upgrades
If you're looking at your kitchen or bathrooms and convincing yourself that it would take tens of thousands of dollars to do it right, it's time to take a new approach. A full kitchen or bathroom remodel is one of the smartest interior investments you can make for Denver homes, but they are expensive and time-consuming. It's a great idea if you have the budget, but not the best thing if you plan to take out a loan or if you're looking to increase value just to sell your house.
You can expect to recover up to 75% of the money you invest into your kitchen and bathrooms' visual and design aspects, and you can take it one thing at a time. A dingy vanity in the bathroom, for instance, should be the first to go, followed by backsplash tiles, outdated lighting fixtures, and flooring. If you do make changes to your kitchen or bathrooms, be sure to opt for energy-efficient fixtures and appliances for even greater return.
3. Make Your Home More Efficient
Energy-efficient upgrades can make your home more appealing to future buyers, save you money on heating/cooling costs, and even earn you tax incentives at the end of the year, but where do you start? Changing out old light bulbs for LEDs is an obvious and cheap step, but not one that's going to lead to an increase in your home's value, even if it does save you significant money on lighting costs. Instead, look to the big improvements.
Even if you have "double-paned" windows, which have become the standard for internal climate control, you'll want to replace any window older than 20 years as that's the end of a double-paned window's thermal lifespan. You may consider replacing windows even if they're newer than that, especially if they're damaged, installed incorrectly, drafty, or discolored.
Another energy-efficient upgrade that is sure to save you money and keep you more comfortable throughout all seasons is new attic insulation. When it comes to Denver homes, all buyers like to hear about an insulated attic, especially since ice dams are common (and obvious) on poorly insulated homes. Plus, you'll generally pay only $2 to $5 per square foot, depending on the material you choose.
4. Opt for Smart Home Design
"Smart" technology, like AI-powered voice assistants, is becoming more and more commonplace in our day-to-day lives. With the ability to reduce energy usage, save on maintenance costs, and keep your home safer, there's no doubt that investing in smart technology can boost your home's value and make it more appealing to modern buyers.
The best devices you can invest in to boost your home's value include a security/alarm system, smart locks, smart thermostats, and devices that detect water leaks and other trouble before it becomes a big problem. The biggest consideration when buying these devices is how they integrate—try to create a fully integrated smart home system rather than picking and choosing different brands that may not play well together.