Lake Norman, created in 1963 by Duke Energy, is the largest manufactured lake in North Carolina at 34 miles long. The lake features 520 miles of shoreline and is perfect for fun in the sun! As one of the top-rated lakes in the country, it’s easy to see why so many people want their own slice of Lake Norman paradise.
In addition to a stunning backdrop and ample outdoor recreation, several towns nestled along the banks of Lake Norman make the perfect place to call home. You’ll find that towns like Cornelius, Huntersville, Mooresville, and Troutman offer unique selections of amenities for locals and visitors alike. Most of these charming towns offer a small-town feel and sense of community while providing modern amenities. If you own a piece of Lake Norman real estate or are considering a move, you’ll want to know how to gain the most value for your house.
Purchasing a home is a substantial investment, and adding value to it is a positive payoff, whether you plan to stay or put it on the market quickly. There are many things to consider when making home improvements that go beyond “will this add value?” One crucial question is, “will this give me a decent return on my investment later?” While most home renovations won’t give you a 100% return on investment (ROI), they are an excellent way to add value to your home.
Home improvements and remodeling jobs are the only methods that improve your ROI and quality of life. These improvements don’t have to be substantial. Sometimes, a complete renovation with a hefty price tag won’t significantly increase a home’s value compared to minor improvements. The last thing you want is to sink more capital into a project than you’ll recoup, so consider that when making decisions. To help aid in your decision, I’ve gathered the top renovations that will give you the best return on investment when undergoing home improvements.
Major kitchen remodel
A kitchen renovation is at the top of the list when improving a home’s value and ROI. Often referred to as the heart of the home, a kitchen is the most sought-after space in a property, and often buyers don’t want to tackle remodeling it themselves. Doing a complete kitchen remodel requires excellent detail and a makeshift kitchen, which can be a nightmare, especially if you’ve just moved into the home. This means buyers will pay more for your completed kitchen, especially if you’ve gone with high-end finishes and upgrades.
Minor kitchen remodel
You may not want to do a complete remodel or simply don’t have the time. Regardless of the reason, you can add value and make significant changes without doing a complete renovation in several ways. Provided the kitchen has solid bones, you can work with the existing space to add upgrades. Consider tasks like resurfacing cabinets, adding modern hardware, adding pendant lights over the sink, replacing the counters with granite or quartz, and including a trendy backsplash. These are minor ways to create a beautiful new space and increase your home’s value.
Minor bathroom remodel
Most bathrooms don’t need a complete remodel and can be done with minor adjustments, depending on your time and budget. Similarly to the kitchen, you can add new and modern upgrades to make the bathroom space more appealing to buyers. This will differ for every space but may mean adding new shower tiles, shower doors, cabinets, sinks, or updating the hardware. It might also be as simple as a fresh coat of paint in a neutral color, which is one of the quickest ways to add value to the home.
Landscaping
A home's exterior plays a significant role in its value, and several improvements will help maximize your return on investment. Landscaping and curb appeal are excellent ways to add value to a home and make it stand out. This might be simple, like cleaning up debris and giving everything a good power wash. You can add fresh mulch, new flowers, and trees to create vibrancy and breathe new life into the area. Simple tasks are easy to maintain, require little work, and bring in a substantial ROI.
Another excellent way to breathe new life into the exterior is by giving the entry door an upgrade. Sometimes, simply painting the door will go a long way in making it more appealing. Stick to a complementary color to enhance the home’s style and materials. If you have an older door, a modern upgrade adds flair and can turn your front door into an excellent focal point.
Deck, patio, and/or porch addition
Like landscaping, a deck or patio adds tremendous value to your home. If you already have a deck or patio, instantly amplify the space by adding greenery. Choose planters made of ceramic and stone in fun colors and patterns to create vibrancy and tie into the color scheme. Adding ambient lighting and furniture creates a warm, welcoming space that draws buyers. The goal is to create a usable space buyers will love.
Basement remodel
Adding useable space to a home is one of the best methods for generating a substantial ROI. This can often be done using a basement remodel. You can personalize an unfinished basement to create liveable spaces like bedrooms, offices, living areas, and game rooms. The additional for a functional space adds value to the home and increases the ROI, respectively. For example, if you can turn your basement into a living room and guest space, you’ll see an increase in ROI for each separate room. Just be sure not to sink too much into the project, as you want to see a return on investment.
Other considerations
Whatever renovation or upgrade you decide to follow through on, you’ll want to consider it against the value of your home carefully. Your goal is to recoup the money you spend and then some, and if you’re sinking more money into a project than the home is worth, you’ll lose money. A good rule of thumb is to spend 5-15% of your home’s value on these projects.
Are you interested in purchasing a home for sale in Lake Norman? Contact J. Cash Partners, a team of highly qualified real estate professionals, if you’re ready to begin the journey into homeownerships or want to discuss your home’s value.