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“If the garage faces the street, buying a new garage door is a relatively simple way to increase curb appeal and add value,” says Janet Feinberg Schindler, a realtor for Sotheby’s International Realty. The latest models also have improved locking and safety mechanisms.

Architectural designer Raymond Murakami worked on the Toronto residence shown.

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Since the entrance is one of the first elements of a home that people see, a new front door adds significant perceived value, says Kathleen Coumou of Christie’s International Real Estate. “It’s also worthwhile to upgrade your locks and doorknobs when installing a new door,” she adds.

A Nantucket estate designed by Jacobsen Architecture is pictured.

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“ Kitchens will always be the best place to park your money,” says Anne Reagan, editor in chief of home-improvement website Porch.com. Keep the design clean and functional. To avoid its appearing dated in the future, stick with classic finishes, such as Carrara marble, and a neutral palette. Introduce color with accessories and fixtures rather than more permanent elements.

Carrara marble was used in this kitchen designed by Andre Tchelistcheff Architects and Carol Egan Interiors.

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Transforming your attic into a bedroom may be costly, but gaining a bedroom almost always pays off, “Especially if your neighbors all have one more bedroom than you do,” says Reagan. Plus, renovating an existing space is much less expensive and time-consuming than having to build from the ground up.

Oak beams crisscross the ceiling in a top-floor guest room in an English manor.

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According to Feinberg Schindler, finishing your basement is an excellent way to increase living space without actually adding square footage.**

A Powell & Bonnell–designed basement-level lounge.

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A remodeled bathroom is another safe bet. If you’re concerned with seeing a return on this investment, keep it clean, bright, and classic. “White tile never looks dated,” says Coumou. Personalize things like the hardware and light fixtures, which will be easy to swap out as times and tastes change.**

The master bath in Josie Natori's Palm Beach, Florida, home.

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Adding or renovating a terrace or deck is a great way to increase your living space without having to increase your home’s footprint or deal with the permitting, time, and money that go along with building an addition. Take it another step and integrate your interior and exterior, suggests Feinberg Schindler. “Install sliding or pivoting glass doors and use complementary tiles inside and out.”

The colonnaded deck of an oceanfront home on Long Island's East End.

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Update your windows . There’s a lot to be said for the look of vintage windows in an old home, but increased energy efficiency and decreased energy costs are paramount, according to Reagan. Plus, newer windows are often coated to filter UV rays, so your belongings inside won’t fade. This also might be an opportunity to enlarge smaller window openings and bring them up to code.

A light-filled breakfast room in an Aspen, Colorado, vacation home.

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A second-story addition may be the best way to spend your money if you’ve already decided to expand your home, says Reagan. Much of the cost and process of an addition has to do with permitting, pouring a new foundation, and extending the electrical and plumbing—which is why it makes sense to build up instead.

The second-floor family room of a Hamptons house.