It pays to know the difference between remodeling upgrades that enhance the value of your home and changes that only appear to do so before you spend thousands of dollars for home improvement.
In case you’re planning to sell your home soon, or years onwards, it’s imperative to update it every year. Making regular improvements will not only improve the value of your property, but your family can also benefit as well by enjoying these home improvement projects.
Remodeling is a great way to boost the value of your home. But you need to do it right. If you’re thinking of remodeling your home, do your research or consult with experts from Reid Remodeling LLC.
- Make sure you have a good idea of what you want to do.
- Don’t just think about the design and materials; think about the functionality of your new project as well.
- Consider how much time, money and energy it will take to complete your project.
- Don’t forget about energy efficiency issues when remodeling!
Is this a good idea? The answer depends on what kind of person you are and what kind of house you have. If your home is old and needs to be restored to its original state, then yes, remodeling will be beneficial for your property value. But if you want your house to look like new and still have all the luxuries but with lower maintenance costs, then remodeling may not be the best option for you.
Once you have an idea what kind of asking price you’re looking at, you can begin working on ways to make your house stand out from the crowd. The best way to do this is by adding architectural details and other decorative touches that will make people notice it when they’re browsing through listings online.
Read the seven home improvement projects below that will help you enjoy your home more and increase its value at the same time.
Give Your Kitchen a New Look
The majority of homeowners treat the kitchen as the heart of their homes which makes updating in this room pay off.
According to the study conducted by HGTV, the return on investment for kitchen remodeling may reach 98.5% of your investment, as long as you don’t go overboard. Don’t make your kitchen fancier than the rest of your house, or the neighborhood.
Below are the simple ways to update your kitchen without breaking the bank.
- A Fresh Coat of Paint Goes a Long Way. Get the best out of your kitchen remodeling project by considering the color. A fresh coat of paint in stylish colors goes a long way towards updating your kitchen’s look.
- Add Energy-Saving Appliances. Substitute your old appliances with new and energy-efficient models. The appliances that are Energy Star-rated are safe and cost-effective for the environment because they use less energy compared to traditional ones. Moreover, a lot of potential buyers often look for ways to save money when buying a new home.
Spice Up and Reinvent A Room
Adding a few squares to your bedroom is extremely expensive and may quickly spin out of control. However, you can reinvent the current space in your home to save money. Convert the attic to a bedroom or finish a basement. You can also add small apartments in, or over your garage areas which you can rent out.
Remodeling Magazine reveals in their annual Cost vs. Value report, basement remodeling with the addition of a wet bar costs an average of $64,000. You can save a lot by doing the work yourself, but then again, adding a new room can be expensive.
Add More Energy-Saving Windows
Nowadays, buyers prefer to shop for homes that are energy-efficient. Dirty and old single-pane windows are a major turn off and degrade the value of your property. According to the Energy Star, the addition of Energy-Saving windows will help you save up to $500 a year in cooling and heating costs by making your home more energy-efficient.
Furthermore, HGTV adds that you’ll get 60% to 90% reimbursement if you invest in energy-efficient windows. You can also acquire a 10% green energy tax credit for it, as long as you have Energy Star-rated windows. Furthermore, you may also qualify for additional credits in your state and even from your utility company.
The Power of Deck Addition
The addition of a deck to your home increases property value. Outdoor spaces become desirable, especially since more people stay home for vacation (staycation). Make your deck and backyard more appealing; it will be enticing to prospective buyers. Moneycrashers reveals that homeowners can get a 65% to 90% reimbursement for their investment by adding a deck. You can even add your very own outdoor kitchen.
The expenses for adding a deck to your home depends on various factors such as size, seating capacity, stairs, flower pots and even the whistles and bells that you want to add. Typically, a deck costs around $4,000 to $15,000 or more, depending on the design and materials.
Buff Up Bathrooms
If your abode only houses one bathroom, you can win back a significant chunk of your investment by adding one more. HGTV states that you will get 60% to 85% return value to your total expenses with building another bathroom.
When it comes to finding the perfect spot for your additional bathroom, check for underutilized spaces or extra rooms. You may consider other spaces too such as areas under the stairs and closets. And, just like any project, the cost of adding more bathrooms relies on the types and costs of accessories or additions that you will use.
Insulate To Save Energy
If your home doesn’t have a basic insulation system and has old doors that allow hot and cold air it will affect the value of the property as home inspectors or property preservation specialists who work with potential buyers will include these things in their report. Modified homes with energy efficiency are more cost effective.
Updating your home to become energy-efficient doesn’t cost a lot of money and can make your home more engaging to potential buyers. You can save up to 17% or more every year just by making these changes.
Go Back To Basics
It’s a rule of thumb here. The necessary updates give the most value to your property. Fix the leaking roof, keep the paint fresh, replace wood that rots and clean out any mold that you find.
These chores will keep your home from deteriorating over time. Home buyers want a robust, healthy and safe home. Most often than not, these customers look carefully for signs of routine maintenance. You should be equally cynical too as inspectors now use “property preservation wizard” which makes the process more thorough and allows no lapses on behalf of buyers.
Takeaway
You can increase the beauty, comfort, resale value, and generate significant returns on investment for your property with the right renovation project. You have many options for home improvement projects that you can utilize. If you plan to do a major remodeling, put more effort on projects areas that make your home more appealing to budget-minded buyers.
