7 Home Improvement & Remodeling Ideas that Increase Home Value (And What to Avoid)
Many projects do add value to your home, and improve your family’s quality of life. By working on these projects now, you can enjoy the benefits and updates.
1. Remodeling the Kitchen
Most people consider the kitchen to be the heart of the home, and because of this, updates in this room pay off. According to HGTV, you can expect to recoup 60%-120% of your investment on a kitchen remodel, as long as you don’t go overboard. You should never make your kitchen fancier than the rest of the house, or the neighborhood.
Key items: Paint and energy efficient appliances
2. Bathroom Addition
If your home only has one bathroom, you can recoup a large chunk of your investment by adding another one.
When it comes to finding room in your house for an extra bathroom, take a look at any extra rooms or underutilized spaces. Consider other spaces, such as closets or areas under the stairs, too. If you want a half-bath you need at least 18 square feet. If you want a full bath, including a stand-up shower, you need at least 30 square feet. If you want a bathtub, make sure you have at least 35 square feet to work with for a bathroom addition.
3. Reinventing a Room
Adding more square footage to your home with a new room can be an incredibly expensive project. Although you can recoup some of your investment, anywhere from 50%-83%, this project’s costs can quickly spin wildly out of control.
Reinvent the existing space in your home to save money. Finish a basement, or convert the attic to a bedroom. Many homeowners can also add small apartments in, or over, their garages – which they can then rent out as a room.
4. Adding Energy-Efficient Windows
These days, buyers shop for homes with energy efficiency in mind. Old, drafty single-pane windows are a major turn off. Energy Star claims that adding Energy Star-rated windows can save you up to $500 a year in heating and cooling costs by making your home more energy efficient.
5. Deck Addition
Adding a deck increases the value of your home. Outdoor living spaces have become more desirable, especially since more people stay home for vacation (i.e. referred to as a staycation). If you make your deck and your backyard more appealing, your house will be more appealing to prospective buyers when you decide to sell.
As you might guess, you can save a huge chunk of the cost, usually half, by doing the work yourself. Keep in mind, however, that deck construction isn’t easy. You need specific tools, such as a bandsaw, and the cost of the tools can be very expensive, especially if you don’t plan to use them again.
If you decide to hire a contractor, shop around before you choose someone to work with. Make sure you get at least three quotes, with specifics, from the contractors you interview. Thoroughly check references for the contractors before you agree to a contract or work order, and watch out for home improvement repair scams.
6. Energy-Efficient Insulation
If your home lacks basic insulation, and has old doors that let in plenty of hot and cold air, home inspectors working with potential buyers will include this in their reports. Homes that haven’t been modified with energy efficiency in mind cost more to live in and maintain.
Updating your home to save energy doesn’t have to cost a lot of money and can make your home more appealing to potential buyers. You can save $2,500 or more each year just by making some changes. For example, you can add extra insulation to your attic for $200 or less, and this small change can save you hundreds each year on your utility bill.
7. Basic Updates
Basic updates add the most value to your home. Keep the paint fresh, fix the roof when it leaks, replace wood that rots, and get rid of any mold that you find. These types of chores keep your home from deteriorating over time. Buyers want a healthy, solid, safe home, and they look carefully for signs of routine maintenance.
See more at https://www.moneycrashers.com/7-home-improvements-to-increase-its-value/