Improving your home is not just about making your property more comfortable to live in. It’s also about making changes that will increase the value of your home, which should come in very handy in case you decide to sell one day. Many people assume every kind of improvement will automatically increase your home value, but this is not the case. Some modifications may actually decrease value. So it’s important to know the changes you should invest in.
The most valuable home improvement you can do is those that increase the worth of your house in fair relation to the amount you spent on those modifications. To help you choose, you can compare the average costs of remodeling projects with the value that they retain at resale. To know more, here’s a list of projects that will add value to your home.
Updates in your kitchen are guaranteed to pay off. After all, many consider this room as the heart of the house. A minor kitchen remodel can fetch you a resale value of $18,206, while a major remodel can get you around $40,127 (for mid-range) and $72,993 (for upscale). You can get your investment’s worth as long as you don’t go beyond your budget. The rule of thumb here is never to make your kitchen fancier than the rest of your home.
What you can do: A little paint can go a long way. Put on fresh coats in modern colors and choose low-VOC paint to make an eco-friendly kitchen. You can buy energy-efficient appliances to replace the old ones. In line with this, look for electrical repairs needed to make sure these appliances run flawlessly.
Recoup a large chunk of your investment by putting an additional bathroom. Make use of extra rooms and spaces that are underutilized. What you can do: At least 18 square feet (1.67 m²) should be good enough for a half-bath, while a full bath will require at least 30 square feet (2.79 m²). To accommodate a bathtub, you will need at least 35 square feet (3.25 m²).
Reinventing existing space in your home is a more practical alternative to adding square footage. Building an additional room can be very expensive, and the costs can get out of control. Unexpected problems can double the amount of budget that you intentionally planned.
What you can do: Save money by finishing a basement or converting an attic to a bedroom. You can make that garage work by adding a small apartment in or over it, which you can wisely rent out as a room.
With outdoor living spaces becoming more popular than ever, it means that adding a deck will become a valuable addition to your home. An attractive and comfortable deck and backyard make a home more appealing to buyers.
What you can do: Beauty is in the details, so pay attention to the accessories you will add, such as built-in seating, built-in flower pots, and multiple stairs—the works. You can save huge chunks of money if you do the renovation yourself, but if you feel you’re not cut out for the job, don’t force the issue, and call for a contractor to do it for you.
This is one of those updates that don’t have to cost a lot of money to do but can make your home more attractive to buyers. You only need around $200 to put extra insulation in the attic, which, in turn, saves you tons on your electric bill.
What you can do: Save even more on energy bills by sealing cracks around the house. The average home has enough leaks to match a 3×3 foot hole in the wall. Find cracks by feeling for cold spots or drafts inside the house (this is easier done during the winter). Spaces that usually need more insulation include areas around doors and windows, around electrical sockets and light switches, in the basement, and anywhere wired or ducts go outside the house.
Replace outdated single-pane windows with energy-saving versions to save up to $500 a year in heating and cooling costs. Not only that, but you can also get a green energy tax credit of 10% if you choose to install Energy Star-rated windows.
It’s best to concentrate on smaller home improvement projects that will make your property more appealing to budget-conscious buyers. Gone are the days that luxury upgrades are a priority. Prioritize small upgrades that matter to today’s buyers and energy-efficient ways to add more value to your home.