If you’re looking for home improvements that increase property value, this list from Wholesale Home Improvements has a few handy ideas for you. Home improvements are a great way to spruce up your home and make it more comfortable for the time you live there, as well as put a little extra money in your pocket when the time comes to sell.
However, make sure to choose the right kind of home improvements. Some offer a better return than others and some even detract from your selling power. And some energy saving ideas even help you recoup money on potentially lower energy bills while you’re still living in the home for a double bonus. So now that you’re getting excited, let’s get started on that list of ideas!
Kitchen remodeling, construction and repairs are an excellent investment. If you do it right, you can recoup 60-120% on your investment, plus you get to use a cool kitchen for the remainder of the time you live in the home. Just make sure you don’t overdo it! If you make the kitchen fancier than the rest of the house, it won’t fit and buyers that are looking at your home style (and price range) are not going to want to pay extra for an overdone kitchen.
Instead, choose simpler options that aren’t as expensive and will still help in a big way. For example, a fresh coat of paint can do wonders for a room, including kitchens. Update with a modern color combination for an inexpensive, time-efficient remodel option. It’s amazing how much just changing the color scheme can change the way a room looks.
Another great option for kitchen remodeling is to update your appliances, particularly if you have older ones. This is a great way to lower your energy bills by replacing older models with new energy efficient designs. Plus, it is a highly attractive quality to buyers when looking at a new home.
Add a Bathroom
Adding another bathroom is a great option, particularly in houses that only have one. At least two bathrooms in a home is a highly desirable feature and it is estimated that you can recoup 80-130% of your investment, plus you get the convenience of an extra bathroom while you live there.
To add a half-bath to your home, you only need about 18 square feet of space, which you might already have unused and available. Take a look at underutilized spaces, closets or under the stairs. If you want a full bath you’ll need something roomier, about 30 sq ft with a shower and 35 sq ft with a bathtub.
The cost on this one can vary widely and primarily depends on how fancy you want to get. Again, keep in mind to maintain the style in step with the rest of the house.
Reinvent a Room
Actually adding square footage to your home is generally pretty expensive. You can probably recoup 50-83%, which is decent but not that amazing. Instead, home improvements that increase property value may require you to get creative and reinvent an underutilized space.
For example, you can convert an attic into a bedroom, game room or play room. If you have an unfinished basement, you can finish it – maybe even make it into its own apartment. Or you could build a room/apartment over the garage that you could rent out to earn a little income that pays for the reno. Get creative and think about how you, and potential buyers, could better use a space in your home.
Replace the Windows with Energy-Efficient Ones
Energy efficient windows are not just a buzzword these days, they are actually something potential buyers are extremely interested in and drafty, single-pane windows are, simply put, a huge turnoff. According to Energy Star, windows with their stamp of approval save homeowners an average of $500 a year on their energy bill and many buyers won’t even consider a house that doesn’t have them.
You can typically recover about 60-90% on your investment and possibly qualify for a tax credit. Also, check to see if your state or utility company offers credits for even more savings. If you plan to still be in your home for a few years, you can often recoup your entire investment with the credits and energy savings combined. The extra desirability your home receives for resale is just icing on the cake!
Add a Deck
With the popularity of staycations (at-home vacations) on the rise, outdoor living spaces have become even more desirable. Sprucing up your backyard by adding a beautiful area to relax is a surefire way to add value to your home. You may recoup around 65-90%, and your backyard barbecue game will get a strong boost.
Decks can get pretty expensive, so keep it simpler if you want to keep costs down – either way, you will see an increase in home value. Again, just be sure to maintain the style and luxury level consistent with the rest of the house. People may not be interested in paying extra for a deck that’s bigger or fancier than the house itself!
The easiest, most cost-effective home improvements are simply the regular maintenance that a house always needs. Buyers want a home that has been well-cared for because then they know that they are buying a house that is not going to be falling down around their ears within a few years.
So, if your roof starts to leak a little, get it repaired before it gets to be a bigger problem. Keep up on fresh coats of paint and replace your home siding when needed to make a great first impression on potential buyers. Also, check for any problems, either with your roof or near your foundation, allowing excess moisture to get in and facilitate mold growth.
We hope that this list of home improvements that increase property value has been helpful to you as you are looking for profitable ideas. But remember, you live in the home right now and think about undertaking projects that not only add value but also you and your family will enjoy for the rest of the time you live in the home. If you need extra help or ideas, feel free to talk to the friendly experts here at Wholesale Home Improvements and we’ll be happy to get you started.