5 Projects That Add Value to Your Home
On average Americans will move 11.4 times in their lifetime. This means that you will probably buy and sell several homes. Getting top dollar for you home can be a great way to improve your equity. But even if you are not moving, 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.
Some home improvement projects that add value to a home include:
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.
2. Bathroom Addition
If your home only has one bathroom, you can recoup a large chunk of your investment by adding another one. HGTV estimates that you can recoup 80%-130% of whatever you spend adding a bathroom.
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. Just turn on any of those home remodeling TV shows; projects that start off with a $15,000 budget quickly turn into $30,000 or more when homeowners and contractors run into unexpected problems.
Reinvent the existing space in your home to save money. Finish a basement, or convert the attic to a bedroom. Before you demolish walls and rafters, try to think about the ways that you, and potential buyers, can use the space:
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.
According to HGTV, you can expect to recoup 60%-90% of your costs when you invest in energy-efficient windows. You can also receive a green energy tax credit of 10% for this upgrade, as long as you install Energy Star-rated windows. You might also qualify for additional credits from your state, or even your utility company.
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. HGTV claims that homeowners recoup 65%-90% of their investment by adding a deck.
The cost of adding a deck to your home varies widely. Everything depends on its size, and how many bells and whistles you want added, like built-in seating, multiple stairs, built-in flower pots, and the size of the deck. Decks can cost anywhere from $1,200 to $10,000, or more. Again, it all depends on the design and materials used.
This post was adapted from the following link: http://www.moneycrashers.com/7-home-improvements-to-increase-its-value/