In most areas of the country, finding a new home can be difficult because of decreased inventory. Some people are trying to make their current residences work, at least until the perfect house comes along. If you are one of these people, you should think about increasing the value of your home by doing a few home improvement projects so that when you do decide to sell, you get top dollar.
Many projects do not add any value to the home. In fact, some of these projects might lower the value of your home, especially in a bad market. On the other hand, some home improvement projects add plenty of value to the home. For current information about what improvements you might want to do add to the value of your home, check the annual Cost vs. Value Study done annually by Remodeling Magazine.
Here are some projects that will help you to improve the value of your home:
Remodeling the Kitchen
The kitchen is the heart of any home and any updates to it increase the value of your home significantly. As long as you do not go overboard with the renovations, you should expect to recoup at least 60-120 percent of your investment. However, you should not make your kitchen look fancier than the rest of the house.
If you want to sell your house in the next five years, you should keep potential customers in mind before you do anything major. Fresh paint can go a long way towards making any room look better. Consider using low-VOC paint to make your kitchen friendlier and reduce the dangerous chemicals that you inhale.
When updating your kitchen, you should remember to invest in energy-efficient appliances to replace older models. Appliances that are Energy Star-rated are good for the environment and energy efficient, allowing you to save on money.
If your home has a single bathroom, you can increase its value by adding another one. To find the best room to turn into a bathroom, you need to consider underutilized spaces or extra rooms that you rarely use.
Consider areas such as underneath the stairs and closets and turn them into half-baths, which only require 18 square feet. Like with any other project, the cost of adding a bathroom depends on the accessories that you want to use and how much they cost.
Do you need to fix a water-damaged bathroom? You should consider hiring a water damage restoration company.
Adding a new room to your home to increase its square footage can be quite expensive. To avoid spending too much, you should reinvent the existing space within your home. For instance, you can convert your attic into a bedroom or add small apartments into your garage then rent them.
However, you need to think about how you and the potential renters will use a space before you start demolishing walls. Consider the following:
- Basements usually work well as game rooms or second living rooms.
- Versatile rooms appeal to potential buyers more
- Attics can be used as game rooms especially if the ceilings are high enough. Do you have kids? You should consider adding swings to the rafters when converting your attic into a playroom. Check with a building professional to make sure that your rafters will support this innovative solution..
Add Energy-Efficient Windows
Nowadays, buyers shop with energy efficiency in mind. This means that if your house has old, drafty windows, it will be a huge turnoff. Moreover, if you invest in Energy Star-rated window, you might receive 10 percent green energy tax credit. You might also qualify for more credits from your utility company as well as your state for doing this upgrade.
When remodeling, keep your own comfort in mind as well as resale value. Working on your plumbing by hiring drain cleaning Long Beach, CA – based experts for example, will also go a long way towards making your home operate more efficiently and will later be more attractive to buyers.