When most people embark on home upgrade projects, their main goal is to raise the value of their homes.
Whether the upgrade is intended to attract potential buyers, or just improve the lives of the family members, the return on investment must be taken into account.
Essentially, the renovation must be worth the investment.
The type of renovation project you want to undertake will significantly determine how much value you add to your home.
You should note that not all home upgrading projects will be profitable.
In fact, some can be detrimental when it comes to selling your home.
So, when looking to change that market price of your home, choosing the right project is paramount.
But before you decide which part of your home needs an upgrade, there are two main factors that you should consider.
These will ensure that you’re not just wasting money on irrelevant projects that are not profitable.
Factors to Consider When Upgrading Your Home
Cost of the Project
The first thing you should consider before investing in that project is the cost.
It should be less than the total value the project adds to your home.
It must make some economic sense, and help you reap more when selling the home.
You don’t want to invest your money and time into a project that will bring you very little or no profit.
Therefore, assess the project thoroughly and determine whether its benefits outweigh the associated costs.
Getting the Right Contractor
Once you’ve ascertained that the project is worth investing in, it’s now the right time to hunt for the right person for the job.
For your project to accomplish your desired purpose, hiring the right contractor is a prerequisite.
But how do you identify the right tradesman to undertake your project?
Well, if you don’t already have a referral contractor, some websites like MyJobQuote.co.uk, offer such services.
Their purpose is to connect employers to the right tradesmen as well as give some insight into the average prices of home repairs.
Once you post your job on the platform, it matches your project needs to the local tradesmen who will later contact you with various quotes.
This way, you’ll get not only the best contractor based on homeowner reviews but also the one that offers a favorable price.
Best Home Upgrade Projects
1. Bathroom Addition
If you have a big house that only has a single bathroom, adding another one will undoubtedly add value to the house.
Some studies indicate that you will be able to regain between 80% and 130% of the total upgrade cost.
This means that whether the upgrade is intended for increasing the selling price or just for improving the lives of the family members, it’s worth the investment.
The cost of the project will largely depend on the kind of renovations you need, as well as the accessories you will use.
So, if you are working on a budget, you should try to find retail outlets that are offering discounted prices for the items.
2. Kitchen Remodeling
The kitchen is, in most cases, considered as the heart of a house.
And for this reason, upgrades on this part of a house will mostly pay off.
However, it would be best if you do not overdo it as this might have a negative result when you want to sell your home.
You don’t want your kitchen to look fancier than the rest of the house.
For instance, if you install a deluxe kitchen in a simple historic home, you might end up creating a mismatch that may discourage potential buyers.
But, as long as you do it moderately, kitchen upgrades will almost certainly add some monetary value to your home.
Luckily, if you have the right person undertaking the project, you won’t have to worry about such things.
The contractor should be able to advise you accordingly on this.
3. Energy-Efficient Insulation
Insulation is an essential aspect that buyers will consider when searching for a house.
No one wants to buy a home without proper insulation.
If your house has some issues with insulation that needs upgrading, these must be sorted before you can start looking for a buyer.
Upgrading your old doors and windows will prevent uncontrolled flow of cold and hot air in and out of the house.
Home upgrades with energy efficiency as a priority will help raise the value of a home.
This is because a house that is not energy efficient can be both problematic to live in and hard to maintain.
And, apart from attracting potential buyers, making your house energy-efficient can save you significant amounts of money if you don’t sell it.
Some small insulation changes such as insulating your attic can help to save you hundreds of dollars each year.
Buying a thermal leak detector can be an excellent option to help you detect temperature variations within your house.
This way, you can identify the places that need insulation in your home.
Places that you can check for leaks include:
- Windows and doors
- Near light switches and sockets
- Around the attic
- Points where ducts and wires exit the house
4. Installing a Carport
In general, installing a carport on your property adds value to it.
But, it must be done right to ensure it serves the intended purpose. It is not automatic that a carport will improve your home’s value.
The size, design, and shape of your carport matter significantly.
Also, how well it is installed and how it compliments your property will determine if it will attract potential buyers or not.
The main advantage of carports is that they are easy to install, are present in various sizes and designs, and they are not that expensive to fix.
Also, since they are exterior structures, they can quickly be built without altering your house.
Carports are ideal projects for those who are looking to add some value to their homes.
They are useful whether or not you want to sell your home.
Key Take Away
Although there some projects that won’t add much value to your home, there are others that will make a significant difference.
If you choose the right one and do it right, you will easily accomplish your goals.
Don’t just go for any project, make sure that you start one that is both cost-friendly, and that will have more appeal in the eyes of potential buyers.