IMPROVEMENTS AND RENOVATIONS THAT WILL ADD VALUE TO YOUR HOME
Improvements and Renovations To Add Value to Your Home
Perhaps you’re planning on selling in the near future and want to make your home more attractive to buyers. Or maybe you just want to boost your existing home equity. There are numerous improvements and home renovations that you can make to boost your property value. But how do you know which renovation projects to consider? Remodeling Magazine publishes an annual Cost vs. Value Report, which outlines home remodeling and updating projects that provide the most significant return on investment. Here are eight of the most effective choices according to the publication’s 2014 list.
Installing a backup power generator
A propane-powered, 70-amp generator with eight circuits can be invaluable during and after storms or other events that result in power failures. In fact, the return on investment for this improvement has jumped by 42% in just two years.
Building a family room addition
The initial cost of a family room addition onto your existing home can be significant. But the additional interior living space you’ll receive will make the home more attractive on the resale market.
Remodeling your bathroom
One significant turnoff for homebuyers is an outdated bathroom. Renovating an existing bathroom with modern amenities including new tub & shower, tile flooring, and touches such as a recessed cabinetry, is a worthy investment.
Remodeling your kitchen
The kitchen is the room in which people tend to gather. And you don’t need to reconfigure the space. Install new cabinets, countertop, backsplash and flooring and purchase updated, energy-efficient appliances and fixtures.
Replacing your windows
If your windows are old, they could be costing you more in utility bills due to air leakage. Today’s windows are significantly more energy efficient. In addition new, specialty windows can add an architectural look that can dramatically improve the character of your home, inside and out.
Renovating your attic into a bedroom
This is a way to increase the number of bedrooms in your house without broadening your home’s footprint. Adding an additional bedroom can increase the property value considerably. Attic space can also be used to add another bathroom, additional closet space and or new windows.
Adding a new wooden deck
Creating this new outdoor space involves building a 16-by-25 foot wood deck with steps, railing, a bench, one planter, and concrete-anchored posts. The value of a wood deck of this type has shot up by about 1/4 over the last two years.
Changing out your front door
Adding a new front door will make a visual statement and is an excellent way to boost the curb appeal of your home. Updating your existing door with one made of custom mahogany or molded fiberglass.
Before making any decisions, be sure to prepare accordingly. Get cost estimates from contractors, pick out the materials you’ll need, obtain any necessary permits, determine a work schedule, and get contractor agreements in writing. Otherwise, your budget may balloon substantially due to unforeseen expenses, which in turn will reduce the amount of return on investment you’ll be getting.
Adding value to your home isn’t as difficult as it may seem. Once the job is complete, you can rest assured that your home – and your family – will benefit from the investment you made in your residence.