When it is a buyer’s market, most homeowners want to take steps to improve their home value and make it more appealing to buyers. After all, doing so may lead to higher offers. However, even if you don’t plan to sell in the near future, taking steps to boost the value of your home is beneficial in the long run. The question is, what projects are going to offer the biggest ROI?
The truth is, there are some projects that won’t add to your home’s value. Before you decide to invest in pool construction in Santa Rosa Beach, consider some of the projects here, which have been proven to boost a home’s value.
Remodel the Kitchen
The kitchen is referred to as the “heart of the home” for a reason. It’s where people tend to gather and spend time together. Due to the popularity of this room, updating your kitchen can really pay off. In fact, it’s estimated that you can recoup between 60 percent and 120 percent of what you invest in the kitchen remodel. Just remember not to go overboard. Make sure you aren’t making your kitchen more luxurious than the rest of your home.
When trying to decide how much you should spend on the kitchen remodeling project, you should know that you can spend thousands of dollars on this room alone, so figure out your budget before moving forward. This is going to help you figure out what projects you can and can’t take on. A great way to update the look of this room on a budget is by applying fresh paint using modern colors.
Add On a New Bathroom
If you have just one bathroom in your home right now, you can consider adding another. It’s estimated that this investment can help you recoup between 80 and 130 percent of what you spend on the project.
Unsure if you have room for this addition? If so, take a look at underutilized areas of your home and extra rooms. You can also consider other areas, such as under the stairs, closets, etc. For a half-bath, you need a minimum of 18 square feet and for a full bath, 30 square feet. Remember, the cost of this project will depend on the materials and features you want to add. If you have a limited budget, be sure to plan carefully.
Reinvent a Room in Your House
Adding more square footage to your home is a big and expensive task. While you may be able to recoup some of the investment you have made, the cost to complete the project can soar.
A more affordable option to consider is to reinvent the current space in your home. For example, you could convert the attic into a new bedroom or finish the basement. You can even add a smaller apartment over or in your garage and then rent it out for a passive source of income.
Take some time to think about the spaces in your home – what can you change to make more functional? This is a great way to add value to your home without spending a fortune.
Install Energy Efficient Windows
Today, most home buyers are searching for energy efficient homes. If you still have the original windows that your home was constructed with, now is the time for an upgrade. By adding Energy-star rated windows, you can reduce power costs by as much as $500 (sometimes more if you have a larger house). This makes the home more energy efficient and as a result, more appealing to potential buyers.
As you can see, there are several home renovations projects you can take on that will add value to your home. Consider which ones make the most sense for you, and get started.