Everyone wants their home to be the pride of the neighborhood. Owners need to know that they are getting maximum value out of their property. The best way to achieve this goal is by determining some of the best home improvement projects to increase value. As an investor or owner, you can make a lot of money if you follow these simple steps. Here is a review of the top home improvement projects that increase value.
Adding a Deck
Adding a deck can increase your home’s value, but it also increases the cost of living. A study by Texas AandM University found that an average minor renovation, for example, adding a new deck, can raise the selling price of a house by 0.5 percent to 1 percent. On top of that, these renovations raise monthly expenses by as much as $100 to $300.Before you start building a deck, check out your state and local building codes so you can follow all applicable laws and ordinances. Also, factor in the cost of hiring a contractor to help with construction and obtain any necessary permits and inspections. This is probably one of the best home improvement projects to increase value in this day and age.
A Spacious Kitchen
Kitchens are as important as bathrooms since they play a major role in increasing the value of your home. Kitchens help you to stay healthy and live longer. This is one area where everyone tends to think about, but very few people carry it through. All factors considered, kitchens give you a great return on investment (ROI) for your money. Spacious kitchens are in great demand nowadays, and because of that, they have been considered the best home improvement projects to increase value. There are several reasons for this phenomenon.
Large kitchens with proper storage space lead to less grocery expenditure because you buy in bulk due to ample storage space. With ample space in the kitchen, you can also incorporate food processing supplies since there is enough space to accommodate them. This saves cost, in the long run, making your kitchen an asset for you. Even young couples with limited financial resources and small children find it easy to manage their kitchen because they cook fresh, tasty food every day. It is a great advantage for this age group as it makes them healthier and brings down medical expenses in the long run. This is also beneficial for children as they grow up healthy under such conditions. Kitchens play a major role in determining the resale value of your home. People prefer to buy new homes with large kitchens and ample storage space instead of buying existing homes.
Since time immemorial, most homes have had their own bathrooms. But what about the homebuyer who is considering buying your house? That’s where bathroom additions come in. Provided you have engaged one of the septic companies to deal with sanitation. A new bathroom can mean an increased sale price since 3 out of 4 buyers want more than one bath. Bathroom remodeling makes up 20 percent of all home improvement projects. There are over 5 million bathrooms, half of which have been added since the 1970s. One out of three homes is sold with its existing bathrooms intact, but recent studies show that adding a new bath to your house makes it more salable. This statement is based upon statistics collected by Remodeling Magazine, which reports that roughly 80% of all bathroom additions are justified because the resulting house is more salable.
It may seem counter-intuitive to spend money on a project designed to make your house easier to sell. But this is an age of both increasing health consciousness and compartmentalized living. One master bath can be shared by two grown children, their spouses, and perhaps even the grandchildren. This may be hard to fathom, especially in the era of the ever-shrinking family. More bathrooms are built because there’s a growing need for them. Begin by considering how many people currently use your bathroom as you plan to execute this project, which is considered one of the best home improvement projects to increase value.
Installing a Fireplace
One of the easiest investments you can make in your home is installing a fireplace or conducting a furnace repair if you have one; researchers calculate that it typically adds between 6% and 25% to your home’s value, hence turning out to be one of the best home improvement projects to increase value. Even if no buyers are interested in purchasing your home with a fireplace, adding one could still be cheaper than building an addition or moving since you won’t have to worry about historical renovation laws. Another reason for adding a fireplace is the added warmth to your home during the winter months; staying warm saves you money since you won’t have to turn on the heater as often.
The extra warmth also provides comfort and reduces dry air caused by central heating systems. The American Lung Association states that fireplaces and wood-burning stoves can cause respiratory problems and worsen existing ones such as asthma. This problem is an EPA-certified fireplace insert or gas-burning stove insert; however, these inserts could cost more than the actual addition. Once you have installed a fireplace in your home, ensure that you emphasize animal control to avoid injuries to your pets. It can also help to deal with bee control since bees are usually afraid of smoke.
In the last few years, there has been a growing trend of homeowners painting their rooms. A recent survey by a paint manufacturer had an interesting finding: homebuyers are willing to pay more for homes with painted rooms. In case there is a baby in your house, it is important to make sure that you move away from baby bedding for the safety of the child. This does not mean that you have to repaint all your rooms before selling your home. Even if one room is painted, it can significantly increase your home’s value. Homeowners looking to sell their homes soon should consider painting one or two rooms before putting up their homes for sale. It will help them get higher selling prices with less hassle.
Experts on selling homes continue to insist that if you look forward to the best home improvement projects to increase value, consider painting your home. This is probably because of the growing trend of painting rooms in homes. As more homeowners are doing this, buyers have begun to expect houses to be painted. So they are willing to pay more for homes with painted rooms. While most of the improvement is in resale value, there is another potential benefit that homeowners can get from painting rooms in their homes before selling them. Painting gives them a good opportunity to clean up their attics and basements. So, even if someone is not planning to sell their home soon, giving all the rooms some fresh paint can help clean up their homes significantly without much effort.
Remodeling Master Bathrooms
Did you know that remodeling your master bathroom can increase the value of your home up to 9.5 percent? That’s right, little changes like tile refinishing and replacing old fixtures can make a big difference to how much an appraiser will give you for your house. Remodeling can mean many things, but most commonly involves installing fixtures that use less water and energy or simply updating old fixtures to more modern versions. Remodeling your master bathroom can mean several different changes depending on your tastes and budget. It can involve changing out an existing bathtub for a newer model, updating the showerhead with one more modern, or installing a new vanity and sink that will match the rest of your bathroom. You can even add a skylight or window to let in natural light during the day, which is always a plus! You should consider remodeling if:
Your master bathroom has an outdated appearance. Maybe you meant to update it, but there is no rush. You might as well wait until you can afford to do it right. What you need is quality to accomplish, which is undoubtedly among the best home improvement projects to increase value.
Your master bathroom isn’t big enough. Maybe the previous owners had the same idea as your family and decided to install a second, smaller bathtub. If that’s the case, then you can put in a larger one.
Installing New Flooring
Having new flooring installed in their home would increase its overall value. Most homeowners feel that new flooring is an important factor when considering purchase offers for the homes they sell.
Carpeting is still far and away from the most popular choice of flooring for homeowners looking to refresh or upgrade the living space of their residence. Starting this year, real estate experts are encouraging more home sellers to consider making larger investments in flooring projects before listing their homes for sale so they can better benefit from the competitive advantage of having new flooring installed throughout. This might cost a fortune, but there are high chances of receiving value for your money, considering that the installation of a new floor is ranked top among the best home improvement projects to increase value.
Have you ever heard of recarpeting as the best home improvement project to increase value? Homebuyers choose a house that is inviting and attractive; they want their homes to look like showrooms. Recarpeting your home can make it appear more modern and add to its curb appeal. Recarpeting is cheap in the long run since it saves you from incurring expenses that result from dryer duct cleaning and area rug cleaning.
Not only does this add extra life to your floors, but it adds value to your home as well. Recarpeting can increase the value of homes by 3% – 10%. By adding new carpets, you are essentially asking new residents to invest in your house. Once recarpeted, buyers will consider it more of an investment and be encouraged to pay for even more renovations themselves. The perfect time to recarpet your home is just before you’re ready to put it on the market. If you wait much longer, potential buyers may not be as impressed with the changes and offer a lower price.
Upgrading Plumbing, Heating, and A/C
The highest return on your investment is from replacing the heating and cooling system, but upgrades to the plumbing or HVAC systems will boost equity. Simple plumbing can also boost the value of your home significantly. When making these improvements, you can expect a 5-12% increase in value, which will make up for their cost. A brand-new HVAC system usually adds around 5% to your home’s value. Before installing a new system, consider some things if you are looking for an older, classic home with the original plumbing, heating, and air conditioning systems.
Replacing outdated systems with state-of-the-art technology can be costly, but it is usually worth it. If you are unsure about the best home improvement projects to increase value, maybe it’s because you considered upgrading plumbing, heating, and A/C. You might also consider replacing the system gradually over time. Whether building a new home or improving an existing one, make sure your property is up to date with today’s efficient systems. You can expect 5-12% equity for this kind of improvement.
Adding Attic Storage Space
In most house designs, the attic is little more than a space to be forgotten – perhaps put to good use as additional storage or converted into living space, but not seen as a valuable asset that could turn out to be one of the best home improvement projects to increase value. However, new research shows that adding an attic conversion can increase the value of your home and make it easier to sell. Remember that after flood cleanups, the attic storage space can store tools used for plumbing repair damage caused by a flood.
If you were to buy a home with existing attic space and convert it into living space, your home would increase in value compared to homes without one. This can vary drastically depending on several factors, such as the location and size of your home. Homeowners who have been thinking about adding an attic conversion to their properties will be pleased with the results of this research.
Every homeowner desires to sell their home at a profit. This can, however, be possible if a homeowner adheres to the mentioned home improvement tips. The good news is that anyone can increase the value of their home provided they remain committed to the course.