Five additions that can improve the value of your home
If you intend to sell your home at some point in the near future, you have to carefully think about all the renovations and additions that you will make.
One point to remember is that not all renovations will automatically increase the price of your home. Remodeling can negatively harm your home’s value when done poorly. This is why you should be careful about what projects you choose to take on for your home. If you’re curious about what projects can boost your profit when you sell, here are a five to think about.
1) Renovate your kitchen
Upgrading your kitchen will boost your home’s value, particularly now that most homeowners are keen on cooking at home. Having a space to prepare home cooked meals for the family is one of the most in-demand features for potential buyers. Remodeling your kitchen allows you to recoup between 70% to 80% of your investment.
However, you have to make sure that you have a set budget for this. It’s best to start with small and achievable goals like changing the hardware, replacing broken light fixtures, and converting to energy-efficient appliances. Updating the cabinets is also ideal. If possible, you may consider refacing the cabinets before completely replacing them.
2) Add space
Another tried and tested strategy to increase your home’s value is to add more space. However, this comes at a cost, so if your budget doesn’t allow for this, you can try converting some of your unused space into a livable area in your home. For example, you can convert your attic into an additional bedroom.
Similarly, you can also convert your basement into a game room or a family room. You have to make sure the room remains a versatile option for potential buyers when considering this option.
3) Consider decking
You can also try adding additional space in your home by adding a deck. It’s another cost-effective solution that you can consider. Experts claim that decking your home can help you recoup as much as 122% of the value when you sell your home.
One increasingly popular choice is composite decking as it is low maintenance and easy to install. It also comes in a range of colours and finishes.
4) Invest in curb appeal
One of the first things potential buyers will see is your home’s exterior. Improving your home’s curb appeal can be done in many ways. You can give your home a fresh coat of paint, install wood with LP SmartsideÆ siding, or you can also improve the landscaping by adding a walkway or repairing your roofing.
You can also replace the door if it appears worn out. Sometimes, it only takes thorough cleaning to make your home look brand new. You can reduce some of the cost by doing some upgrades yourself, like pruning the bush or planting flowers that add color to your home.
5) Upgrade your bathroom
Upgrading your bathrooms is also a great way to improve the value of your home. Adding a full bathroom can bring a 5.7% increase in home value, amounting to up to $18,000. This doesn’t mean that adding two full bathrooms would double the increase in home value, though.
You still have to factor in if the addition will work with the home space that you have. If not, you can go for bathroom renovations. Ask for estimates from experts like Kitchen Capital about the best options for bathroom renovations.
Before starting any renovation projects, consider the budget that you have. It’s always best to start the project by room rather than doing several projects at once. This ensures that a project is completed before starting another one.