Increasing a property’s value can have a variety of benefits for the homeowner. Whether you plan to sell your house soon, or are just interested in getting the most out of the work you perform, home improvement projects can have a significant impact on the overall value of your home.
The major systems of a house-including the heating, electrical, plumbing, and sewage systems-must all be current and in good working order. It’s common for older homes to require some updates as systems become outdated and malfunctions occur. If any of these systems are in need of repair or an upgrade to bring them up to current standards, they are the first thing you should spend your money on. Home improvement projects that repair these major systems are especially important if you plan to sell your house. Prospective buyers want to know that a residence will not require significant work in order to be livable. In addition, any appraisal or inspection that’s performed in conjunction with a sale will identify whether these systems are in need of repair or have been recently updated, which can positively or negatively affect the sales price.
You can get significant returns on your home improvement expenditures when you focus on curb appeal. Consider jobs like installing or replacing siding, replacing windows, installing a new garage door, or putting in a stylish new front door. These types of projects add curb appeal to a dwelling without a huge cost.
An unfinished attic can be the ideal place for a new bedroom or a hobby room. On average, most homeowners can expect to spend $50,000 or less on this project. The end result should net a recovery of over 72 percent of the cost when it’s time to sell the house.
The kitchen is an integral feature of any home, and so remodeling the kitchen is an effective way to increase its value. Remodeling can vary depending on your home improvement budget. Even minimal projects-such as installing new flooring, updating sink fixtures, and installing new light fixtures-can have a major impact on value. Homeowners on a tight budget might even choose to stain or paint cupboards and install new hardware for a fast and easy kitchen face-lift.
Adding a bathroom is an effective way to add value to a dwelling. Depending on your space and budget, you might choose to add a full bathroom or even just a half bath. The net increase from a half bath may be as much as 10 percent, while adding a full bath could increase the value by as much as 20 percent.
Finishing a basement can add important living space to a residence. By turning a basement into a family room, a theater, a play area, extra bedrooms, or even a second kitchen, a house suddenly gains a special appeal and increases in value.
Plan your home improvement projects to ensure that you get the most return on your initial investment. You may be surprised at the significant impact you can have on overall value even with a modest project.
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