Many projects add value to your home, and improve your family’s quality of life.
Some home improvement projects that add value to a home include:
1. Remodeling the Kitchen
Most people consider the kitchen to be the heart of the home, and because of this, updates in this room pay off. According to HGTV, you can expect to recoup 60%-120% of your investment on a kitchen remodel, as long as you don’t go overboard. You should never make your kitchen fancier than the rest of the house, or the neighborhood.
A Little Paint Goes a Long Way
When it comes to how much you spend on a kitchen remodel, prices can run the gamut. Get the biggest bang for your buck on a kitchen remodel by looking at color. Fresh paint can go a long way towards updating the look of your kitchen. Plus, paint is relatively cheap.
You might want to consider using low-VOC paint; this makes your kitchen more eco-friendly, and helps your family avoid breathing in dangerous chemicals, like benzene, that off-gas from regular fresh paint.
Replace old appliances with energy-efficient models. Energy Star-rated appliances are better for the environment, and they also help you save money, because they use less energy. Potential buyers often look for ways to save money when shopping for a new home.
2. Bathroom Addition
If your home only has one bathroom, you can recoup a large chunk of your investment by adding another one. HGTV estimates that you can recoup 80%-130% of whatever you spend adding a bathroom.
When it comes to finding room in your house for an extra bathroom, take a look at any extra rooms or underutilized spaces. Consider other spaces, such as closets or areas under the stairs, too. If you want a half-bath you need at least 18 square feet. If you want a full bath, including a stand-up shower, you need at least 30 square feet. If you want a bathtub, make sure you have at least 35 square feet to work with for a bathroom addition.
Like any project, the cost of adding a bathroom depends largely on the types of additions and accessories you want to use, and the cost of each of these items.
3. Reinventing a Room
Reinvent the existing space in your home to save money. Finish a basement, or convert the attic to a bedroom.
Before you demolish walls and rafters, try to think about the ways that you, and potential buyers, can use the space:
- Versatile rooms have greater appeal to potential buyers.
- Basements frequently work well as second living rooms, or game rooms. Many people also turn this space into a small apartment for an aging relative or a tenant.
- Attic spaces often work well for craft rooms and game rooms, especially if they have high ceilings. If you have kids, you can add swings to the rafters, and create a cool play room just for them.
4. Adding Energy-Efficient Windows
These days, buyers shop for homes with energy efficiency in mind. Old, drafty single-pane windows are a major turn off. Energy Star claims that adding Energy Star-rated windows can save you up to $500 a year in heating and cooling costs by making your home more energy efficient.
According to HGTV, you can expect to recoup 60%-90% of your costs when you invest in energy-efficient windows. You may also receive a green tax credit of 10% for this upgrade, as long as you install Energy Star-rated windows. You might also qualify for additional credits from your state, or even your utility company.
5. Deck Addition
Adding a deck increases the value of your home. Outdoor living spaces have become more desirable, especially since more people stay home for vacation. If you make your deck and your backyard more appealing, your house will be more appealing to prospective buyers when you decide to sell. HGTV claims that homeowners recoup 65%-90% of their investment by adding a deck.
The cost of adding a deck to your home varies widely. Everything depends on its size, and how many bells and whistles you want added, like built-in seating, multiple stairs, built-in flower pots, and the size of the deck. Again, it all depends on the design and materials used.
6. Energy-Efficient Insulation
If your home lacks basic insulation, and has old doors that let in plenty of hot and cold air, home inspectors working with potential buyers will include this in their reports. Homes that haven’t been modified with energy efficiency in mind cost more to live in and maintain.
Updating your home to save energy doesn’t have to cost a lot of money and can make your home more appealing to potential buyers. For example, you can add extra insulation to your attic, and this small change can save you hundreds each year on your utility bill.
Seal cracks around the house to save even more money on energy costs, and to make your home more appealing to buyers. The U.S. Dept of Energy estimates that the average house has enough leaks to equal a 3×3 foot hole in the wall. You can find leaks in your home during the winter. Anytime you feel a draft or cold spot, you’re in an area that leaks air.
You can also install a programmable thermostat. Most buyers expect to see programmable thermostats these days, and they can save you money. Energy Star estimates that installing a programmable thermostat will save the average homeowner $180 per year in heating and cooling costs.
If you need to replace your hot water heater, consider spending a bit extra to purchase a high-efficiency water heater. Savvy home buyers know these water heaters can really trim energy bills. If you use less than 41 gallons of water each day in your household, a tankless water heater saves you 24%-34% on your water heating costs. If you use more, count on a savings of 8%-14%.
7. Basic Updates
Basic updates add the most value to your home. Keep the paint fresh, fix the roof when it leaks, replace wood that rots, and get rid of any mold that you find. These types of chores keep your home from deteriorating over time. Buyers want a healthy, solid, safe home, and they look carefully for signs of routine maintenance.