Home Renovation Projects that Increase Property Value
Are you looking to boost the value of your home? Home renovation projects are a great way to do just that. Whether you’re looking to improve your curb appeal or upgrade your living space, here are some tips to make the most of your home renovation project.
Research the most common and effective renovation projects. Painting, landscaping, replacing windows, and remodeling your kitchen are just a few projects that can add value to your home.
Doing your research will help you make an educated decision on which project is right for you.
Consider the cost of the project. Some home renovation projects are more expensive than others, so it’s essential to consider the budget before starting. You can save money by doing the work yourself, such as painting or landscaping.
Know yourself and your ability, It is easy to start a home renovation project but a lack of motivation and ability can prevent completion. When contractors take over someone else’s uncompleted projects they tend to charge higher rates. If contractors need to correct previous work to meet the code or ensure safety they will bill accordingly. Know yourself and your ability
Here are samples of the home renovation projects that will increase your home’s property value:
- Additional bedrooms: If you have children, adding another room or two will be helpful when it comes time for them to start sleeping independently instead of sharing a room with their siblings. It also gives you somewhere else to put guests when they come over–and if they’re staying longer than one night (like grandparents), having their room makes everyone feel more at ease during their visit! Extra bedrooms will also help increase the value of your home.
- Additional bathroom:
Having an extra bathroom means no more waiting around while someone else showers or gets ready in the morning. Everyone gets their turn without rushing through getting ready, so they can eat breakfast before school/work/etc. A great place to add an additional Bathroom is in the basement if there is not one.
- Add a garage or carport.
Garages and carports are a great way to add space to your home and protect it from the elements. You can also use them for storage or build them as standalone structures attached to your house.
- Properties with additional garage space greatly increase value. Most new houses are built with a 3 car garage for a reason. Most families today own at least two vehicles. For the average family, a vehicle is the second most expensive purchase of their life. With that type of investment, most homeowners prefer their vehicles stored indoors(especially during hail, snow, and other types of inclement weather).
- Usually, the addition of a garage stall will add over $10,000 of value to the property.
- Creating additional garage spaces will allow homeowners with limited square footage to have large gatherings in their garages. Purchasing small electric heaters and insulated garage doors is a great way to have a large four-season gathering area.
- Expand the basement space.
A basement is a great way to add square footage to your home without building up, which can be expensive and difficult. You can expand the space of your basement, including adding bedrooms or bathrooms and turning it into a living room or playroom.
- If you would like to add an extra bathroom in the basement, consider adding one downstairs. This will give your guests more privacy and make them feel more comfortable staying at your house for long periods.
- Finish your basement to add additional living space. Take ceiling height into consideration(ensure your ceiling height meets the code).
- Add Egress windows. When you finish additional space in basements, especially bedrooms it is important to add egress windows so you can legally count the space as a bedroom and advertise on the MLS as such. Egress windows will also ensure increased appraisal value.
- Upgrade your roof
One of the essential parts of your home is its roof. There are various types of roofs and quality. Asphalt shingles can have a life expectancy of 15-50 years. Always consult your property insurance company to see if your insurance policy will help cover the cost of replacement if needed.
- It is a good idea to replace your roof prior to selling if the insurance company will cover the cost.
- A second option is to give the sellers an assignment of claim allowing the new owners to replace the roof with a portion being paid by your home insurance policy.
- As a rule of thumb, replacing a roof will increase the sellability of your property, not increase its value. One of the best reasons to replace the roof prior to selling is due to additional funding provided by a property insurance claim.
- Add a deck or patio off the back of your home.
This is an easy project that will add value to your property, and it’s also a great way to maximize space. A deck or patio has several benefits: it gives you more usable space, it can be used for entertaining guests or just relaxing in nature. If done properly with materials like wood/ composite/concrete/block, they’ll last for years without needing replacement.
- Update the kitchen and bathroom.
The kitchen and bathroom are two essential rooms in a home, so it’s no surprise that updating them can increase your property value. Kitchens and bathrooms are often the first rooms people see when they visit a home. If you’re looking to sell your house it pays to make sure these spaces are updated. Updating kitchens and bathrooms can be costly when adding new cabinetry and countertops. but can also be done inexpensively when just adding fresh paint, a backsplash, and new cabinet hardware. While many homeowners want to focus on other areas during renovations (like bedrooms or living rooms), kitchens and bathrooms tend to require more work than other parts of a house due to wear and tear over time or simply because they’re used more often than other spaces like bedrooms or dens. Whether you’re looking to buy a home or sell one, it’s essential to know how much value your renovations will add.
- Add a second story
Adding a second story to your home is an option if you are dedicated to your neighborhood or school district. Normally it is initially more expensive to build up than down. However, if you are vested in the area you live in, this can be a good way to add more square footage to your home. This will be an extensive project that will more than likely require your family to be displaced for an extended period of time.
- Install a swimming pool.
Swimming pools are a great way to cool off in the summer, relax and entertain your family. A pool can also help you exercise and make a nice place to hang out with friends or family. A swimming pool is an excellent addition to any home because it adds value to your property by increasing its attractiveness on the market. Owners in cooler climates will want to understand the additional maintenance required for winterization.
The cost vs value of these renovations should be calculated prior to start. A savvy renovator should talk to a (trusted) real estate professional when choosing which projects add value. Know yourself and your ability if you choose to tackle these projects yourself.