If you’ve decided to stay in your home and don’t plan on moving anytime soon, why not increase the value of your home by doing some home improvements? But be warned: When it comes to increasing your home’s appraisal value, not all improvements are good ideas.
Many home improvement projects simply don’t add value to your home, especially in a down market. Some can even lower your asking prices whenever you do decide to sell to a potential home buyer. But some renovations can greatly increase your home’s value while improving your quality of life at the same time. You can reap the benefits of your home improvements while adding value to your house and property. What could be better than that?
So which home improvement projects should you invest in?
Home improvement projects that raise your home’s value
Kitchen upgrades– Improvements in the kitchen can really pay off in the long run because a great kitchen is one of the top features that home buyers want. Energy-efficient and stainless steel appliances; granite or stone countertops; and shiny new faucets are all great additions to a kitchen. Don’t go too overboard, though. A deluxe, enormous kitchen is not something that a lot of buyers want to spend money on.
Greener living additions– Energy-efficient additions make living in and maintaining your home less expensive, and they are very hot features that home buyers look for. Upgrades can include energy-efficient insulation and windows, ENERGY Star appliances, and ceiling fans.
Room reinvention– The existing space in your house can be reinvented to save money. You can convert the attic into a bedroom, the basement into a game room, or the attic into a craft room. Versatile room additions have greater appeal to potential home buyers.
Deck addition– Adding a deck makes your outdoor living area more desirable and appealing to potential buyers when you decide to sell. Homeowners can recoup at least 60% of their investment with the addition of a deck.
Bathroom remodel/addition– A new bathroom can add a great deal of value to your home since many home buyers look for multiple bathrooms in a house. If you can’t afford an entire addition, try making improvements to your existing bathroom. Replacement of old toilets and addition of vanities can upgrade the look of your bathroom.
Now that you know which renovations will raise your home’s value, which ones are simply not good ideas?
Home improvement projects to avoid
Swimming pools– In-ground pool installations may seem like a great idea, but they actually make your home harder to sell. Many people don’t want to buy a house with a pool because they have small children. Pool installations also increase your homeowners insurance and energy costs.
Garage renovations– Avoid turning your garage into a play or a family room. Most home buyers want a garage to stay a garage in order to protect their vehicles and store items.
Sunrooms– While they are beautiful, sunrooms are not energy-efficient, and they can wind up costing a new owner a great deal on their utility bills. However, if you live on the beach or in the South, sunrooms might be a smart addition to raise your home’s value.
Before and after you’ve completed your home renovations and improvements, how about finding out the value of your property? Knowing your home’s value can assist you in your improvement decisions, and Neighborhood IQ can provide you with a free home valuation report today!