Home improvements are an investment in your property. They make it more functional and enjoyable for you today, and the right improvements will also make your home more appealing to buyers tomorrow.
Smart Home Improvement Remodeling Projects
Knowing which home improvement remodeling projects to invest in can be a little trickier. Here are some remodeling projects that will help transform your home into your dream property now while preserving the homes value in the future.
Look At The Kitchen and Bathroom
These rooms can become dated the fastest, and buyers want them to be modern. They’re looking for timeless cabinets that can carry them into the next decade, and they don’t want any fixtures or elements that look like a distracting blast from the past.
These rooms can be expensive to remodel because of the cost of new fixtures, but they both carry a high return on the investment. In fact, you can expect to get 60 to 120 percent of the investment price back when you sell the home. However, experts remind you to avoid going overboard.
You don’t want to drop $40,000 into a kitchen remodel or bathroom remodel when your house is only worth $100,000. Pricing yourself out of the neighborhood market will make the home harder to sell when the time comes.
Fresh Paint In Every Room
Plan on having the interior repainted every few years. Even if you keep things neat as the proverbial pin, the pain can still become chipped, dull and dingy. However, a fresh coat of paint makes everything look fresh and new. Just changing the colors in your home can make it look more impressive, and paint is an affordable renovation.
There’s Never Too Many Bathrooms
Even if you already have two bathrooms, you really cannot have too many. Try putting another powder room in the basement for convenience. Add a half-bathroom to the main floor if you don’t have one there currently. You’ll get the most bang for your buck by adding a full bathroom remodel complete with bathtub and shower, but a half-bath will also add value if space is limited.
The nice thing about a half-bathroom is that it can fit into a very small area thanks to corner sinks and other space-saving features. You only need 18 square feet to add a half-bathroom, and a full powder room will take about 30 square feet of space.
The cost of your new bathroom will depend largely on the fixtures you choose, but the difficulty of running the new lines is also a factor. If you have a basement with exposed ceilings, then adding a bathroom to the main floor will prove more affordable than running the lines through a concrete slab.
Remove Walls To Form New Spaces
Wide open great rooms are all the rage now, and it’s a trend that’s continuing to grow in popularity. If you have rooms that seem awkward and want to make the space more functional, removing some walls can be the right answer.
It is important to work with an engineer to ensure that you’re not pulling down load bearing walls. If the walls are more structural than decorative, you’ll need to add a bulkhead and extra supports to handle the weight and avoid serious structural problems.
An engineer can also draw out the new space on paper, so you can be confident that it will work with your needs and make the property more attractive.
Room Additions In The Basement
You can also transform your home by taking that unfinished basement and turning it into an impressive space. Before you start putting up walls and dividing the space, have everything drawn out on paper.
This will allow you to see how versatile the space will be and if it will suit your needs. Here are a few items to consider before investing in a finished basement or room additions.
- Subterranean living spaces like basements may not be covered by your homeowner’s insurance.
- Any moisture problems must be addressed before you begin renovations.
- Bedrooms should have a full-size window for exit in case of an emergency.
- Radon can be a problem in some areas of the country, so you should have your home tested and treated.
- Consider your future needs. Add closets for storage and install extra outlets if possible.
- Make the space warmer by investing in insulation for the walls.
- Permits may be required even though the work is being done inside your home. Failure to pull permits now can lead to problems selling later.
The benefit of renovating a basement is that you can get creative. This is your chance to build in the home theater of your dreams or add a gaming room for the kids.
The cost of a basement renovation can easily spiral out of hand, so you’ll want to account for all facets of your project to obtain a clearer picture of what the project will cost. You can also do some of the work yourself to save money. However, the new living space can significantly increase the value of your home.
Make Energy Efficient Improvements
The cost of energy will only go up in coming years, and savvy consumers are looking for ways to lower their energy consumption and bills. Homes with energy efficient home improvement features like new windows and doors are in high demand and fetch a higher selling price. New windows can cost between $7,500 and $10,000, or even more, but you’ll more than recoup the cost through lower utility bills.
Replace the light bulbs throughout your home with energy efficient CFLs. They emit less heat to help with cooling costs, and they use less electricity. It’s another small improvement that will benefit you now and in the future.
When it’s time to replace the water heater, consider upgrading to a tankless system. These systems are growing in popularity. They’re particularly appealing to buyers because they last longer and require less energy to operate. They’ll help you save money now and in the coming years.
In addition to making your home more efficient with new windows, you can also invest in a new garage door that will keep the cold out in the winter and help make the home more energy efficient in the summer.
New exterior doors are attractive, and they also help make your home more efficient. Add insulation to areas like the attic and crawlspace to stop heat migration and make your heating and cooling system more efficient.
When it’s time to buy new appliances, look for Energy Star rated options. While you may be dreaming of certain features, make sure those features are available in appliances that cost less to run every year.
You’ll enjoy the lower energy bills right now, and potential buyers will find your house more appealing when you’re ready to sell. When you make any energy efficient improvements, be sure to find out about rebates. You may be eligible for federal tax credits or rebates from your local energy companies.
New And Improved Outdoor Living Spaces
People aren’t just content to remain indoors anymore. They’re also looking at outdoor living spaces. They want private retreats that they can enjoy after a long day at work. If your deck is falling apart or you don’t have one, now is the time to invest in an attractive new living space for your yard.
It’s estimated that you can recoup between 60 and 95 percent of the cost of your new deck when you sell. In the meantime, you’ll enjoy having this functional space for entertaining, cooking out and just enjoying the weather. As with the basement renovation, be sure to pull a permit and follow all local building codes.
In addition to building a new deck, consider giving it attractive features. Options include built-in bench seating, flower pots, multiple sets of stairs and an attractive railing. The more luxurious your deck is, the more it will add value to your home.
Handle Little Repairs
The best home renovation you can invest in actually has more to do with handling little repairs and basic maintenance. Take the time to seal cracks around the house and replace caulk that’s coming apart. Look for leaks around doors and windows, electrical sockets, light switches, recessed lighting and the attic hatch.
Use caulk and insulation to fill these gaps. It’s an important part of maintaining your home while improving energy efficiency. In the future, potential buyers will notice these little changes, and they’ll view your home more favorably as a result.
Pay attention to the structure of your home and make repairs in a timely manner. That peeling paint on the fascia should be handled before the wood starts to rot, and the mold that’s hiding behind your refrigerator should be cleaned up to prevent it from spreading.
Keeping up with these simple repairs ensures that your home will always be in top condition and ready for going on the market. You’ll find that it’s more pleasant to live in right now, and it will be easier to get the high selling price you want later.
The best home improvements you can invest in are changes that add value to your property. They make your home more functional and enjoyable now, and you can recoup a fair amount of your investment when you put your house on the market. While new bathrooms and kitchen renovations may carry the highest cost, there are many affordable improvements that will help you improve your home and increase the property value.
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