Want to add value to your home?
If you’re starting a home remodeling project, the job should not only increase your quality of life. It should drive your home’s value.
Here’s a simple guide to choosing the best home remodeling projects that will put more money in your pocket.
The heart of the home, the kitchen is the place to go when you want to boost your home’s value. According to experts, it can drive you to recoup as much as a 120 percent investment in the project — if you make the right choices.
A deluxe kitchen in a modest home will never result in a big ROI. Make sure the quality, style and size of the kitchen remodel match the look of the rest of the home. Keep in mind, too, that most people aren’t looking for a gourmet kitchen. So don’t invest your money in that kind of project unless you’re going to stay in your home for awhile.
Revamping your kitchen with modern paint colors will go a long way towards increasing its value. For a minimal investment, you can get a lot of value out of a kitchen that looks fresh and updated.
A home with more than one bathroom is a coveted one. If your home has just one bathroom, consider investing in this value-boosting project. Expecting to recoup between 80 and 130 percent in this project is more than reasonable.
Short of adding onto your home, you can convert part of a large bedroom or an unused closet into a half or full bath. You’ll need at least 18 square foot for a half bath, and almost double that for a full.
While adding onto your home will greatly increase its value, these kinds of projects also require a lot of money up-front.
You can accomplish the same goal by converting an existing space into smarter space.
For example, finishing the basement off or converting the attic provides great appeal to potential homebuyers and will give you the extra space you’re looking for.
Outside your home, there is just as much potential to increase the value of your home.
Adding a deck or patio will make the outdoors much more attractive and can drive your home’s value with more than 50 percent of a recoupment.
Increasing your home’s efficiency is a smart way to save money while you’re living in the home, while at the same time, making sure it’s appealing to future buyers.
Consider beefing up insulation, installing energy-efficient windows, and replacing the roof. These jobs will cut your utility bills and make your home more comfortable in all seasons.
Not sure where to start? You can check out Remodeling Magazine’s annual cost versus value report and compare numbers for various projects based on the area in which you live. Or talk to one of our remodeling experts about your home’s specific value potential.
Don’t make the mistake of investing in a home remodeling project that could potentially bring the value of your home down. When you’re investing hard-earned dollars into improving your home, put your money where it will count the most.
By remodeling the kitchen, adding a bathroom, converting a space or increasing home energy efficiency, you’ll increase your home comfort and put more value into your home.