7 Home Improvement Ideas that Increase Home Value
With the real estate market still in crisis, more and more people have decided not to sell their houses. Instead, they decided to stay until things improved. I am among this group; I had my own house on the market for two years. My house was sold and the sale failed twice. As a result, I decided to stay until the property market improved.
Now that I have decided to stay in this house instead of moving, I am planning several renovations to make my house more comfortable (for example, building a deck to combat dark winters in Michigan and building a deck in the background).
Many home improvement projects do not offer added value for your home, especially in a run-down market. In fact, some improvements can even affect the sale price if you choose to sell. On the other hand, certain projects can add significant value to your home.
What DIY projects to invest in and which projects to avoid? Below are some helpful tips for home improvement projects that add value to your home, as well as home improvement projects that you should avoid altogether.
Before we talk about the various home improvement projects you should or should not do, let's talk about money. Whether you want to make big or small changes to your home, you must have a way to pay for them. You can save money or use the equity you have in your home using a equity line from a company
7 projects that add value to your home
Many projects add value to your home and improve the quality of life for your family. If you are working on these projects now, you can take advantage of and update them. If you are doing green upgrades, you can recoup your investment in these green energy technologies even after projects are completed.
Some home improvement projects that add value to a home include:
1. Renovation of the kitchen.
Most people see the kitchen as the heart of the home, which is why upgrades in this room come at a cost. According to HGTV, you can expect to recoup 60% to 120% of your kitchen conversion investment as long as you don't go too far. You should never make your kitchen more elegant than the rest of the house or neighborhood.
Why not invest in a luxury kitchen?
For example, a historic house in my neighborhood has been on the market for over two years. On the last day of the owner's open door, I went to check and immediately saw why the house was not selling. The picturesque Arts and Crafts style house was built in 1900 and is very charming. Unfortunately, the owner had invested more than $ 60,000 in modernizing the kitchen.
The massive kitchen, which is a bit the size of the living room, has appliances and countertops that could best be seen at home in an elegant restaurant kitchen. The style, size and quality of the kitchen do not match the rest of the house or the neighborhood. If you plan to sell your home in the next five years, think about potential buyers before beginning a major renovation. Many people will not pay for an elegant luxury kitchen.
A little color goes a long way
When it comes to how much you spend on a kitchen renovation, prices can range from $ 5,000 to $ 75,000 or more. Get the best value for money in a kitchen remodel by looking at color. Fresh colors in modern colors can dramatically improve the look of your kitchen. Also, color is relatively cheap.
You may want to use low VOC colors. This makes your kitchen greener and helps your family avoid inhaling dangerous chemicals like benzene that come out of normal fresh paint.
Energy saving appliances
Replace old appliances with energy efficient models. Energy Star certified devices are greener and save you money by using less energy. Potential buyers often look for ways to save money when buying a new home.
If you want to upgrade your devices to save energy, discover the best time of year to buy large devices.
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2. Bathroom accessories
If your house has only one bathroom, you can recoup a large portion of your investment by adding another. HGTV estimates that you can recover 80% to 130% of your expenses by adding a bathroom.
If you are looking for space in your home for an additional bathroom, look for additional rooms or underused rooms. Also consider other areas such as closets or areas under the stairs. If you want a half bath, you need at least 18 square meters. If you want a full bathroom, which includes a standing 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 a bathroom accessory. Take a look at these bathroom design and renovation ideas to get started.
As with any project, the cost of adding a bathroom largely depends on the type of accessories and accessories you want to use, as well as the cost of each of these elements. You can save money by visiting Lowes and The Home Depot frequently. Often the prices of the sinks and toilets that were floor models drop considerably. You can also find cheap prices for bathtubs, doors, toilets, and faucets when you shop at a Habitat for Humanity grocery store.
3. Reinvent a room
Adding more space to your home with a new room can be an incredibly expensive project. Although you can recoup some of your investment between 50% and 83%, the cost of this project can quickly spiral out of control. Just turn on one of these TV shows to remodel your home. Projects that start with a budget of $ 15,000 quickly turn into $ 30,000 or more when owners and contractors face unexpected problems.
Reinvent the existing space in your home to save money. Exit a basement or transform the attic into a bedroom. Many homeowners can also add small apartments in or on top of their garages, which they can then rent in rooms.
Before tearing down walls and beams, think about how you and potential buyers can use the space:
Multipurpose rooms are more attractive to potential buyers.
Basements are usually suitable as a second living room or game room. Many people also transform this space into a small apartment for an elderly parent or tenant.
Lofts are often good 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 playroom just for them.
According to the annual cost vs. Remodeling Magazine Value Report costs an average basement remodel with an additional $ 64,000 wet bar. You can save a significant amount by doing the work yourself, but even then adding a new part can be expensive.
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4. Add energy efficient windows
Today's buyers buy homes with energy efficiency in mind. Ordinary old glass windows are an important branch. Energy Star says adding Energy Star 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 cover 60 to 90% of your costs if you invest in energy efficient windows. You can also get a 10% green energy tax credit for this upgrade by installing Energy Star certified windows. You can also take advantage of additional credits from your state or even your utility company.
You can find more information about the offers and discounts available in your area in the Energy Star discount search engine. They have a research database that provides specific information for your condition. Just be sure to activate Windows for specific product information. I searched for energy efficient discounts in my zip code and found that my utility company offers discounts to DTE customers who install Energy Star windows.
Energy Star estimates that the average cost to replace windows in an average home ranges from $ 7,500 to $ 10,000 or more. If you save hundreds of dollars a year with the new windows and get a tax credit, you can get your investment back.
5. Bridge additive
Adding a patio increases the value of your home. Outdoor living spaces have become more desirable, especially as more and more people stay home on vacation (i.e., a place to stay). Making your patio and garden more attractive will make your home more attractive to potential buyers if you choose to sell. HGTV says that owners get 65% to 90% of their investment by adding a terrace.
The cost of adding a patio to your home varies considerably. It all depends on your size and the number of trims you want to add, for example B. built-in seats, multiple ladders, built-in pots and the size of the cover. Bridges can cost between $ 1,200 and $ 10,000 or more. Here too, the design and materials used are important.
As you may have guessed, you can save much of the cost, usually half, by doing the work yourself. However, keep in mind that building the bridge is not easy. You need special tools, eg B. A bandsaw and the cost of the tools can be very high, especially if you do not plan to reuse them.
If you choose to hire a contractor, take a look before choosing someone to work with. Be sure to get at least three quotes with the details of the contractors you interview. Carefully review the contractor's references before accepting a contract or work order and beware of fraud related to DIY repairs. Websites like HomeAdvisor or Angie's List can make sure you hire a contractor you can trust.
6. Energy efficient insulation
If there is no basic insulation in your home and there are old doors that let in a lot of hot and cold air, home inspectors working with potential buyers will include it in their reports. Homes that have not been modified for energy efficiency cost more to live and keep.
Upgrading your home to save energy doesn't have to be expensive and can make your home more attractive to potential buyers. You can save $ 2,500 or more each year by making a few changes. For example, you can add additional insulation to your loft for $ 200 or less, and this little change can save hundreds on your electric bill each year.
Seal the cracks in the house to save even more on energy costs and make your home more attractive to buyers. The United States Department of Energy (USDE) estimates that the average home is leaking enough to match a 3 × 3 foot hole in the wall. In winter, you can find leaks in your home. Whenever you feel a draft or a cold spot, you are in an area where air escapes. You can buy a thermal leak detector for $ 40 or less (for example, the Black & Decker TLD100 Thermal Leak Detector). These portable devices draw your attention to the temperature differences in your home. In this way, you can add sealant or insulation where you need it most.
In these areas, you can often find leaks and areas that require more insulation:
Around doors and windows
Around light sockets and switches
For recessed lights
Around the roof hatch
In the basement
Channels or cables run everywhere outside the home
Another easy modification is to use CFL bulbs on all lights. CFL lamps use 75% less energy than traditional lamps, and each lamp saves an average of $ 40 in energy over its lifetime. It also saves on cooling costs because compact fluorescent bulbs emit 75% less heat than conventional bulbs. You can easily calculate how much you can save by simply counting the number of lights in your home.
You can also install a programmable thermostat. Most buyers today expect programmable thermostats and can save you money. Energy Star estimates that installing a programmable thermostat saves the average homeowner $ 180 a year in heating and cooling costs.
If you need to replace your water heater, you should spend a little more to buy a high performance water heater. Smart shoppers know that these water heaters can significantly reduce energy costs. If you use less than 41 gallons of water in your home each day, you can save 24% to 34% of your heating costs with a water heater. If you use more, you can expect savings of 8% to 14%.
7. Basic updates
Basic upgrades give your home the greatest added value. Keep the paint fresh, fix the ceiling if it leaks, replace rotting wood, and remove any mold you find. This type of housework prevents your home from deteriorating over time. Buyers want a healthy, solid, and safe home and pay close attention to signs of routine maintenance.
I replaced the electrical cables in my house, repainted the exterior, replaced the cables and repainted the interior. These projects keep my home in perfect condition, so buyers can see a well-maintained home if I choose to resell it.
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