Upgrading your home is not just about making it look and function better. It is also about adding value. Renovations, remodels, and other home improvement projects can add significant value to your home that results in bigger returns if you choose to sell your home in the future. The impact of an upgrade can vary based on the market you are in and the home’s current value. In addition, not all types of upgrades actually increase the value of your property. Here is a look at some of the best home improvement projects known to add value to a home.
1. Replace Outdated Appliances
Most people want to purchase a home that already has appliances. However, appliances that are worn or outdated can be a real turn off. You can add value to your home by switching out your outdated appliances for more modern, energy-efficient models. It is not just your kitchen appliances you want to upgrade. Creating a separate laundry room or nook complete with a new washer and dryer can also be an attractive feature for buyers. Of course, having matching appliances is important, such as stainless-steel appliances throughout the kitchen.
2. Remodel the Kitchen
Remodeling the kitchen is one of the best investments you can make. As the heart of the home, most kitchen upgrades pay off and can make a home appear more luxurious and valuable. According to HGTV, most homeowners can expect to recoup between 60 and 120 percent of their investment on a kitchen remodel. However, you do not want to go overboard. Spending too much money on a kitchen remodel by adding commercial appliances and other unessential items that do not blend well with the rest of the home can actually lose you money when you go to sell.
3. Improve Curb Appeal
The outside of your home is the first thing a potential buyer will see when house hunting. Give a good impression by improving the façade of your home. Power wash your siding, or if needed, have it replaced. Give the trim and window shutters a fresh coat of paint too. You also want to keep your lawn mowed and your landscaping, including any flower beds, tidy and free of weeds. Do not forget about your roof and gutters. A roof replacement can also add value to your home if your current roof is past its prime.
4. Add a Second Bathroom
Today, having a home with just one bathroom will not do. Most buyers desire homes with at least two bathrooms, if not more. According to HGTV, homeowners can expect to recoup between 80 and 130 percent on average on a bathroom addition. The good news is a bathroom can be added to nearly any space in your home, such as extra room or other unutilized space. For a half-bath, you will need a minimum of 18 square feet. A full bath with a stand-up shower requires at least 30 square feet. If you want a bathroom with a tub, carve out at least 35 square feet.
5. Develop an Open Floor Plan
Many modern homeowners prefer open floor plans which help make a space feel larger and airier. Knocking down an internal wall can help open up a space while adding to your home’s value. However, you want to ensure that the project is completed by a professional to avoid disturbing the integrity of the home. If knocking down walls is not an option, consider a side or rear extension which can add square footage to your home without interfering much with the existing structure.
6. Make Green Updates
Your home can certainly benefit from a few inexpensive, environmentally-friendly upgrades. As more homeowners move towards an eco-friendlier lifestyle, updates like solar panels, programmable thermostats, and bamboo flooring can be highly attractive features that could potentially add value to your home. When choosing green updates, do not overboard. You are likely not going to make your money back if you spend too much going green. Instead, opt for low cost improvements such as weatherproofing around doors and windows to save energy, swapping incandescent light bulbs for LEDs, or installing a smart meter to save energy.
Speak To The Katie Zarpas Group
Whether you recently moved into a home and want to implement upgrades that will pay off over time, or are ready to sell and need to find ways to increase your home’s worth, it is important to consider what types of upgrades will actually add value to your home. If you plan on selling your home, you want to be careful not to spend more on a project than what you can expect to get back. For more information about how to add value to your home or for assistance with buying or selling a property, speak to the Katie Zarpas Group.