Upgrades That Will Raise Your Home’s Market Value
Renovating certain areas of your house is a great way to increase its resale value. Its added functionality and beauty can attract more buyers.
Here are five renovation projects you can consider:
Remodel the kitchen
In a survey, up to 80 percent of homebuyers placed the kitchen in their list of the top three most important spaces in the house. Many of them said they would pay more money for a kitchen with new appliances and countertops.
The average cost of a minor kitchen remodel is $21,000, and the average recouped amount is $17,000. That’s a return of investment of 81 percent.
Add a home office
With more employees working remotely, a home office could just be the potential feature they are looking for. According to a study called Profile of Buyers’ Home Feature Preferences, 44 percent of buyers are willing to spend more money on a property with a home office.
Employees will be able to save on an office lease if they have a room in their house where they can work.
The national average cost for a home office remodel is $28,000. The update can recoup up to $14,000. Turn an unused room or walk-in closet into a small home office.
Add a deck
The addition of a wooden deck can be a cost-effective improvement for a mid-range home. Homeowners who installed a 16-by-20 foot wooden deck onto their house had an average of 85 percent ROI. On average, a deck costing $10,300 can add up to $8,900 to the resale value of the home.
Decks provide additional outdoor space, especially if the house has no patio allowance. Decks are a good place for potted plants, bird feeders or a barbecue grill.
Add a new room
Adding a room can provide an ROI of over 50 percent.
On average, the cost of building a new room is $48,000. A room addition can cost from $86 to $208 per square foot, depending on the room size, materials and labor costs.
Here’s what a new room can cost you:
- Bedroom – $10,00 to $25,000
- Master Bedroom – $60,000 to $97,000
- Bathroom – $18,000 to $47,000
- Sunroom – $8,000 to $30,000
- Family Room – $34,000 to $83,000
- Kitchen – $25,000 to $43,000
- Second Story – $179,000 to $350,000
Spruce up your backyard
Landscape improvements can give an ROI of up to 400 percent. A beautiful garden can contribute to up to 28 percent of your home’s overall value.
Here are landscaping improvements you can do:
- Trees – As a tree matures, so will the resale value of your home. You can plant seedlings costing $50 to $75.
- Landscape lighting – Lighting can silhouette trees, light up the garden and keep your visitors safe by lighting their path. A single light fixture can cost from $185, while a 10-light system can cost $3,000.
- Water features – A small outdoor fountain will add to the overall charm of the property. It can cost between $1,000 and $3,000. Other water installations that you can add are a small pond or a cedar hot tub.
Change the doors.
Raising your homes’ market value and increasing its curbside appeal often go hand in hand – after all, it’s important that your property looks just as good on the outside as it does on the inside – especially if you want to make a good impression on a potential buyer. One way in which you can achieve this goal is by giving the front door a makeover – by adding a fresh coat of paint or varnish. While a splash of color can be eye-catching, you must ensure that you opt for a nice, neutral shade – as these often look the best.
However, if you notice that your door is looking a little worse for wear, or was installed over 20 years ago, you might want to consider replacing it entirely. Thankfully, there are various door replacement options to chose from, such as stunning entry doors to sliding french doors. Not only will they look great, but they will also add value to your property.
To learn more improvements that you can use to add value to your home, read this useful guide.
In this day and age, uber-luxury has become passe. If you plan to remodel, focus your efforts on making your home more functional and comfortable.
