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.
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.