If you are planning to sell your home at a certain price, first you need to determine whether or not the value of your home is enough to fetch you that price. If not, then you should think about increasing your home value. Making a few home improvements can effectively improve the value of your home.
However, you need to know which kind of remodeling projects increase home value truly, and which ones don’t. Here are some remodeling ideas that can increase the value of your home significantly.
1. Kitchen Remodeling:
The kitchen is considered as the home’s heart by most people, and so, improvements in kitchen add to the home value. HGTV has stated that you may get back 60%-120% of the amount invested on kitchen improvement, provided you don’t carry out extremely expensive improvements. The kitchen should never be made fancier than the remaining part of the home, or the neighborhood.
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Don’t make a deluxe kitchen
Don’t make a deluxe kitchen by investing a huge amount of money. Buyers are usually not interested in buying homes with an enormous kitchen, having a style that doesn’t match with the remaining portion of the home, or the neighborhood. If you plan to sell your house within next 5 years, have prospective buyers in mind prior to beginning any major kitchen or home improvement project. Many buyers prefer not to pay for a deluxe, fancy kitchen.
Go for paint
The cost of kitchen remodeling can range between $5000 and $75000 or above. Go for painting your kitchen to give it a new look. Putting fresh paint in kitchen not only updates your kitchen’s look, but is also cheap. Consider using low-VOC paint, which will result in an eco-friendly kitchen. Such a paint will prevent you and your family members from breathing in hazardous chemicals like benzene, which is an off-gas emitted by regular fresh paint. If you sell your home, the buyer and the buyer’s family will also be prevented from breathing in hazardous chemicals.
Install energy-efficient appliances
Remove old appliances and install energy-efficient ones. Star-rated energy efficient appliances are not only better for environment, but also consume less energy, thereby saving money. Buyers often seek homes that can help them save money.
2. Bathroom Addition:
In case, you have only one bathroom in your home, adding another can help you get back a big amount of your investment. As per HGTV, you can get back about 80%-130% of the money you invest on addition of a bathroom.
When searching for a room in the home for making the additional bathroom, see if you have any underutilized areas or extra rooms. Consider closets or spaces under the stairs too. For creating a half-bath, you will need a minimum of 18 square feet, whereas for a full bath, which has a stand-up shower, 30 square feet will be needed. For the bathroom to have a bathtub also, ensure that a minimum of 35 square feet is available.
Like other projects, your expenses on bathroom addition will depend on what types of accessories and additions you will use, and each item’s cost.
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3. Reinvention of a Room:
Adding an entirely new room can be extremely expensive. So, consider reinventing an existing space in the home for saving money. For example, the attic can be converted into a bedroom, or the basement can be finished. Small apartments can also be added over or in garages, which can then be rented out in the form of a room.
Before demolishing rafters and walls, think of ways in which the space can be utilized by you and prospective buyers.
Prospective buyers find versatile rooms as more appealing.
Basements are often suitable as game rooms or second living rooms. Many people use basements as small apartments for a tenant or an aging relative.
Spaces in attics serve well as game rooms or craft rooms, especially when their ceilings are quite high. In case, you have children, consider adding swings to rafters, and make a cool playroom for the kids.
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Applying these home improvement ideas can considerably heighten your home’s value. By making these remodels, you can make your home more appealing in the eyes of prospective buyers.