4 Home Remodel Projects that Increase the Market Value of Your Home
June 25, 2019
4 Home Remodel Projects that Increase the Market Value of Your Home
Remodel- There are a trio or primary reasons why people embark upon a home remodeling project. First, something in a residence is in disrepair and needs an uplift. Second, a homeowner wants to make a change to his of her home for personal reasons, because that individual desires a particular change. Finally, a remodel endeavor might be pursued with an eye to increasing the market value of a home. There are four home remodel or improvement projects that enhance the market value of a residence:
Energy Efficient Windows Installation
On the top of the list of home improvement projects that have a real potential for upping the value of a property is a kitchen remodel. You can recoup upwards to 120% of what you invest in a kitchen remodel, with one important caveat. Many homeowners go overboard when it comes to a kitchen remodel and spend what really is unnecessary money on the highest end everything available on the market.
Follow a useful rule of thumb: Never remodel your kitchen in such a way that it becomes far "fancier" than the rest of your home or of comparable residences in your neighborhood.
Most home additions are not recouped via an actual increase in the value of a property. Such is not the case with a bathroom addition or remodel, in some instances. For example, if your home has only one bathroom, adding a second is highly likely to increase the overall market value of your property. The addition of a second bathroom has the potential for increasing the value of your home by up to 130%.
You do need to pay attention to available space when it comes to a bathroom addition to ensure that you allocate enough for the project. A half bath requires 18 square feet, a full bath with a shower and no tub needs 30 square feet. If you want to add a bathtub, you will need 35 square feet.
As is the case with a kitchen remodel with an eye to increasing market value, you do need to be prudent in your spending. Keep in mind that bathroom plumbing and lighting fixtures go on sale with regularity. Take advantage of these opportunities and you will be able to save money on the process and increase the value of residence a bit more in the process.Add Energy Efficient Windows
Another home remodel to consider if you want to up the market value of your property is to add energy efficient windows to your home. The addition of energy efficient windows can result in an increase in value of about 100%.
You "make money" in another way by adding energy efficient windows to your home. This type of windows will save you money on your energy bill. Indeed, depending on the windows purchased and installed, you very well may pay off the costs involved in this upgrade over the course of several years. Thus, if you have no immediate plans to put your residence on the market, your continued ownership of the property, coupled with reduced energy costs, will result in the window improvement paying for itself. On top of that, the value of the windows themselves will increase the value of your home almost dollar for dollar.
A deck addition also has the potential of adding value to your home. At this juncture in time, many people on the market looking to buy a home find outdoor living spaces like decks and patios to be highly desirable. A deck addition, prudently undertaken, can result in an almost dollar for dollar increase in the overall value of your home.
A deck on your residence will be a significant draw to prospective buyers when the time comes to put your property on the market for sale. In other words, when a potential homebuyer is cruising ads for residences for sale online or elsewhere, those with decks are likely to end up on a "must see" list.
If you are able to undertake some of the work associated with building a deck at your home on your own, you have the potential to save what can amount to a decent amount of money. This has the potential for pushing the increase in market value of your home through the installation of a deck above the 100% mark.
There is a common theme running through these home remodel suggestions. This common theme is be reasonable in your spending. Yes, you want to make sure that you utilize quality materials in any home improvement project. However, there is a difference between selecting and buying quality materials and going overboard in selecting these types of items needed for a home remodel endeavor.
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