The US home improvement market is strong at about $400 billion dollars per year. Many homes and rentals that once sat empty are now filling burgeoning housing needs.
Those homes are often in need of renovation and house upgrades.
Did you invest in an older home? Is it in need of remodeling, redecorating, or repairs?
If you’re ready to invest in your home, it’s good to know which house upgrades offer a good return on your money.
Here are six house upgrades that are likely to boost your property value:
1. Making Space
Adding more square footage is a win when it comes to increasing your property’s value.
Do you have an unfinished basement no one is using? Turn it into an extra bedroom — or even a small apartment. Turning a basement into an office or game room is another idea; the more versatile space is, the more attractive it’ll be for buyers.
Is your home short on bathrooms? A bathroom addition is a good house upgrade for adding value; look for any underused space where a bathroom might fit. You’ll need about 18-20 square feet for a half-bath and 30 for a full bath with a shower. If you want a tub, you’ll need 35 square feet or more.
2. Pool Addition
A pool addition also increases your home’s value if you live in a hot climate or an upscale neighborhood. And you can’t put a price on the amount of enjoyment you’ll gain from having a pool! How much does a pool cost? It varies quite a bit depending on the type of pool you want. But most pool builders offer financing options.
If you opt for a pool, make sure the style fits the neighborhood and your home.
3. Windows and Doors
New windows and doors are a great upgrade. Choose energy-efficient options like double-paned glass; you’ll save as much as $465 per year on heating and cooling costs over single-paned windows.
Look for Energy Star products that are rated for efficiency. If you do replace the windows, ask your local utility company if they’re offering any rebates. Depending on the number of windows you’re replacing, this can cost as much as $10,000 dollars. But if your current windows aren’t energy efficient, then they’re costing you money.
A steel or fiberglass front-entry door blocks the cold and comes at a variety of price points for different budgets. The front door plays a big part in curb appeal. If your front door is worn and dated, this is a great house upgrade for adding value.
4. Updated Kitchen
Is your kitchen old and outdated? This is another good house upgrade if you’re looking for a return on investment. But, there’s a caveat: don’t go overboard. If your home is outdated and old but you install a high-end gourmet kitchen, you won’t get that money back. Make sure you stay in line with the home as well as the neighborhood.
If you want a fancy kitchen for yourself and you’re not planning on selling soon, that’s fine. But if you think you’ll sell within the next five years, do a moderate kitchen reno.
For lower-budget upgrades, try painting, refacing the cabinets, and replacing the appliances. The kitchen will feel brand-new without the cost of a total reno. If you want a little more, replace the countertops, faucet, and sink as well.
5. Updated Bathrooms
Bathrooms are another place where your money is well spent on house upgrades. You don’t have to bust your budget for a bathroom remodel.
Modernize with sturdy new ceramic tile floors and repaint the walls. Are the cabinets worn and old? Sand and stain (or paint) the cabinet fronts and replace the drawer pulls and handles. Replace the sink and faucet. If the toilet outdated, then replace it with a water-saving commode. If the tub is in good shape, update the fixtures only.
Are the shower and tub old and infested with mold? Consider replacing them as well. A mid-range bathroom remodel offers almost a 70% return on your investment.
6. Paint Inside and Out
Never underestimate the power of a new paint job! New paint inside and out increases your home’s value without breaking the bank.
If you’ll be selling your home in the next few years, an outside paint job adds to the curb appeal. If your house looks neglected on the outside, buyers won’t take the time to look further.
Stay away from trendy bright colors if you’re selling soon; opt for neutral colors both inside and out.
The Right House Upgrades Add Value
Want to increase your home’s value? The right house upgrades can help. Take a look at what your home needs most, and keep the upgrades in line with your home and neighborhood. If you over improve, you’ll see less return on your investment. Think about which upgrades mean the most to you and your situation and start there.
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