Top Home Projects To Increase Value
Sometimes a home remodels or renovation is a matter of necessity or personal preference. However, because each home project represents a significant investment, it is always a good idea to make yourself aware of how it affects the value of your home before you begin. This is especially true if you plan to sell at some point in the future. The return on investment from different improvements can change based on the market. However, the following are examples of top home projects to increase value of your home.
In-Law Suite
An in-law suite is a secondary dwelling on your property, either under the same roof, attached to your home, or entirely freestanding. It allows family members, tenants, or guests to live independently on your property, whether in the short term or the long term. There are many different options for building an in-law suite. It is most cost-efficient to convert an existing space, such as an attic or basement, if possible. However, two-story addition with a kitchen and living room on the ground floor and a bedroom and bath on the second level can also add significant value due to the increased square footage.
Kitchen Remodel
The kitchen is often the center of the home, so remodels in this area often offer significant returns on investment, whether they are major or minor. A minor kitchen remodel involves replacing countertops, re-facing cabinets, and drawers, and installing energy-efficient cooking appliances. Unless your kitchen needs an overhaul, you may want to opt for a minor kitchen remodel as it offers a greater ROI.
Window Replacement
Energy efficiency makes sense from both an ecological and an economic point of view. Opting for something like a Renewal by Andersen window replacement and replacing old, single-pane windows with energy-efficient models not only saves you on heating costs, up to $500 per year, but it also improves your home’s resale value. You may also be able to take advantage of rebates and tax credits when you replace your windows, which can help make them more affordable.
Outdoor Deck
Outdoor living is an enduring trend, especially in areas where the climate allows homeowners to take advantage of it for most of the year. The return on investment depends on the size and the materials that you use to build it but can range from 74% for a deck made of composite materials to 87% for a wooden deck.
Bathroom Remodels
Though more private than the kitchen, the bathroom is another of the most important rooms in the house. Therefore, bathroom remodels often add a significant return on investment. This may involve replacing all the fixtures in an existing bathroom or adding an entirely new one. This can be a particularly good investment if your house currently only has one bathroom.
Exterior Entryways
This includes garage doors in addition to your home’s main entrance. Both are among the top five improvements you can make to increase your home’s value. A new garage door is a relatively inexpensive update that can significantly improve your home’s appearance. An update to your entry door should balance the competing concerns of aesthetics, durability, and cost.
