Updates to your home that increase property value! (and avoid)

Francis Biddle • October 14, 2019

There are lots of home updates that can add value to your home, and by doing them now you can slowly make your way through and enjoy them while you're still living in the home! Be sure to keep it green too with your upgrades, so you can start saving now on your utility bills!

KITCHEN REMODEL

Most people look at the kitchen first when they walk into a home, and homeowners spend quite a bit of time in their own. Updates to the kitchen pay off. According to HGTV, expect to recover 60-120% of your investment in a kitchen remodel. This number stays true as long as you don't go too far with the remodel. Keep within the style of the house. If you walk into the kitchen and it feels more extravagent than the rest of the home, it will be off putting for potential buyers.

Remember too, a little bit of paint can go quite a long way! Prices can be high, so be sure to get the most bang for your buck with paint, in modern colors, to help update your kitchen. You might want to consider using low-VOC paint; this makes your kitchen more eco-friendly, and helps your family avoid breathing in dangerous chemicals, like benzene, that off-gas from regular fresh paint.

Energy-Efficient Appliances are imporant and popular. Replace old ones with new, energy efficient ones. Look out for Energy Star-rated appliances. They also help save on your utility bills, which is a plus for new home buyers too!

ADDING A BATHROOM

If your home only has one bathroom, adding an additional one can help increase the value with an 80-130% investment gain.

So, where will it go? Take a look around your house to see if there are any additional rooms you're not using, or any space you're under using. You can also look at closets, under stairs, etc too. If you want to do a half bath, you'll need at least 18 sqft. If you want a full back with a stand up shower, you'll need at least 30 sqft. Or, if you're looking to include a bathtub, you'll need at least 35 sqft. Keep this in mind when you're looking at those spaces you might use.

Just like a kitchen, the cost of adding a bathroom depends on how much you're looking to add and to what extent of details you're looking to use. You can save some money by frequently checking prices for drops and sales. Home Depot and Lowes often have very reduced prices on sinks and toilets that were used for floor models. You can even look at Habitat Restore for tubs, doors, fixtures, etc!

MAKE A ROOM NEW

Adding more square footage to your home with a new room can be an incredibly expensive project. Although you can recoup some of your investment, anywhere from 50%-83%, this project’s costs can quickly sky rocket. Be aware of unexpected problems if doing it yourself, and even if you're hiring a contractor.

As an alternative, you can also reinvent a room you already have. Think about finishing a basement, or convert the attic to a bedroom. Many homeowners can also add small apartments in, or over, their garages too.

Before you start knocking down walls and remodeling though, think about how not just your family, but potential buyers in the future, can use the space. Some things to keep in mind:

Versatile rooms have greater appeal to potential buyers.

Basements frequently work well as second living rooms, or game rooms. Many people also turn this space into a small apartment for parents, etc.

Attic spaces often work well for craft rooms and game rooms, especially if they have high ceilings. If you have kids, you can add swings to the rafters, and create a cool play room just for them!

ADD ENERGY EFFICIENT WINDOWS

Buyers tend do shop for homes with energy efficiency in mind. Old, drafty single-pane windows are a major turn off. Energy Star claims that adding Energy Star-rated windows can save you up to $500 a year in heating and cooling costs by making your home more energy efficient.

There are many rebates available through state or federal taxes, or even utility companys. You can find more information about available offers and rebates in your area by visiting the Energy Star Rebate Finder. They have a searchable database that gives you specific information for your state.

Energy Star estimates that the average cost of window replacement in an average-sized home costs $7,500-$10,000, or more. If the new windows save you several hundred dollars a year, and you recoup a tax credit, you can eventually recoup your investment.

BASIC UPDATES

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