American homeowners spent $85 billion on home improvement in 2019.
As a homeowner, you are regularly tinkering with your house to improve it. If you plan to put it on the market in a few years, such improvements can mean the difference between turning a profit or not.
The right home renovation ideas are those that add to the net worth of your home without making it too expensive to purchase. Here are a few such ideas to inspire your next renovation project.
Today’s homeowner desires energy efficiency not only for their own needs, but to help protect the environment. It also does not hurt that an energy-efficient home attracts more buyers on the resale market.
Therefore, if your home is still using the old, drafty single-pane windows, it’s time for them to get an upgrade.
You can expect to save approximately $500 on your energy bills when you adopt energy-efficient windows. Moreover, the government will give you a ten percent green energy tax credit for such an upgrade. But you will need to install Energy Star windows before you can claim the credit.
On top of all that, your state and even utility company can, at times, give you rebates for using energy-efficient windows.
When you weigh claiming the tax credit together with the savings energy efficient windows give you, you can eventually recoup the investment.
The kitchen is a critical part of the house and even affects your property’s resale values. Experts estimate that when you touch up your kitchen, you can expect to make back 60% to 120% of your investment.
How you execute the upgrades, though, matters. For example, unless you are extremely sure that you will not be selling your house, high-end kitchen upgrades tend to work against you.
That’s because not only do you drive up the value of the house astronomically but that most potential buyers will find such renovation an overkill.
A rule of thumb when you want to execute a kitchen upgrade is to figure out what other kitchens in your neighborhood look like. Since any potential buyers will have an idea of the surrounding property conditions, you do not want to price yourself out of range.
Another relatively accessible way to give your kitchen a new life is by touching up the paintwork. A fresh coat of paint, done in modern colors, is an affordable way to update your kitchen space.
Remember to purchase non-VOC paints so that your kitchen can be eco-friendly. Such paints are also safer as you won’t be breathing in harmful gases like Benzene.
Want to bring in a new set of appliances to make your kitchen gleam? Go for energy-efficient ones to help cut down on your overall maintenance costs. If you think you will be putting your house on the market in a few years, such appliances only make your property more competitive.
A swimming pool is very much part of the American dream homeowners visualize when thinking of a home. Not only is a pool a great way to take a dip and cool off on a hot day, but it also acts as a social point in your yard for family members and guests.
While there are costs associated with adding a pool (read more here), it can increase your home’s value. Thus, in the scheme of things that makes it worth the investment.
Houses that feature more than one bathroom are attractive to buyers due to the convenience they offer. Even if you do not plan to sell your home, having a second bathroom eases things for you and your guests.
Expert estimates show that when you add another bathroom, expect to make back between 80% and 130% of what you spend on it.
When thinking of where to locate a new bathroom in your house, identify and assess underutilized spaces. A full bath (with a stand-up shower) calls for 30 square feet at a minimum. A half bath will take 18 square feet minimum while a bathtub will require you to make room at about 35 square feet.
There's been a resurgence in the interest homeowners have concerning their outdoor spaces in the last few years. With staycations (where people remain at home for vacations) rising in popularity, outdoor spaces become essential to relaxation and accommodating social activities.
When you add a new deck or touch up your existing one, the recoup rate on it ranges between 65% to more than 100% of the expenses.
To make your deck serve you well for longer without the need for repairs, consider using more durable materials. Wood offers the best value as it is cost-effective, yet it adds to the net worth of your home. If you do not prefer wood, you can use composite decks (but only if you know you won’t sell the house in the next six months).
You can also identify parts of the work that you can do to keep your renovation costs manageable.
Natural light is a factor in how good a reception your home receives on the market. One way you can improve the natural lighting in your home is to knock down some walls.
You can also look at ways to increase the size of your window frames, add new ones, or even introduce skylights if they don't drive up the value too much.
Hanging mirrors strategically around the house can help brighten up the space since each mirror reflects the incoming sunlight.
In areas where walls are essential for privacy, you can replace them with translucent glass blocks, which still allow some sunlight in while maintaining privacy.
If you haven’t updated your interior paintwork, now would be the perfect time to use colors on interior wall paint that can reflect more light.
Add the Value of Your House With the Right Home Renovation Ideas
Finding ways to add value to your home is essential if you want to keep improving the value of your house. Several home renovation ideas can make your house worth more without pricing you out of the market. Such projects are the ones you should make a priority.
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