Best Home Improvements To Increase Home Value

Feb 01, 2014 Homebuyers Share:

Maybe you just got a great tax return and want to use the money to invest in your home and increase its value. Perhaps you are looking to sell soon and want to do some things to help you get top dollar OR you want to see if the money you want to invest in your dream kitchen is a wise investment. Well we’ve compiled a list of home improvements that can really give you the most for your money.

Home’s Major Systems – We know square footage, decks and new kitchens are exciting. But before you dive into any of these projects you should make sure your home systems are upgraded, repaired and in tip top shape. Major systems include plumbing, heating, electrical, sewer. Get them inspected and have documentation of any repairs, maintenance and updates. A prospective buyer will want assurance these are in good condition and won’t need replaced anytime soon. And if your staying in your home having these systems in good working condition will be more enjoyable than any cosmetic upgrade.

Exterior Projects – You’ve heard of curb appeal. Doing a little exterior remodeling can actually be some of the least expensive and most value adding projects. Types of projects that can really set your house apart in a market and/or put a smile on your face when pulling in your drive include: new front door, replacing garage door, siding, windows.

Extra Bedroom In The Attic – Nothing can increase your homes value more than an extra bedroom. Putting one upstairs if possible is the best way to do it and a great investment especially if you have company over often or a growing family. The cost can be a lot, around 40K on average. But depending on the market you are in you can expect an extra spacious bedroom to add 10-25K to your market value.

Adding a Bathroom – Recent studies have shown that bathrooms are more important to buyers now versus a kitchen. Does that say something about our love of take out in America? I’m not sure but adding an additional bathroom even a half bath can really add value to a home. The cost as with any of these major renovations will be substantial but it can put you ahead of your competition and other homes in your area when you get ready to re-sell. Estimates are you increase your value by 10% adding another bath.

Kitchen Improvements – If you can’t add a bathroom, kitchen improvements can be an impactful cosmetic upgrade to your home. Whether minor or major facelift is your plan, any endeavor in this room should increase your value. The things that really get noticed include: walls – a fresh coat of paint does wonders, floors – vinyl tends to date your room, consider an update to tile. New cabinetry, sink fixtures, updated lighting, modern appliance would round out our list.

Landscaping - Again, the outside of a home is what attracts potential buyers and underestimating its importance is a big folly of many homeowners. It also can make coming home a little more enjoyable when you pull up to a beautiful landscaped yard or have a space you can retreat to in the back. Look around your neighborhood if your yard isn’t equal to or above appearance to your neighbors then seriously consider investing in this home improvement project. If you have extensive work to be done and a healthy budget you’ll want to hire a professional landscape architect for your project. You’ll also want to make sure you maintain it. Smaller budgets may want to consider at the very least a consultation on your project before you dig in.

Finishing A Basement – This is a project when done well can really impact your home. Unfortunately many don’t get this renovation right. Things to consider include moisture control, lighting, drywall, ceilings. Bringing in a professional to consult and help you avoid future issues with moisture and mold, is well worth the investment. When considering what to do with this area consider what rooms your home could use. Another bathroom, bedroom, office, children’s play area, adult play room. Remember for a room to be consider a bedroom it must have a window.

Additional Storage – If your home is a newer one then this may not be a need but if your home is older than 20 years then there’s a good chance that basic storage is lacking. Adding additional storage spaces such as larger closets and pantries is a great project. If your home lacks the space to create or enlarge these in your home consider looking into specialty storage solutions. There are a lot of interior designers and stores who specialize in storage solutions.

In the end some home improvements are just to make your lives more enjoyable while you’re in the home. If you’re looking resell soon don’t go overboard and even consult a Real Estate Agent before you begin. You can do too much, your homes value isn’t wrapped up in just your updates, curb appeal, and size - the neighborhood, and general value of other homes nearby play a major role in what you'll get on the market for it.