Whether you are planning to sell or not, the best way to increase the value of your home is to remodel. This does not necessarily mean that you have to go top to bottom, wall to wall, and change everything, however. There are certain elements of your home that you can improve that will provide a large return on investment, meaning you will get more back in your pocket than you spend for these projects. Check out these home remodeling ideas that can increase the value of your home, and send you away with a full wallet.
Kitchen Considerations
One of the rooms you can think about making some changes to increase the value of your homes is the kitchen. In fact, because designers, homebuyers and homeowners consider the kitchen to be the heart of the home, and remodeling this space correctly can give you anywhere from 60% to 120% back. It is important however, that you keep the overall design of the home and other homes in the neighborhood in mind, ensuring your kitchen remodel is not too fancy, comparatively speaking.
Bathroom Considerations
The next room you will want to think about is the bathroom. This is especially true if your home currently only has one bathroom. To really improve the value of your home, particularly if you are interested in selling, you might want to add a second bathroom. For this investment, you should expect to receive anywhere from 80% to 130% of what you spend to create it.
For many, however, finding the space to add a bathroom can be difficult. If you think about the rooms in your home, do you have one that is not currently being used for anything? If so, that would be the room you would use to create a second bathroom. If you happen to have an oversized closet, you could use that space. It is understandable that you will want a larger space for a full bath, but in all reality, you only need about 18 square feet to create a half bath, which could be exactly what your home needs.
Repurposing Rooms
Livable square footage is what really counts when it comes to increasing your home’s value and the ability to sell the home quickly. Think about the rooms and empty space you have in your home. If you have a basement that is not really being used, think about turning it into a livable space, such as an additional family room, an office space, or a game room. You could also think about turning it into a small apartment to rent out, or for elderly relatives. Although these types of remodeling ideas tend to be a little more expensive, ranging anywhere from $15,000 to $65,000, depending on what type of remodeling you are doing, they do provide a good return on investment. You can expect to receive anywhere from 50% to 85% back from what you put into the remodel. Furthermore, if you are able to, these costs can be cut if you do as much of the work as possible by yourself.
Window Considerations
Another area of the home you will want to remodel – or replace rather – are the windows. Windows can cost anywhere from $150 to $300 each, depending on the size and style you choose. With that said, what you are wanting to do here is to install Energy Star windows that have the ability to reduce heating and cooling costs. In fact, it is possible that this little cost can save nearly $500 per year. Furthermore, you can expect to recoup even more when you sell your home or have it appraised. On average, adding Energy Star windows to your home returns about 60% to 90% of what you put in, and in some states, you can receive a tax credit up to 10% for turning your home ‘green’.
As you can see, there are several different remodeling ideas that can help increase the value of your home and provide you a nice return on investment. Now, you will need to sit down and think about what you remodeling budget is and how much you are willing to spend in order to accomplish your goal. Remember, do not go overboard, as this could damage your return on investment, or prevent you from selling quickly – or at the price you want to sell for.
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