As a homeowner considering home projects, you should weigh heavily the value (or lack thereof) that the proposed renovations will add to your home’s value into the future. This will help to ensure a satisfying return on investment for the cash and sweat equity you put into making your property a true home.
Energy-Efficient Windows and Appliances
The growing global awareness of the importance of protecting the environment has become a focus for companies promoting various "green" projects for your home. However, some add more real value than others.
Energy Star certified appliances are shown to require less energy to run than their conventional counterparts. Many homebuyers and realtors—especially the more environmentally conscious ones—look specifically for homes that have these types of energy-saving devices already installed. They may be willing to pay a premium for them.
Similarly, energy-efficient windows are a high-return investment because of the cost savings that they offer in the form of lower energy bills as well as offering a modest boost to your home’s value.
Home Extension
Home extensions are a surefire way to improve the value of your house as well as to create extra living space. Of course, while the amount of return you get depends on the size and type of extension, you’re almost guaranteed to get a good return.
Some estimates indicate that a home extension can improve your home’s value by as much as 23% when you add a double bedroom. More modest gains in value can be achieved with an added kitchen or bathroom.
You also need to be careful of the style and quality of the extension. If the new addition doesn’t blend well with the rest of the house, future potential buyers may actually be turned off by the extension.
Be sure that both the interior and exterior materials and architecture match or complement the rest of the house. Additionally, you’ll want to make sure it’s a room that future buyers will likely want. A versatile multipurpose room or an extra bedroom are great additions, but not everyone wants a darkroom or a library.
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Fresh Paint
While the price tag for some extensive kitchen remodels can run into the tens of thousands of dollars, a fresh coat of paint is a particularly cheap alternative that can add real value to your home.
Design experts recommend a new paint job at least once every few years to keep the home looking modern and to buoy its value on the market. While a standard paint job for the interior of a home costs about $900 on average, it can add $2,000 in value—an over 100% return on investment.
Deck
Everyone loves a deck to enjoy on a lovely summer evening or for hosting special events like neighborhood barbecues. Homeowners, in general, can recoup the entirety of their investment in a deck when they resell the home.
other related articles of interest:
Raising the Value of Your House Through Home Remodeling
4 Practical Design Features That Increase Your Home’s Resale Value
When you’re ready to do some home remodeling and renovations, keep in mind which projects are the most profitable, especially if you’re planning to sell soon. Add these renovations to your to-do list and watch the appraisals for your home climb with each new feature.
Image Credit: common home projects that add value by twenty20.com
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