Not every remodel is going to help increase the value of your home. So before you decide to get started on your remodel, go through this list of projects which offer the best returns on your investment:
These aren’t cheap additions. When installed properly, they can cost quite a bit of money. But on average, homeowners who sold homes after installing a deck were able to recover as much as 87% of their costs. Why so? It is all about the outdoor space. People love sitting outside and watching their kids play or hosting guests. A deck offers them a space to do all this and also adds to a yard’s aesthetic beauty. One important thing which you should remember before you add a deck though is to get all necessary permissions from the local authorities. Having your paperwork in order is just as important a step here.
Just like a deck, adding a new kitchen can significantly increase property value too. You will be able to recover as much as 83% of even some minor touchups. The kitchen is the heart of a home and every buyer usually overestimates the amount of time they are going to be spending there cooking or eating. But you should know that even the slightest remodel including appliances, cabinet doors, countertops, paint, sink, faucets and hardware can cost you twice as much as installing a new deck.
Not every home is basement friendly. But for the ones which are, a complete basement can be quite the selling point. People love the thought of having extra space to make an office, game area, etc. out of. A completely renovated basement with a bath can be very expensive but the return on it can be just as great. Homeowners report a 77% return on every penny spent on a basement. Even turning the attic into an additional bedroom could add value. What’s more, this won’t cost as much as a basement remodel.
Sometimes, a remodel is about more than just redoing rooms or outdoor spaces. Even something simple like replacing windows can help you add value to your property and even help you save money. Installing insulated wood windows can offer a return of 78% during sale. These windows will also help keep out the heat and cold meaning reduced heating and cooling bills too.
Every homeowner is going to want to spend money on remodeling at some point. Why spend the money on remodels that aren’t going to give a good return? You are never going to get a dollar-for-dollar increase in the value of a home, but getting as close as possible is in the best interests of a homeowner for sure.