The housing market is still in a state of crisis, and as a result, an increasing number of homeowners have chosen to keep their homes rather than put them up for sale. Despite this, there is no reason why you shouldn’t take advantage of the current situation to make home improvement that will not only make your life more convenient, but will also raise the value of your property.
Many home improvement projects fail to increase the value of a home, particularly in a declining market. In fact, certain improvements can even lower the asking price of a home. On the other hand, certain projects can significantly increase the value of your home.
What home improvement initiatives should you pursue?
Listed below are several suggestions for home improvement projects.
Seven projects that increase the value of your home
Numerous projects can increase the value of your home and the quality of your family life. By working on these projects now, you can reap the benefits of these improvements, and if you engage in green work, you can also begin to recoup your investment through state programs or tax breaks.
1. kitchen remodel
Because most people consider the kitchen to be the heart of the home, updating this space is a wise investment. If you don’t go overboard, you can expect to recoup 60% to 120% of your investment in a kitchen renovation. Never make the kitchen more elegant than the rest of the house. Also read masonry outdoor kitchen for more ideas.
2. Addition of a bathroom
If your home has only one bathroom, you can recover a significant portion of your investment by adding another one. When selling, you can recoup between 80% and 130% of the cost of adding a bathroom.
When it comes to finding space in your home for an additional bathroom, consider unused rooms or spaces. Consider additional spaces, such as closets and areas beneath the stairs. If you desire a half bathroom, you must have at least 1.5-2 m2. Minimum 3 m2 is required for a full bathroom, including a stand-up shower. If you want a bathtub, your bathroom addition must be at least 3.5 square meters in size.
As with any other project, the cost of adding a bathroom will largely depend on the types of additions and accessories you desire, as well as the prices of these items.
3. Redesign a room
Adding a new room to your home to increase its square footage can be a very expensive undertaking. Although you may recover between fifty percent and eighty-three percent of your investment, the costs of this project can quickly spiral out of control.
Reimagine your home’s existing space to save money. Convert the basement or the attic into a bedroom. Many homeowners can also add small apartments with outdoor access in or above their garages, which they can then rent as a room or studio for students or seasonal housing.
Before demolishing walls and rafters, consider how you and potential buyers will utilize the space:
- Versatile items are more desirable to prospective buyers.
- Typically, basements make excellent second living rooms or playrooms. Numerous individuals also convert this space into a small apartment for an elderly relative or tenant, which can help you pay for utilities such as water and electricity or generate additional income.
- Often, attics or attics work well as playrooms, particularly if they have high ceilings. If you have children, you can install swings in the ceiling to create a fun playroom for them.
4. The installation of energy-efficient windows
Currently, purchasers are purchasing homes with energy efficiency in mind. Antiquated single-glazed windows have been replaced with double-glazed windows, which provide sound and heat insulation.
You can expect to recover 60 to 90 percent of your investment by installing energy-efficient windows. Additionally, you can benefit from tax credits. Additionally, you may qualify for additional state or utility credits.
5. Create a terrace
Adding a deck to your home increases its value. Especially as more people stay at home during vacations and pandemic lockdowns, outdoor living spaces have become more desirable. When you decide to sell your home, it will be more appealing to potential buyers if you enhance the patio and garden. By adding a deck, homeowners can recoup between 65% and 90% of their initial investment.
Costs associated with adding a deck to your home vary greatly. It depends on the size of the patio and how many amenities you want to add, such as built-in seating, multiple stairs, and built-in flower pots.
By performing the work yourself, you can save a substantial amount of money, typically half. Keep in mind, however, that building a terrace is not simple, and check with your municipality to ensure that you have the proper permits.
If you decide to hire a craftsman or contractor, do some research before deciding who to hire. Ensure you obtain at least three detailed estimates from the contractors you hire. Check the credentials of contractors thoroughly before accepting a bid, and watch out for cons.
6. Thermally effective insulation
If your home lacks basic insulation and has old doors that let in a great deal of hot and cold air, prospective buyers’ home inspectors will include this information in their reports. Living in and maintaining homes that have not been modified for energy efficiency is more expensive.
Energy-saving home improvements don’t have to be prohibitively expensive and can make your home more appealing to prospective buyers. By making only a few adjustments, you can save a significant amount of money annually. For instance, adding additional insulation to your attic for $200 or less can save you hundreds of dollars annually on your electricity bill.
Seal exterior cracks to save even more money on energy costs and make your home more appealing to potential buyers.
Frequently, you can find areas that require additional insulation in these locations:
- Around windows and doors
- In the vicinity of electrical outlets and light switches
- In recessed illumination
- Encircling the attic access
- In the cellar
- Wherever conduit or wires leave the dwelling
Consider spending slightly more on a high-efficiency water heater if you need to replace your current unit. Smart consumers are aware that these water heaters can significantly reduce their energy costs. If your home uses less than 150 liters of water per day, a tankless water heater can save you between 24 and 34 percent on water heating costs. If you use more, expect to save between 8 and 14 percent.
7. The standard renovations that restore your home or apartment’s luster
Simple maintenance increases the value of a home. Keep the paint in good condition, repair any leaking roofs, replace any rotting wood, and eliminate any mold you find. These types of stains prevent the deterioration of your home over time. Buyers desire a healthy, sturdy, and secure residence, and they carefully inspect for signs of routine maintenance.
You can replace the electrical wiring, the exterior and interior paint, and the plumbing in your home. These projects keep my home in pristine condition, so that if I decide to sell it again, potential buyers will see that it has been well-maintained.
In conclusion, certain continuous home improvements by masonry experts near me can greatly enhance your comfort and, over time, substantially increase the value of your property.
Remember to check with the appropriate authorities to determine if you have permission to perform the work or if you need a building permit to avoid future issues with the municipality and your neighborhood.