BOOST YOUR VALUE!
Homeowners are always looking for ways to increase the value of their property.
However, some improvement projects are costly and may not result in the increased
value that’s desired. Which projects should you focus on and which ones will result in
the highest ROI (Return on Investment) for your home?
- Add a bathroom – converting unused space, extra bedrooms or closets into
another bathroom for your home can really add value to your property. HGTV
estimates 80%-130% of those costs can be recouped when selling the home
later. For a half-bath, you should have 18 square feet of space to work with; for a
full bath, 30-35 square feet is ideal. - Energy-efficient windows and insulation – going green is always a smart move.
For new energy-efficient windows, you can recoup about 60%-90% of your
investment, along with applying a 10% federal tax credit for installing green
windows. Adding these together, it’s a net positive to upgrade. Your home may
have dated doors and insulation that let heat or cold air escape. For as little as
$200, you can add updated insulation to save hundreds of dollars per year on
your energy bills. - Kitchen updates – The kitchen is considered the heart and centerpiece of a
house. Kitchen remodels can range in price from $5,000-$75,000, but you don’t
have to overspend when improving your space. Brightening the room with a
fresh coat of paint or investing in energy-efficient appliances (which will save you
or buyers money down the line) can help you recoup an estimated 60%-120% of
your original investment, according to HGTV. - Build a deck – Having a robust outdoor living setting has become very important
for homeowners and buyers alike. Adding a deck to spruce up your backyard
can increase the value of your home and attract more offers when you’re ready
to sell. Costs can range between $1,200 – $10,000, depending on materials
used and the size of the structure, but you can get back 60-90% of the costs
when selling the home.