Making Home Renovations Count
A home renovation is about a lot of things to a homeowner. It’s a way to expand your home, creating an environment that you love and love to come home to. It’s a way to add extra space so that you can support a growing family. But it’s also about adding value to your home.
Although any up-front cost may be enough to deter some, smart homeowners know that a home addition can most certainly add equity and resale value. The money that you put up for a home addition, when invested wisely and with the future in mind, can add tens of thousands of dollars back into your home.
So while thinking of the short-term is perfectly acceptable, when planning a home addition one should also look at how a home addition in the long-term will add value to their property while they are continuing to plan for resale.
So to help you with your decision, here are 5 home renovations that add the most value to your home.
If your home only has one bathroom, you are not only missing out on the extra convenience of a second full or half-bath, but also, on the equity, it adds to your home. By most expert calculations, by adding an extra bathroom to your home, no matter its location therein, you’ll like to recoup around 85-115% of the costs later down the road. That’s money in the bank when it comes time to sell.
While it might not be something that adds immediate gratification (guess it depends on who you ask), new windows do a lot for a home. 1. The extra insulation keeps hot air out in the summer and warm air in the winter. 2. The right style can add “pop!” to the exterior of your home. 3. It’s one of the things buyers look at when reviewing homes for the future. This is especially true if you choose energy-efficient vinyl over wood.
3. Expanded Attic
If your home has an attic that is habitable (we know… they all aren’t), then you have a gold mine sitting on top of your house. Turning an attic into an extra bedroom or some other kind of living space can add valuable square footage and put extra equity into your home. Plus, when done correctly, you will recoup between 55-75% of the cost later on down the road.
Want to add livable space and increase your home’s square footage? Then a deck is the way to go. Depending on where you live, a deck can be more than just a place to have a barbecue. If the weather is forgiving in your neck of the woods, a deck can transform a regular outdoor grilling area into a full-time part of your home. Add to that furnishings and even a waterproof flat screen TV, and your deck just became your new outdoor living room.
Transforming your basement into an extra bedroom or living area that you can rent out, boosts your home’s value, as well as adds an extra source of income — one that could pay your entire mortgage. However, a renovated basement isn’t for the faint of heart. Turning a basement into a living area can cost 50 to 70 thousand dollars over the course of the construction. But when you think of its long-term value, it might be worth it to you if you have space.
So there you have it! Five home additions that can significantly add value to your home. We hope that this list helps you make a future decision into your home’s equity, and helps you to narrow down what might work best for you.
For more information on how we can help you with your home addition, please don’t hesitate to contact us anytime.