Home improvements and upgrades can increase your property value. This can be very beneficial if you are looking to sell your home one day. The key is determining which upgrades actually add to your home's value. Some homeowners have spent lots of money on improvements that added no value to their homes. Here are some of the best upgrades for increasing property value:
1. Update Indoor Systems
It is important to make sure that your home's plumbing, electrical, heating, sewer and all other major systems are up to date and functioning properly.
2. Outdoor Replacements
Replacing things such as doors (garage door included), windows and siding will add value and aren't very expensive.
3. Attic bedroom
According to Remodeling Magazine, the addition of an attic bedroom is the best home improvement when it come to recouping a return on your investment. If you spend a little over $50,000 on an attic bedroom, which is the nation average, you can expect to recoup 72.5 percent of the cost when you sell your home.
4. Additional Bathroom
It seems as if the number of bathrooms a home has is becoming more important to potential home buyers than the kitchen. A half bath can add up t 10.5 percent value to a home. A full bath can add up to 20 percent.
5. Kitchen Improvements
Just about anything that you do to your kitchen will add value. You should start with painting. Consider replacing vinyl flooring with laminate or tile, because they look more up to date. New cabinets, sink fixtures, counter tops and lighting also add value. Something as simple as installing matching, new appliances can add value.
6. Landscaping
Hiring a professional to handle this is a good idea if you can afford to. Of course, most of can't afford to do this. In any case, you should be sure to keep the yard clean, grass cut and shrubs trimmed. A flower garden is also a great way to add curb appeal.
7. A Finished Basement
A finished basement adds square footage to your home. Your basement can be converted into a playroom. You can add couches and a big screen TV to turn it into a sports den. It can become a lounge with a pool table and bar. The possibilities are endless. I have even seen some basements that have had bathrooms added to them.
8. Front Porch or Deck
At one point it seemed as if big front porches were no longer fashionable. Now they are coming back. If you don't have the space to add a full front porch, consider a smaller one. A deck on back is also a great idea. It would be great for summer barbecues.
9. Adding a Bedroom
A four-bedroom home will usually sell for more than a three-bedroom home of the same size. You can divide a large bedroom into two smaller bedrooms or covert a den or sitting room.
10. Hardwood Floors
Hardwood floors are beautiful and popular with buyers. If your floors are worn, you can have them sanded and resealed.
Important things to keep in mind:
*The value of your neighbors' homes does have some part in determining your home's value.
*Every 1,000 square feet that you add to your home increases its value by about 3.3 percent. That's $3,300 for a home valued at $100,000.
*Each additional bedroom adds 4 percent to your home's value.
*Try to make sure that your laundry room is on one of the upper floors. A laundry room in the basement can decrease the value of your home.
Additional Resources
"10 Best Home Improvements For Increasing Property Value." Realestatecom Blog RSS. 1 Mar. 2012. Web. 2 Apr. 2015.
"One of a Kind Spring Show." Style at Home Blog RSS. 28 Mar. 2015. Web. 2 Apr. 2015.
