If you are interested in raising the value of your home, either because you want to resell it or are simply wanting to make it more desirable, there are many things that you can do. There are certain improvements that are costly, time-consuming, and do not add much value to the home. However, if you follow these tips, you can end up earning more for your home while creating a cozy atmosphere.
Remodel your kitchen
Many think of their kitchen as the main part of their home, which is why it can be best to work on this first. You could get back up to 80% of your monetary investment with the increase of your home value after a kitchen remodel.
You will also save a lot of money on your energy bills, so if you plan on staying in the property for a while after the remodelling is done you should make your money back quickly.
Be sure that the design of the kitchen provides the style that you want throughout the rest of the home, or your remodel could backfire. For example, a fancy modern kitchen may not suit a home that has a classic, traditional design. If you’re not sure what to do, built in appliances might be the place to begin. You may also hire the services of an interior designer to offer you additional ideas.
The addition of a second bathroom can add significant value to your property. It is estimated that addition of an extra bathroom pushes up the value of a home by 80 to 100% of the investment made in remodeling.
Look around to determine where you could incorporate another bathroom into your home. Try to use an area of the home that is not being used, such as a spare bedroom. The space under the stairs is usually unused and left to go to waste. You need 18 square feet for a bathtub, as a minimum, but the more space you have the better. In many cases, that still might be too small to offer any kind of actual value.
Reclaiming An Unused Room
One simple way to increase the value of your home is by repurposing a room that is currently being underutilized. Some may consider adding on to or adding a room, which means adding square footage to a home. However, this often calls for a permit and much red tape and can be very expensive as well with little likelihood of recouping that money when the house sells. Adding space could price your home out of the market, making an open plan room or repurposing a spare room is far less likely to do this.
As an alternative, simply work with what you have. It will be a modification that will not drill a huge hole in your pockets. An unused basement makes an excellent second living area. A garage could be converted to an apartment area that you could charge rent money for. These are excellent ways to increase your home’s value.
If you are not sure whether you are making a good investment, talk to an estate agent before you start tearing down walls or making massive changes to the layout of your home.
You want to be as versatile as possible, adding value, without putting yourself out financially.