There are many reasons a homeowner may want to increase property value. Maybe you plan to sell the home in the next 12 months. If a child is going off to school or you or your spouse plans to start a business, a home equity loan may help you to finance this. There are also some homeowners who focus on increasing property value as an investment toward the future.
Wherever you fall on the spectrum, you may have considered a kitchen remodeling project to boost property value. This is a great starting point, and there are other strong ideas to consider as well for the rest of the home.
Zillow estimates that homeowners can get up to an 81.1% return on investment for kitchen renovations. What surprises many homeowners is that the less they spend on this upgrade, the more they can expect to get back. Once you move into the upscale remodeling range, the ROI dips to 53.5%. Even midrange remodels bring in an ROI of only 59%.
So, what counts as minor kitchen upgrades? These include repainting walls, adding a backsplash, updating cabinet doors and making repairs.
One of the main reasons people tackle kitchens and bathrooms first in a renovation project is that they tend to date homes. At the very least, these rooms can show when the last upgrades may have been, based on the appliances and fixtures. Upgrading to more contemporary fixtures and newer appliances helps to bring the whole home into the current era. Some buyers may also appreciate smart tech, such as a thermostat that can be adjusted remotely or motion-sensor lights.
In older homes, rooms often appear dark and cramped even when they are large. More modern homes are open and airy. While not everyone likes an open floor plan, most enjoy natural lighting.
To achieve this, many homeowners replace regular backdoors with screen doors, add new windows where they can and even install skylights. All of these can help to flood a home with light and help it to appear more open and airy. If you’re selling a smaller home, this may help you command a higher price per square foot.
More Americans are looking for homes that pay for themselves o
ver time. If you live in a neighborhood where Airbnb and other vacation rental opportunities are allowed, adding an accessory dwelling unit in the backyard or above the garage can bring in revenue for yourself and the new owners. A lower-cost option is to build a home office, which may attract buyers who work from home or run a business.
Another low-cost way to add revenue-generating space is to finish the basement. People can use this for office space or rentals. Even if they never use it for money, a finished basement adds extra square footage to the home and more usable space. Families can turn it into a home theater, the kids’ playroom, a home gym or the mother-in-law suite. Depending on the size of the space, it may even fit all of the above.
People draw conclusions about a home the minute they set eyes on it. This is true whether someone is assessing the value of your home for the bank or considering moving in. There are a number of ways to improve curb appeal.
Powerwashing the exterior walls can help to make the exterior look brand-new. If this doesn’t have enough impact, then consider a fresh coat of paint. Simple landscaping ideas, such as repaving the driveway or upgrading the garage door, also help.
Landscaping may help to improve the immediate curb appeal of your home provided that you make some additions to the front yard. Sometimes, there are also outdoor changes you make that visitors can value once they have entered your property. Adding a patio or deck in the back can add real and perceived value to your home. Try not to put in features that are high maintenance as this may turn buyers away. Fences also make a great addition, as many buyers may plan to move in with a dog.
Hestia Construction and Design helps homeowners just like you to create the home they always wanted. From kitchen remodeling to outdoor renovations, we handle it all. Contact us today to tell us about your plans and get a quote.
Home Improvement Projects That Increase Property Value | Hestia Construction & Design — Houston, Texas