When you start thinking about home improvement projects you not only need to consider what needs to be done, but also what may add the most value to your home. From kitchens to bathrooms, to new windows, each project can add up. If you’re thinking about moving within the next five to ten years, you want to take a closer look at what will give you the greatest return.
Adding Square Footage
This is a big one. Anytime you are adding space to your home, you are adding value. A recent study showed that for every 1,000 square feet added you increase your home value by about 3.3%. Some people choose to build up; others choose to build out. If you’re serious about an addition, your first step should be to sit down with an architect and map out what is feasible. Then you can set a budget and decide how far you want to go.
New windows add value to your home because not only do they improve the appearance of your house but also help when it comes to utility costs. Good windows will do a better job at keeping your home warm in the winter. This in turn will keep utility costs down. Energy Star estimates you can save as much as $500 a year with the right windows. This is a big selling point for prospective buyers.
Upgrading Your Kitchen
Many people consider the kitchen the heart of the home. It’s where families spend a lot of time. If you’re thinking of a remodeling project, this should be at the top of your list. Whether you’re considering gutting the entire room or simply re-facing cabinets and getting new appliances, you will add value to your home. On average, a kitchen remodel returns almost 70 percent of its cost. Not too shabby! By updating cabinets and investing in energy saving appliances, you are making a better room for you to utilize while making your home more sellable.
A New Wood Deck
Outdoor living space and outdoor entertaining has become increasingly popular. So, it’s no wonder that adding space to the outside of your home can add to its resale value. A wood deck can provide as much as an 80 percent return when it comes to selling your home. Depending on where you live, a deck can be used all-year round, perhaps even adding more appeal and value to your home.
Steel Entry Door
While you may not think of a new front door as a home improvement project, it is. A new door will change the look of your home and add value. It not only increases curb appeal, but also provides added security. A recent study found that a new steel entry door can give you more than 100 percent return. Now, that is a return rate that we’ll all want to invest in. Changing your front door can also give you the chance to change the color if you’re looking for something new.
Garage Door Replacement
On the topic of doors, garage doors are also up there when it comes to adding value to your home. It’s estimated that garage door replacements can give a return of nearly 90 percent. As with the steel entry door, new garage doors add curb appeal and an added sense of security.
Depending on your needs, home improvements can add all types of value to your home. While you’ll want to consider resale value as a factor you don’t want to lose sight of your current needs and wants when it comes to your home.