5 Best Renovations That Add Value to Your Property

property-renovation

Knowing which renovations to put money into can make a huge difference!

Many home improvement projects will not improve your home’s value, particularly in a down market. In fact, some can negatively affect its resale value if you decide to sell. In contrast, some improvements can significantly add to your home’s value.

However, which ones ensure the best bang for your buck? We talked with the Young Management owners and they suggested the five best renovations that can add value to your home.

  1. Energy-Efficient Insulation

Homes that are less energy-efficient cost more to live in and maintain. If your home is this way, home inspectors working with potential buyers are likely to include this in their reports.

property-insulation

Updating your home to save energy will not cost you that much. In fact, adding extra insulation to your attic will only cost you $200 or less. This small change can save you hundreds of dollars annually in utility bills.

Inspect your house for leaks. The average house has the equivalent of 3 feet by 3 feet hole in the wall, according to the U.S. Department of Energy.

Leaks are common in areas such as the basement, around the attic hatch, in recessed lighting, around electrical sockets and light switches, and around doors and windows.

  1. Deck Addition

You can also increase the value of your home by adding a deck. Decks can cost anywhere from as low as $1,000 to as much as $10,000, or more. The cost depends on the deck’s size and the bells and whistles that you want to be added.

Of course, you can save a lot if you take the DIY route. Deck construction, however, isn’t easy. The tools required can be costly, particularly if you are not planning on reusing it.

If you choose to seek professional services, do your homework first. Ask for their references and find out whether they are licensed or not.

  1. Adding Energy-Efficient Windows

There is no buyer that wants old, drafty single-pane windows. These are a major turn off. Keen buyers shop for homes with energy efficiency in mind.

With energy-efficient windows, HGTV says that you can expect to recoup up to 90% of your costs in energy savings. Installing energy-efficient windows for average-size home costs about $7,500 to $10,000.

Nevertheless, you can recoup these costs in various ways. First, you can expect to save several hundreds of dollars annually in energy savings. Second, you can qualify for green-energy credits from your state or even your utility company. Lastly, you can also receive an additional green-energy tax credit of 10% for this upgrade.

  1. Bathroom Addition

remodel

Adding a bathroom can significantly increase your home’s value, especially if you only have one. According to HGTV, you can recoup up to 130% of the entire costs of the renovation.

When looking to add a bathroom, look for underutilized spaces or any extra rooms. A half-bath and full bath complete with a stand-up shower will need 18 and 30 square feet respectively. A bathtub will need more. It will need at least 35 square feet.

The cost of this renovation will obviously depend on various things. But generally speaking, expect to pay at least $3000.

For a modern, luxurious appeal, consider adding luxury touches with fixtures and details. Chrome-plated accessories are a good example. In addition, unique lighting pendants, large gloss wall tiles, and sheer curtains can also add to the luxurious feel of the home.

Adding a bathroom can take a couple of weeks or a couple of months. This depends on the amount of required construction.

  1. Kitchen Remodel

kitchen-reno

The kitchen is the heart of the home. For this reason, a kitchen remodel will pay off. So long as you don’t overdo it, you can expect to recoup as much as 120% of the renovation costs back.

Prices can run the gamut when it comes to how much you spend on a kitchen remodel. On average, a kitchen remodels costs $22,268. Of course, various factors come into play when determining the specific cost of a kitchen remodel.

The project cost varies depending on three main things: the layout of the room that needs to be changed, the quality of materials, and the size of your kitchen.

Get the biggest ROI on your kitchen by looking for the right color. Painting your kitchen can make a world of difference. In addition to this, a can of paint will only cost you about $25.

You might also want to add energy-rated appliances. Not only will energy-efficient appliances help you save money, but also they are also better for the environment. Prospective buyers are always looking for ways to save money when searching for a new house.

 

There you have it. 5 best renovations that add value to your home. These could make your home more attractive and clinch the deal if you plan to sell sometime down the road.

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