Imagine your home with a new, fully remodeled kitchen – or a carpeted recreation room in the basement for the kids. Home improvements and upgrades not only make a space more pleasant to live in, they can also add value to your house. This can be especially helpful before you begin the appraisal process of your home.
Here are 10 home improvements, and the estimated return on investment* of each project:
1. Home office | 43%
Working from home, or “telecommuting,” is becoming increasingly popular, and many shoppers are looking for a dedicated home office. Upgrades could include cabinets, a built-in desk, ample power outlets and Internet access.
2. Kitchen | 70%
New cabinets, countertops, appliances and tile can add significant value to your kitchen, which is often the most scrutinized room in a house.
3. Extra bathroom | 78%
Adding an additional full or half bath can make your home more attractive to buyers with larger families.
4. Finished basement | 50-83%
A finished basement not only boosts the value of your home, it increases the usable square footage as well. A finished basement can be used as a rec room, workout room or even a small apartment.
5. Finished attic | 73%
Don’t stop with the basement; finishing the attic adds the same benefits and gives your home more livable space.
6. Windows | 70%
Heating and cooling costs can really add up if your home has old, drafty windows. New insulated windows are a great investment, since they can add value to your home while paying for themselves through energy savings.
7. Siding | 80%
New siding can rejuvenate the look of an older house and protect it from the elements.
8. New roof | 60-65%
If you’re due for a new roof, consider replacing it before putting your home on the market. While some homebuyers are looking for a fixer-upper, most would rather find a house that’s move-in ready.
9. Deck | 80%
Investing in outdoor upgrades is a great way to make your home more attractive to buyers.
10. Paint | 75%
A fresh coat of paint can freshen up any room. When getting ready to sell, paint the rooms of your house with neutral tones; some bold colors can be off-putting to buyers.
You may have a wish list of home improvements, so how do you choose which ones to complete? And do you pay for the upgrades by saving, with a home equity line of credit, or even a mortgage refinance loan? Let us know your home improvement strategy in the comments below.
Whatever improvements you make to increase the value of your home, be sure to protect your investment with homeowners insurance. Have other home improvement ideas? Let us know your home improvement strategy in the comments below.