Are you interested in increasing the value of your property? No matter if you are doing so before selling or plan on staying put for the time being, it is important to note that some projects have a better return on investment than others.
Below are five remodeling projects that will instantly increase the value of your home. Sure, you have to put money out upfront to get started but in the long run you can make out like a bandit.
1. Kitchen remodel. This is one of the first places to start if you are interested in remodeling your home. According to the Desert News reports measuring return on investment for home remodels the kitchen ranked number 1 with an average ROI of 68 percent in 2012. If your kitchen is in desperate need of a remodel, it is time to consider your options and get started.
Even if you don’t have the money to tear out everything and start from the ground up, you can still increase the value of your overall property by making even gradual upgrades to your kitchen. Maybe you can refinish your cabinets instead of replacing. Maybe you can add a back splash. Maybe you can buy new appliances. These are all things that can be done a little bit at a time to add value to your home. Check out Houzz.com for hundreds of photos of neat kitchen remodels to get inspired.
2. Bathroom remodel. Much like your kitchen, updating a bathroom is sure to add value. Since this space is typically smaller than a kitchen, you will not spend nearly as much money. That being said, the payoff in terms of ROI can be equally as significant as with a kitchen remodel. Therefor if you’re just beginning to look at investment options in your home and are starting with smaller budget, a bathroom is just the place to tackle first. According to a recent “Cost vs. Value” report done by Remodeling Online, an average ROI of 60 percent was recorded. They also mentioned that the return on investment increases significantly with master bathrooms in high end homes.
Before you start making lavish remodel plans though be sure to keep everything in perspective. You wouldn’t want to spend as much remodeling a bathroom as it would cost to, say, finish a basement (below) or add another bedroom. Adding square footage to a home is the quickest way to get the largest returns on your money, so be sure to keep your small bathroom remodel plans in check and have a long term remodel plan encompassing the whole property before opening your wallet.
3. Finish your basement. There is no denying that this can be one of the most expensive home remodeling projects. This is particularly true if you are starting with nothing. But remember, when you are finally done you will have added quite a bit of livable space to your property. This can go a long way in boosting the value of your home.
4. Focus on the exterior of your home. Have you given any thought to adding a deck to your home? How about a simple patio for a place to hang out in the summer? You may not see as high of a return on this type of project as you would a kitchen remodel, for example, but it is good to focus on both the interior and exterior of your property.
5. A fresh coat of paint can go a long way. Only have a few hundred bucks for your remodel ambitions? No problem. Something as simple as giving your second and third bedrooms a fresh coat of paint can go a long way in terms of ROI. Paint is extremely cheap when you look at the value it can add. A new coat of paint on the walls with a crisp trim can easily revive an entire room with just a couple hundred bucks and a free afternoon.
If you are updating your home before selling, don’t focus on your own tastes. Instead, keep things neutral as a means of attracting the largest pool of potential buyers.
It doesn’t matter if you complete one of these projects or several, when you are done your home will be worth more money – and that is what matters the most!