Regardless of your goals to sell a home or to just, increase the value of it, home improvement projects can pay off big time. Just a few years ago, when people wanted something different in their home, they looked for a new home. It has gotten harder to do that. More so, selling in this market means making only wise investment decisions in these projects. Yet, there are ways to improve your home and see a dramatic increase in your home's value because of it. Not all projects in home improvement will do this, though. Here are the top ten!
#1: Add a wood deck addition to your home. Call your residential contractor and start working on the plans for this one. This is the biggest benefit you will see. 82 percent of the cost of implementing a wood deck onto your home will be recouped at the time of your home's sale. Why is it so valuable? Most people see this is additional living space. It is multifunctional, easily used and gives individuals a motive to spend time outdoors.
#2: Vinyl siding replacement is nearly as valuable. A well maintained vinyl siding will last for a very long time. If your siding has problems and it is not replaced, it could cost you a number of potential buyers. Talk to your contractor about your current siding. Does it look good? Is it dented or disfigured? Most importantly, replacing the vinyl siding will also benefit you with reduced energy costs. An estimated 81 percent of the cost recouped.
#3: Smaller kitchen remodels are also important. Instead of ripping out the kitchen and redoing it, find ways to freshen the condition. Talk to your contractor about repairing and painting cabinets, updating hardware or changing outdated appliances. With the kitchen being the heart of the home, it definitely needs to be part of your home improvement. You will likely see about 80 percent of the cost back at sale time, if not more.
#4: Window replacement is important especially if the windows are older than ten years, broken or obviously ugly. Replacing the windows is helpful to the tune of about 78 percent of recouped value. People want new windows because they know this will help keep energy costs down. In addition, windows are often a big hassle to put in. Buyers do not want big projects on their plate right away.
#5: Larger kitchen remodeling may be beneficial. You have to be careful here because investing too much can hurt you. About 76 percent of your costs will recoup. If you update it successfully, though, it definitely could help you to turn your house around on the market faster.
#6: Bathroom remodels are another great investment. Why should you focus on remodeling the bathroom? There are several benefits. The largest draw for the homebuyer is the cleanliness factor. Ideas here may be new fixtures, new cabinetry and new paint. Your contractor may be able to install new tiling in the shower too. This is a big benefit. For your bathroom remodel, the average value payback is 74 percent.
#7: Add a bedroom in the attic. By doing this carefully it will pay off. Ultimately, it depends on the location and the easy of getting into the attic, but if you do turn it into a bedroom, it will pay off at about 74 percent of the value. Adding bedrooms to homes is a great way to make the home more readily available to larger families, increasing the number of people who potentially are interested in it.
#8: Composite deck additions are a good investment too, at about 74 percent recouped value. Composite is costly, which is why you may not get more back. However, the look of it is definitely beneficial. Its long lifespan of not needing to be repaired, painted or stained adds to the benefit.
#9: Basement remodeling is also high on the charts at 73 percent. Cleaning up the basement and organizing is essential. Larger remodeling projects can be too, such as installing a basement wall system, improving water conditions and making the space more usable.
#10: Two story additions definitely will make your home a larger draw because of its larger space. You will see about a 71 percent recouped value here. Again, the added living space can help you sell your home faster, though.
Talk to your contractor about these or other home improvement projects that could add value to your home.
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