With the real estate market being down, many people are opting to stay in their homes rather than move. While some areas are rebounding, the majority of the country is still facing reduced home values. Sometimes, staying put is the best choice, and now looks to be one of those times. Those that made that decision are deciding to invest in their home to make improvements. They improve it for themselves first, but there is also an eye towards the future; eventually, said homeowners will want to unload the house and move on. We have a list of some of the home renovations that increase resale value, so you can make your home nicer and worth more.
Upgraded Insulation Everywhere
If you have an older home with inadequate insulation and hollow core doors that let hot and cold air in, a home inspector will include that in a report to potential buyers. Homes that don’t have good insulation are more expensive to live in due to the increased heating and cooling bills and energy consumed.
Upgrading your home’s insulation doesn’t have to cost a fortune. There are lots of ways to do this without breaking the bank. Keep in mind that the more insulated the home is, the less energy it will take to maintain the temperature. That means lower bills, which means you’ll save money; ultimately, the upgrade will pay for itself. Have the attic space inspected to see if there is adequate insulation in there. If not, you have several options for increasing it. You can add another layer with a better R-rating or add blown-in insulation. Look for any cracks in the roof and walls and seal them as well. Replace any worn, dated, and hollow doors with new ones that are solid and prevent drafts.
Decks and Stone Patios
Outdoor living spaces become more popular every day. Adding a deck or patio to the back of your home is a great way to increase the value. With more people staying home for vacations and entertaining, they want places for guests to congregate and converse. An outdoor living space allows you to enjoy the seasons in comfort. You can add electricity to run wires for a TV and speakers, refrigerators, and even a grill. There are endless possibilities with decks and patios.
Even though decks and patios are generally in the back of homes, they still increase a home’s curb appeal. It’s something that can be seen from the outside and piques curiosity about what’s inside. Depending on the scope of your project, you can potentially add a deck for a minimal cost. You can save even more money by doing the work yourself. If not, there are professional contractors that will line up to do the work for you.
Energy-Efficient Windows
Installing energy-efficient windows is almost a no-brainer. Even if you don’t want to sell your house, you should replace old drafty windows with new ones. Older homes have older windows. Makes sense, right? Old windows do nothing but waste energy and money. Single pane wooden-frame windows are not energy-efficient at all. About the only thing they do is keep the rain and bugs out of your house.
Replace all the old windows in the house with EnergyStar-rated windows. You will save money on heating bills and there are green energy tax credits available. Manufacturers are making double-pane vinyl windows that insulate the home from wind, rain, cold, and heat better than old windows ever could. When they are installed properly and the gaps around them are sealed properly, the energy rating will likely increase even more. The initial cost for new windows can be high, but they will pay for themselves eventually in lower energy costs.
Finished Basement
Finishing the basement is something that most people instinctively want to do. After all, who doesn’t want the extra space in their home to create whatever their heart desires? Finishing a basement can add hundreds of livable square footages to any home. Instead of using the basement to store Christmas decorations and old toys, make it a place that family and friends can gather. With a bit of creativity, elbow grease, and planning, you can dream up the perfect finished basement that will add immeasurable value to your home.
It doesn’t have to be a “man cave;” after all, a basement that is big enough can be broken up into different rooms. Add a bedroom to the basement to transform your three-bedroom house into a four-bedroom house. Basement remodeling is a complex building project that might require building permits. If you plan on running electricity anywhere down there, it’s a good idea to hire a professional remodeling contractor. Let them worry about permits and everything else. Add whatever decorations or fixtures that you want to add quite a bit of value to your home.
Remodeled Kitchen
The kitchen is the heart of the home and all life within the home revolves around this cozy space. All family times—and all good times in general—revolve around food and the kitchen. Yours should reflect that. The kitchen is the first thing potential buyers look at and is one of the most important rooms when considering buying a house. As long as you don’t go overboard on design choices and appliances, you will get that money back.
When making design choices, make sure that they fit the style of the home. If you live in a quaint Victorian-style home, a massive kitchen with stainless steel appliances and floodlights on the ceiling just doesn’t make sense. Look for energy-efficient appliances; that point can’t be stressed enough. Take the opportunity to upgrade and add some cabinets. There is never enough storage space in a kitchen and if there’s any spot you can add another cabinet, then you should do it. Don’t get carried away on the cost, though. It’s easy to take your budget past its limits, and then your remodel may eventually cost more than what you can get back in home value. Don’t lose focus on the reason for the remodel.
