No matter which upgrade you select, remember quality is king. According to the National Association of Home Builders, or NAHB, quality is listed as the top concern when it comes to building and selling residential properties, and this includes the home improvement upgrades for your home. Whether you are making improvements to help bolster your equity, or with the idea of selling your home in the future, making certain that you pair up your home improvement budget with high quality, common sense updates that actually will increase your homes value is paramount. Also, if you do intend your home improvement dollars to go toward increasing your home’s value, it pays to keep a list of the improvements, such as the type, date completed and projected value added.
Home Improvement Tips Under $100
1. What do Buyers Want?
Knowledge is the single most important thing when deciding on which home improvements to engage in, and it’s also the cheapest, so it’s a good place to start. While some individuals make home improvements based on their own needs, others make them in order to sell a property. If this is your situation, one of the first things you need to do, is to spend some time knowing what it is buyers want, what they are willing to pay for. For instance, people are interested newer, stainless steel appliances and prefer hardwood flooring to carpeting. Other items which are preferred would be neutral paint colors, newly tiled bathroom, and a complete update of your plumbing and electrical system, to name a few. If you’d like to keep in step with consumer preferences, then we encourage you to stay updated with the NAHB National Association of Home Builders Reports, or visit their website at https://www.nahb.org. This way, you’ll be able to spend your remodeling budget wisely, and get the most value for your dollar.
2. Locate an Expert
A swimming pool may add to your home’s resale value if you live in Florida or Arizona, but not so much in the northwest, and the only way you’d be aware of that, is if you hired an expert. A professionally trained expert will be able to inspect your home and point out the most useful upgrades, along with those which would prove useless to you in the long run. A real estate agent would be ideal, as they could assist you in making the improvements that would actually increase the market value of your home. Do some research before your professional arrives. Know the right questions to ask so you get the best results. Keep in mind that while making home improvements increase the value of your home, the correct improvements specific to your property will mean the most efficient use of your home improvement dollar.
3. Cosmetic, Structural Improvements and Perceived Home Value
It’s only natural for homeowners to consider cosmetic improvements, such as exterior painting, flooring and landscaping first. However, if you plan on engaging in these improvements in order to make a profit on your property, know that many potential buyers do the exact opposite: They scope out the infrastructure first. This means they put the nice, exterior paint job on the back burner, and zero right in on leaky foundations, roof integrity, porch rot, etc. So, budget your home improvement dollars well, find a good balance between both the cosmetic and structural improvement. Knowing how to enhance your homes perceived value is paramount.
Perceived value can be considered subjective, and it refers to how a potential buyer sees your home and the value they are putting on it, so you’re considering what people are willing to pay for. Perceived value includes your home’s curb appeal, landscaping, or just some paint added to your home’s exterior. These small little upgrades often work to increase your homes value immensely. For instance, say there are two homes up for sale, both asking the same price. One home has only a few small bushes, a driveway that has seen better days, and faded exterior trim. The other has a well maintained blacktop driveway, beautiful but simple landscaped property and well maintained exterior, buyers will most likely select house number two over number one.
4. Declutter Your Home
The simple act of tossing out non-essentials, or putting them into storage will go a long way to increasing the value of your home. Why? Because without the clutter, your closets, attic, basement, and cabinets will appear clean, neat and much more roomy. Decluttering is not expensive, simply purchase some cheap storage bins or add modular shelving to keep essentials in order. If you’ve items you cannot part with, consider paying for a storage unit, which can range from $40 per month to as high as $200, depending on the size you need. If you’re looking for some inspiration, check out Marie Kondo’s New York Times Best Seller, The Life-Changing Magic of Tidying Up: The Japanese Art of Decluttering and Organizing. Her KonMarie method has inspired and taught thousands of individuals the art of organization.
5. Deep Clean Your Home Inside and Out
You can have the most unique, expensive water or lighting fixtures, but if they are covered by cob webs and dust, the value they add to your home will be extremely diminished. A deep cleaning is much different from a surface clean. In deep cleaning, you’re going after the base boards, ceiling fan blades, having the carpets professionally cleaned, corners, and cabinets. No need to break the bank here, a good eco-friendly cleaner and a stack of microfiber towels can work wonders. As for the exterior, ensure that any old toys, tools or damaged lawn furniture is removed. If you’ve an old shed that needs painting, then go after it. Purchase a trimmer and make certain that all edge work is nice, neat and squared away. Once your exterior is cleaned, then you can consider landscaping, which we’ll get to a little later on.
6. Routine Home Maintenance Checks
Most of perform routing maintenance checks for our automobiles. However, when it comes to having a semi-annual or annual home maintenance check, most of us just don’t consider it a priority. Let’s put it this way, you can have the most beautiful kitchen renovation on the block, but if your basement is musty, damp and with a foundation in bad need of repair, then there’s a good chance potential buyers will simply walk away. Why? Well, because they can always enjoy purchasing their own appliances, but when it comes to the actual thought of spending money on repairing leaks, experiencing water in the basement, or clogged gutters, they’ll most likely walk. By scheduling a regular home maintenance visit by trusted professionals, you can ensure that your electric, piping, roof, etc. will all be kept up to date. To help you get started on the right foot, check out the publication: The Ultimate Guide to Home Repair and Improvement for some great ideas.
7. Outdoor Lighting
The American Society of Landscape Artists report that 65.4 percent of Americans polled consider outdoor lighting to be one of their top landscape features, and the National Association of Home Builders agree, stating that 90 percent of home buyers see outdoor lighting as added value. So, can outdoor lighting add value? Yes. But just how much depends on many variables, such as the existing landscaping, the arrangement of the lighting, and so forth. That being said, it’s harder to nail down a ROI percentage. However, having a pristine landscape along with a set of strategically placed solar lights, such as the GardenBliss set, or the Litom set which come with motion detector, will most definitely increase your home’s curb appeal. When looking for outdoor lighting, it is preferable that you select solar. These lights require no unsightly, messy electrical cords, can be placed where you want. Outdoor solar lighting comes in many styles, are generally inexpensive to purchase and can be used for security, deck and landscape lighting.
8. Exterior and Interior Painting
The simple act of applying a few coats of paint to your home can make a world of difference in its appearance. A freshly painted room not only looks new, but also smells fresh. In fact, did you know that something as simple as repainting your rooms is one of the cheapest ways to increase the value of your home? Make certain you hire someone if your skills are not up to par. This will eliminate unsightly drips, splatters and imperfectly painted edging and corners. Depending on the brand and/or store, you can pick up a gallon of paint starting from around $20.00. While calculating the ROI of a gallon of paint is rather difficult, the fact that the sense of ‘newness’ a professional paint job makes your rooms appear brighter, while an exterior paint job will definitely improve your homes curb appeal. Remember the object is to enhance your home, especially if you are considering selling, so stick with neutral colors such as off-whites, beige’s, light grays.
9. Improve Curb Appeal
Curb appeal refers to the first impression people get when looking at your property from the outside. The better your curb appeal, the more potential buyers will desire to see inside your home. Surprisingly, upgrading your curb appeal is not as expensive as you may think. The simple addition of a $20.00 gallon application of paint to your front door, trim, porch and fencing can make a substantial addition to the appearance of your home. After you paint the trim, attend to the yard, making certain that all weeds are removed, bushes trimmed and lawn is made nice and green. If your lawn is a bit bare, plant a tree, or add some seasonal blooms. Consider going to the dollar store and purchasing some pots, and inexpensive garden fencing to help with the accents. Depending on the size and style of your property, upgrading your curb appeal can cost as little as $50.00.
Home Improvement Tips from $100 to $200
10. Increasing Energy Efficiency
According to an 2016 study on the Evaluation of a Holistic Energy Assessment Program by the University of Pittsburgh, private home ownership accounts for 22 percent of the United States energy consumption and carbon emissions. The study also suggests that “weatherization, air sealing measure, and window improvements” all contribute to comfort while returning high ROI yields. However, it also found that many homeowners are not familiar with the tactics used in making their homes energy efficient. New homeowners may find the concept of increasing energy efficiency complex and confusing. If that’s the case, homeowners manuals such as Insulate and Weatherize: For Energy Efficiency at Home will help greatly.
11. Proper Gutter Maintenance
According to HomeAdvisor.com in 2019 the average cost of having your gutters cleaned is around $152, the variables being how high the gutters are, the condition of your gutters, and the total linear feet. When your gutters are clogged with leaves, twigs, and general trash, they’ll be unable to protect your home. The simple addition of a flex drain, such as the Flex-A-Spout, to your gutters can also help prevent damage to the foundation as it diverts water from the downspout away from your home, preventing leaky basements, discolored housing exteriors as well as increasing curb appeal.
12. Add Some Greenery
A Virginia Tech study found that certain aspects of a properties landscaping held more importance than others. For instance, design sophistication added 42 percent to the final value, plant size added 36 percent and diversity of flora accounted for 22 percent. In terms of perceived value, they found that it ranged from 5.5 to 12.7 percent, depending on location. According to their study a $150,000 home with only a lawn would be worth $8,250 to $19,050 more if they had added a diverse, sophisticated landscape design. It’s interesting to note, that in this study, large plants fared much better than small ones. Things to try include raised garden beds, adding fruit trees, a beautiful stone bird bath, and shades trees. Diversity is the key, and keep in mind larger plants increase perceived value, as well as having a neat, sophisticated look. When it comes to landscaping, always check with the American Society of Landscape Artists. This organization of esteemed and talented individuals keep track of consumer demands when it comes to what goes in and out of fashion each year.
13. Routine Outdoor Maintenance
Keep your homes perceived value up year around by hiring a landscaping company. Something as simple as an overgrown lawn, weeds creeping up among the flowers or pavement can detract from the value of your home. The one way to handle this is to hire professional gardeners. More than just mow, landscaping companies have trained professionals who not only handle lawn care duties, but also maintain hedges, remove fallen branches, and trim hard to get to spaces around garages, sheds and driveways, all at a very low cost.
Fencing gives you the privacy and added security you require, as well as provides an area where your pets and children can play. In fact, according to the American Society of Landscape artists, a whopping 68.8 percent of consumers polled stated that having a secure area devoted to their dogs was a priority. When it comes to calculating your ROI, that’s a bit tricky due to the vast variety of fencing materials, styles and how much you’ll require. For instance, the cost for fencing is determined by linear feet required. According to remodelingcosts.org, this is usually $6 to $25 per linear foot. When all is said and done, you can expect your fencing to fetch you a ROI of about 50 to 70 percent. Fencing can increase your curb appeal and perceived value as well.
Home Improvement Tips $200 to $500
15. Steel Front Door
You may not think it, but a good, solid and sound entry door is high on the list when it comes to adding value to residential property. They keep you inside, warm and secure, and keep the world out. The steel door enhances your home’s curb appeal, is easy to maintain, highly energy efficient, and come in a huge assortment of models, colors and design options. Believe it or not, the installation of a high quality, steel front door can have a positive impact on the resale value of your home. According to the Winchester Press, the return on investment of a steel door can range from 86 percent to 123 percent. To get the best return for your dollar, remember the importance of curb appeal. This means that no matter how much you’ve paid for your steel door, unless it matches up well with your homes overall appearance, the value will not be as high.
16. Comprehensive Floor, Tile and Grout Cleaning
Just like adding a fresh coat of paint to your homes interior or exterior portions increases value, so does a good, deep cleaning. A bright floor with a bit of glow can illuminate your rooms, giving them a spacious and roomy look. Routine mopping and sweeping may take care of the basics, but they can’t ward off the effects of time and foot traffic. Your once beautiful wood floor will begin to become dull and lifeless, and your beautifully tiled bathroom floor and walls will see the beginning of mold/mildew growth. To combat this, hire a professional technician to evaluate your flooring and advise your best plan of attack. For wood floors, they may need to be renewed via re-coating, or even sanded down and refinished if they have much damage. For your tile, it will have to be professionally cleaned to remove the mold/mildew stains. According to HomeAdvisor, starting costs for having your hardwood floors refinished is $539, and run as high as $3,600. However, depending on the square footage involved, a standard cleaning can run anywhere from $150 to $500.
17. Install Low-Flow Fixtures
When you make additions or installations that reduce your everyday homeowner expenses, you automatically have increased your homes value as well. One category of home owner, ROI-driven products are low flow fixtures. These are plumbing figures which simply use less water, often by as much as 20 percent. A traditional toilet accounts for up to 30 percent of indoor water use. By installing a high performance toilet, you’ll not only save money, but this toilet will return a 20 percent ROI. Other low-flow fixtures include faucets, urinals and shower heads. Each product saves you money on water used, plus adds value to your home.
18. Basic Home Theater
Home theaters today are much more than setting up a few folding chairs and a projector screen. In today’s digital, media driven world home theaters are becoming part of the homeowners landscape. A basic DIY home theater project can be put together for as little as $199, according to “Home Theater For Dummies”. From that point, the sky’s the limit. But, does it increase the value of your home? “Absolutely”, according to associate real estate broker, Karen Benvento. Benvenuto who works for Brown, Harris, Stevens in New York states that it’s becoming a trend people are actually looking for.
People who are extending their living areas to their back yards are not only adding outdoor kitchens, but outdoor home theaters as well. In fact, the American Society of Landscape Artists stated that consumer demand for areas devoted to outdoor movie theaters was 48 percent in 2018. So, as you can see outdoor screening areas are becoming big news in the world of outdoor living areas. Here, you can elect to sit outside with a beer and watch the big game, or you can invite a slew of family and friends to enjoy the game.
Home Improvement Tips $500 to $1000
19. Energy Star Certified High Efficiency Appliances
When an appliance is rated Energy Star Certified, it means that they’ve been tested, and found to use much less energy than their competitors which are not energy efficient. While these appliances often cost more, the benefits they yield will pay for themselves over time. Under normal, day to day use your appliances can last from ’10 to 20 years, and for each of those years, your Energy Star Certified appliance will use 50 to 50 percent less energy per year. So, consider adding Energy Star certified appliances to help bump your home’s value up and save on your annual utility bills.
20. Attic Insulation
Once you’ve taken care of the roof repairs, it’s time to think about the attic insulation. In general, the average cost of installing insulation is around $2,000, and with regards to ROI, you can expect around 76 percent or more. Not only with you get a return, you’ll also save on energy costs. While you can simply hire a handyman to install the insulation for you, you’ll save much more by doing it yourself. The starting cost for this DIY project will vary, depending on whether or not you already have certain tools in your workshop, but generally installing basic attic insulation should start at around $500. Not only does it add to your homes value, but your energy bills should decrease by as much as 15 to 25 percent. Also, don’t forget to check out energystar.gov to see if you’ll be able to get an energy tax credit.
21. Update Your Plumbing and/or Electrical System
Notice we said, ‘update’ and not replace or make any major alterations. Unless your home is extremely old, or has experienced extensive damage, there’s no reason to have your entire plumbing or electrics replaced. By simply having a trusted professional inspect and upgrade these systems, such as light switches, faulty outlets, leaky faucets or pipes, you’ll add substantial value to your home. Investing in infrastructure matters, and it matters much more than a pretty flower pot on the porch. Look at it this way, the pretty flower pot on the porch, or newly painted trim represent perceived home value, whereas structural improvements such as updating your plumbing or electrical system represent a strong, solid dollar value. Price will vary, some upgrades will cost much less than $1000, and some more than $2,000. If you are seriously considering home improvement options to add value, this should be top on your list.
22. New Garage Door
A brand new, functioning garage door will do wonders for your homes value. It may not sound important, but according to realtor.com, a garage door replacement will cost you just around $3,470, be worth $3,411 at the final sale. This means you recoup 98.30 percent of your home improvement investment. A new garage door also offers you many other advantages, such as increasing your homes value, improving curb appeal, and providing a secure shelter for your vehicles. If you use your garage as a workshop, then look into purchasing an insulated garage door, as it will help keep temperatures regulated during the year.
Home Improvement Tips $1000 to $5000
23. Gutter Installation
When it comes to sprucing up your property, gutters are probably the last thing on your mind, but in reality, they should be among the first. Gutters play an important role in the overall maintenance of your home. Gutters that are damaged and in need of repair or replacement can end up costing you serious cash in the long run. Gutters take rain and melting snow, and more the water away from your home. Gutters prevent rain water from pooling around your foundation, erosion and even help prevent your valuable landscaping design. Fully functioning gutters are responsible for preventing mold and mildew from causing damage, as well as your exterior paint job.
So, as you can see even though it seems a small thing, properly functioning gutters have an important effect on the health of your home. The initial cost will vary depending on the type of gutters you want installed, and home service professionals are there to help you. In general, expect aluminum or galvanized gutters will run you about $4 to $9 per linear foot, whereas vinyl gutters can cost around $3 to $6 per linear foot. So, an estimated cost of gutter installation can go from $1000 to $2400 for 100 to 200 feet of coverage. Having new gutters installed not only adds to the value with an 83% ROI, but gives a sigh of relief to a potential buyer, as they’ll have one less headache to deal with.
24. Resurfacing Your Driveway
A cracked, broken, discolored and chipped driveway is a definite turn off, not only in regards to curb appeal, but also when it comes to reselling the property. The last thing you want is your potential buyer to approach your home, look at the driveway and see nothing but a future hassle that needs tending to. That being said, the fix is a simple one. Hire a professional contractor to fix up your driveway. Costs will vary depending on the materials used. For instance, gravel is at the low end at $1.00 to $2.00 per square foot, whereas brick can run you up to $20,00 per square foot. For those of you who are good with DIY projects, you may consider using a product as as Rust-Oleum Blacktop Filler and Sealer . If not, then there are plenty of professional contractors who will be able to hand the resurfacing for you at a cost between $1,500 and $10,000. Prices vary due to the size and type of driveway you own, or if you require a simple resurfacing procedure, or an entirely new driveway.The ROI will depend on material, design and quality. According to remodelingcosts.org, a standard resurfacing can get you 45 to 50 percent, while a high quality driveway will get you up to 75 percent.
25. Add a Retaining Wall
You might not realize it, but you’ve seen many retaining walls during your travels, even if you never heard of them before. Retaining walls can be considered as part of your landscape, as they add much beauty to your property. However, that’s not all they do. Retaining walls are not only a cosmetic improvement, they are also a structural improvement. Retaining walls are an attractive way to support your soil, prevent erosion on your property and encourage proper water drainage. according to HomeAdvisor.com in 2019 the average cost of having a retaining wall installed is around $5,368 with the low end being $1,200 and the high end $13,000. A functional, well-built retaining wall also increases the amount of usable land on your property, which can be used for patio installation, gardening, or creating a play area for the kids.
26. Security System
Home security systems can be as simple as setting up a nanny cam, or downloading software to turn your home computer into a watchdog. Needless to say, a few security cams or nanny cam won’t increase the value of your property. However, high end security systems, which contain flood and carbon monoxide detectors, as well as offering standard security for your home will. Also, did you know that not only will an integrated, modern security system improve your property value and return peace of mind, but many insurance companies will offer discounts of up to 20 percent or more, depending on your current system. According to Bruce Feldman, a real estate broker in New York, security cameras alone will not add value, but a home security system connected to a security company monitoring station would.
27. Wood Decks and Patios
Today, more and more people are extending their living spaces to the outdoors with such additions as outdoor kitchens, brick BBQs, pools and extravagant landscaping. According to the National Association of Home Builders, 87 percent of consumers see outdoor patios and decks as a huge plus. One way to create that extra bit of living space, is to have a wood deck or patio professionally installed. These structures can cost you anywhere from $1,500 if you do it yourself, or up to $10,000 if you hire a professional to build an elaborate set up. all in all According to Remodeling Magazine’s Cost Vs Value report depending on the size and style, you can earn a return of 74 to 87 percent. Useful, attractive and built to last, these structures also increase your homes curb appeal.
Home Improvement Tips $5000 and Up
28. Replace that Roof
If you notice that you’ve got missing shingles, holes in the roof, or suddenly get an unusually high energy bill, then a new roof may be in order. A new roof is not only a selling feature, it is also a necessity, especially in climates with heavy rain and snowfall. While the rate for having a complete roof redone can vary with the size and design of your home, most roofers charge an average of $5,000 to $10,000 and beyond. According to estimates, if you spend around $8,000 for your roof, the return value will be 109 percent or more.
29. Brand New Exterior Siding
Again, the phrase ‘curb appeal’ strikes a cord. Replacing old, worn siding, or covering up dated and stained stucco will add much to the final value of your residential property. Depending on the size, you’re looking at around $15,000 for the entire home if done in fiber-cement siding. Vinyl siding costing around $10,000 will give you a 75 percent return, while fiber-cement siding will net you 83 percent ROI. While that number sounds high, you’ll get a return of 84.3 percent on your investment. Not only does it add to the curb appeal, but it also tells potential buyers that with siding, they’ll never again have to paint the outside of their home.
30. Outdoor Kitchen
If the concept of an outdoor kitchen is new to you, you’re not alone. But if you’re looking for a way to add to your homes value, then this definitely is an option to look at. The American Society of Landscape Artists found that in 2018, the consumer demand for outdoor kitchens rose to 58.8 percent, with fire pits at 66.0 percent. Keep in mind that what draws potential buyers to this upgrade are the amenities. While a nice stone seat wall is nice, it’s the refrigerator, oven, range and storage areas that are really going to draw their attention. According to CNN and Remodeling Magazine, the average return for outdoor kitchens is a hefty 100 to 200 percent of the overall home improvement cost.
31. Hardwood Flooring
Today’s Millennial’s are on the lookout for homes that are spacious and easy to maintain, and flooring is a big part of that. Let’s face it, the shag carpet has had it’s day, and with all of the vacuuming and shampooing to keep it looking half way decent over time as it endured an onslaught of foot traffic and pet paws, it’s time for a better alternative: Hardwood flooring. Hardwood flooring looks stunning, it’s easy to care for and gives you a nice return on your investment. A new hardwood floor that costs $5,500 to install, will present you with an ROI of 91 percent.
32. Complete Kitchen Renovation
It goes without saying, that the heart of the home is the kitchen area. As such, it stands to reason that when it comes to upgrading property values, the kitchen is at the top of the list. It may be tempting to do a bit too much here, so try to keep your renovation in the mid-range. According to Time magazine, a home improvement investment of $19,226 will net you a ROI of around 79.3 percent. Of course, this depends on the size, style and amenities you include, such as refrigerator, oven, dinette set and/or kitchen nook set. Try to keep the color of the appliances, flooring and walls on the neutral side, as something as simple as the wrong color can turn people away.
33. Manufactured Stone Veneer
While standard siding works well for many people, there are homes where it will not suit the original architectural design. In this case, homeowners opt for manufactured stone veneer. Manufactured stone veneer is composed of a light weight concrete mix which are then poured in to different molds, in order to achieve various styles. Manufactured Stone Veneer not only improves your curb appeal immensely, but protects your home as standard siding does. This decorative building material is easy to maintain and has an extremely long lifespan. Job cost is $8,221, the final value at sale is $7,986 which leave you with 97.10 percent of cost recouped. While we’re on the subject of manufactured exterior stone veneer, it’s also good to note that you can purchase paneled stone veneer for your interior rooms. These paneled stone veneers are simple to install, requiring only a hammer, drill and perhaps a electric screw driver. This will definitely add to the value of your home
34. Whole House Generator
If your home is nestled in areas which are fraught with storms, such as Tornado Alley, then purchasing a whole house generator might not be a bad idea. According to Consumer Reports, a whole house generator can run you anywhere from $3,500 to $15,000, and will give you a return of 3 to 5 percent. While it might not seem like a lot, these generators benefit you in the long run with their ability to keep your electrical lighting, appliances such as refrigerators and freezers going during a power outage.
35. Vinyl Replacement Windows
Realtor.com states that for an installation of $15,955, the final value at time of sale is $11,855, which gives you 74,30 percent return. Of course, these numbers are dependent on a number of variables, such as the style of window you select, as well as the size and number of windows you have replaced. Vinyl windows are virtually maintenance free. However, they can never be stained or painted so that limits your ability alter their appearance. To offset this, manufacturers have made them in a wide assortment of styles. For instance, if you like the look of wood windows, but are not really thrilled with their maintenance, you can order vinyl windows made with realistic looking wood laminates in maple, oak, or cherry wood. According to the Remodeling Cost vs Value report, vinyl windows cost less than wood and offer you a better return.
36. Wood Replacement Windows
If you go for wood replacement windows, you’re looking at an average installation of $19,391. At the final sale the value is $13,468, which leaves you with a nice return of 69.50 percent. Again as with the vinyl windows, these numbers are just an average. Your true cost will depend on the size, amount and style of windows you select. Keep in mind that unlike vinyl windows, wood windows will require periodic maintenance to keep them in good working order. Every 3 to 4 years your wood windows will need to be thoroughly cleaned and repainted to protect them from the elements. However, the upside here, is that wood windows can be customized via painting or staining, which can have a positive effect on your homes perceived value or curb appeal. However, whether you select wood or vinyl, the prices will increase if you select windows that are triple-paned.
37. Master Suite Addition
More space sells, and that includes the addition of a master suite. According to realtor.com the cost to add a master suite is around $123.429, with the final value at sale being $69,807, so that’s a 56.60 percent return. A 2005 study by the National Association of Realtors stated that for every 1,000 square feet added to your home, the sale price was found to increase by more then 30 percent. While the definition of a master suite seems to differ from one individual to another, in general you have one bedroom, 2 walk-in closets, and a master bath. Some master suites have dens or sitting rooms as well.
38. That Extra Room
Adding extra space to your property most definitely adds to its value. According to House and Garden TV, the average 15 x 15 foot attic bedroom costs around $39,188 to build, and with a ROI of 93.5 percent, returns $36,649. Their estimation also includes a 5 x 7 foot bathroom, closet, roof dormer and four windows. Take into account your own personal needs, and you could actually substantially cut down on some of these costs. The National Association of Home Builders found that adding a laundry room to your home is desired by 92 percent of potential buyers. Installation costs for a laundry room can vary from $1,000 to over $10,000, depending on your needs. In fact, having an area devoted to laundry is such a draw, that simply converting a closet into a laundry area increases your homes value.
Solar panels are quickly growing in popularity among homeowners everywhere, but do they increase your homes value? In most cases, yes they do. When it comes to ROI for solar panels, there are several variables involved depending on your situation. These include rebates, tax credits, net metering, and SREC or Solar Renewable Energy Credits. So, basically it revolves around energy savings and incentive payments. However, it’s crucial that the buyer know exactly what is being offered in order to benefit from this transaction, so leave no stone unturned when you educate yourself on tax credits and incentive payments.
40. Add a Garage
No doubt about it, the addition of a garage can definitely add to the value of your residential property. A garage not only provides your vehicles with much needed shelter from the elements, but it can also be used for storage, a workshop, or to house gardening tools. By adding a garage you add equity and ROI when it comes time to sell your home. In 2013 Remodeling Magazine included free standing garages as one of their projects and found that the ROI was around 63.7 percent. So, if you spent $48,800 on a basic 2 car garage, it would add around $31,000 to your property’s resale value. Keep in mind that unless you have a special purpose for your garage, such as creating a dormer for a guest bedroom, your ROI percentage may be lower. Finally, don’t forget to add storage areas. The NAHB found that 86 percent of potential buyers saw garage storage areas as value added to the property.
We hope that after reading our article on how to increase your home’s value, you’ll be more familiar with what to look for and how to get started. After all, the last thing you want to do is to spend a lavish amount of money on a project that ends up having no return value whatsoever. So, do your research, and discuss the matter thoroughly with your professionally trained housing inspector. Also, please remember to not overbuild. While it’s true that room additions, garages, etc. add value to a home, that’s only relevant when the build suits the neighborhood. If your upgrades create a home worth $300,000 and you live in an area where the homes are worth $150,000 you could be stuck with a red herring. After all, how many buyers really want to spend $300,000 for a home in a low income area? When all is said and done, making small, routine improvements will more than likely add up to a generous payoff for you in the future, if you manage your home improvement budget wisely, investing only in proven upgrades.
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