Best Ways to Add Value to Your Home
Here we show you the best ways to improve your home, including the most common types of renovation projects.
Your home is an investment, and with the many ways to increase its value, there are many ways to generate additional capital if you decide to sell it.
While improvements such as fresh paint, new furniture and accessories can improve the aesthetics of your home, these small changes play a limited role in increasing its value. If you want to make the most money on your property, you have to think big.
How to increase the value of your house
Rebuild your basement (or dig a new one!)
Wall cracks are usually a sign of foundation movement but they don’t necessarily mean there’s structural damage. In other words, a foundation can move slightly and cause a wall crack, but that doesn’t mean there’s any structural damage requiring a foundation repair. Wall cracks caused by foundation movement can appear on both interior and exterior walls. Fortunately, a foundation repair professional can fix the problem that caused the crack.
Official figures vary, but you can increase the value of your house by up to 30% by installing a basement.
This option often pays off if you own a valuable asset. It is therefore important to weigh the cost of purchasing a property against the value of your property.
If you already have a basement, there are no additional building costs, and since the space is classified as a change of use, you do not need a building permit. Both are good news for the bank’s balance sheet. However, the process will be disrupted and you may have to move for a period of time.
If you build from scratch, the process from design to installation can be long and costly. You need to know if your house can handle the conversion. This process requires an architect, so before you know whether a basement refurbishment is a viable option, you will have to pay for it. When digging, you should hire professionals to ensure that construction is carried out in accordance with the standards and all regulations. Although these initial costs can be high, it is often worth spending this money if it guarantees you a quality cellar that will not incur future maintenance costs.
Establishment of a studio (self-contained housing unit)
Official figures vary, but the addition of a studio/apartment can represent up to 30% of the value of your home.
It may seem like a rather external solution, but if you live in the right neighbourhood, it may be worth it if there is a demand for rental properties. Perhaps you live in a dynamic student district where this need is omnipresent? Maybe you’re in London, where the demand for apartments is high because of the high price of houses? In the short term you will receive a rental income and in the long term a profit on the sale of the property.
Conversion of the attic into a room
Converting an attic into a bedroom can increase the value of a house by 10 to 20%.
By renovating the attic and adding a bedroom, you can attract large families and thus more potential buyers. For the largest increase, add a double bedroom and a bathroom. See more attic rooms here.
Kitchen extension or renovation
Official figures vary, but you can increase the value of your house by up to 15% with a kitchen renovation.
Lloyds Banking Group says that one in three homeowners spend most of their time in the kitchen. This is not surprising, because it is often a place where we not only socialize, but also eat. Opening the kitchen by simply removing the inside walls can increase the value of the house from $7,155 to $59,838.
You will see from the above suggestions that increasing the size of your home – in a thoughtful way – will increase its value. Adding an extra bedroom to a house is a typical and effective way to increase its value, and can be done in different ways. Although it does not add as much value as a basement, converting the attic into a bedroom can add 10 to 12.5% in value. However, the bathrooms and the numerous storage areas for the bedrooms in this area are now considered indispensable, so you should take this into account before carrying out any renovation work.
You don’t have to be as extravagant as the above suggestions to increase the value of your home.
Increase in outdoor living space
Installing an inviting terrace can increase the resale value by up to 10%.
This type of addition works particularly well in densely populated urban areas where outdoor life and garden space are scarce. Bringing well-groomed and landscaped plants can make a good first impression on a buyer, which can help him visualize himself in the place.
How to improve your home with a budget
Think perimeter fence – The appearance of your house can influence a buyer’s decision before they even set foot ashore. Simple changes such as replacing the front fence, a little weeding, a new coat of paint on the fence or plaster can make all the difference.
Painting the rooms – A new layer of paint on living spaces can be the most cost-effective way to increase the resale value of a home. Try neutral tones to attract the most potential buyers.
Restoration of period-elements – Period-elements are an attraction for buyers who want a piece of history and an original character.
Go green – Think about how you can reduce your energy consumption with double glazing, solar panels, heat pumps, roof installations and wind turbines. In the short term, you will save money, and once you sell, this more efficient lifestyle will attract any potential buyer who wants to reduce their bills.
Add low-maintenance landscaping – To add appeal, buy plants to embellish the design. Selecting native, drought-tolerant plants can reduce water bills and maintenance costs.
Remove popcorn ceilings – This type of ceiling is outdated and for many homebuyers outdated. You can make them disappear as a do-it-yourself project and hire a local contractor to remove them.
Inspection and repair – Hire an inspector who can help you find invisible problems in the property that can negatively affect the selling price.
How much does a garage cost?
The official figures vary depending on where you live, but in general you can expect an increase in value of up to 11%.
If you are seriously considering this option, it is worth thinking about the size of the garage you want to build. At the moment there are few garages that can accommodate a modern car – that’s why many of these garages have been converted into extra space. If you have the option, consider building a garage for two cars, so that you have enough space to park and work on your car. And if you can afford it, you can convert an annex above the garage into an extra large space, which will significantly increase the value of your house.
Even if you are not sure whether a garage is worth it, and if you have a parking space, why not create an extra space instead of your current garage? It is also likely that you do not need permission for this conversion.
Does a swimming pool increase the value of a house?
As a general rule, a pool may not increase the resale value by more than 7%.
They are very beautiful, but they are also expensive to maintain. Potential buyers can in fact be expelled from the pool if they are concerned about the safety of their family or if they have problems with the maintenance of the pool.
Of course, the actual value of the pool depends on where you live. In very hot regions, installing a swimming pool can increase the resale value of your home by up to 11%. In fact, in places like Palm Springs, the lack of a swimming pool can often be difficult for guests.
Does the terrace increase the value of the house?
At the point of sale, the repayment rate for a terrace system is generally around 106%. The higher the cost of the terrace, the lower the percentage of eligible costs at the point of sale. Visit this gallery page for ideas on bridges.
Do solar panels increase the value of a house?
I’m afraid not. While they can make a difference to the current homeowner in terms of lower energy bills, they won’t make a difference to the value of your home when you sell it.
Does the new driveway increase the value of the house?
Yes, first impressions always count, and a relatively small investment in a driveway can increase the value of your property by more than $16,000.
Do hardwood floors increase the value of a house?
Hardwood floors can increase the value of your home by up to 2.5%. However, their return on investment often lies between 70 and 80% of the costs. This means that if you install hardwood just before you sell your house, you actually lose money. A better idea would be to install vinyl or laminate floors, which would be less expensive. Here you will find an extensive comparison of laminate and hardwood floors.
How much does a bathroom in a house cost?
Official figures vary, but if you decide to buy a new bathroom for your average home, you add up to 10% for a half bath and up to 20% for a full bath to the cost of your home. If your home has more bedrooms than bathrooms, the addition of an extra bathroom will have a greater impact on the valuation of the house. Adding a full bath instead of half a bath can provide greater added value.
However, if you decide to install a bathroom just before you sell, you can only recoup part of the cost. Since adding a new bathroom can cost between $40,000 and $60,000, you can only get a 67% return on your money on the west coast and about 48% on the east coast. It is therefore advisable to have your bathroom installed well in advance of sale so that you have time to evaluate its use.
While there is no doubt that adding a bathroom can help increase resale value, you may not recoup your entire investment in a typical bathroom renovation. According to Remodeling magazine, the average cost of a bathroom renovation is about $18,000 and the expected return on investment is about 66%.
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