Our homes are more than just roofs over our heads, they are an investment in our future. Being a homeowner is not an easy task, you have to take care of the overall condition of the property, and there are tons of tasks associated with that. Doing repairs and home improvements is not a favourite task, but it’s necessary if you want to keep the quality of your investment and get a potentially good price for your house if you decide to sell someday. The future is unpredictable, but the highly sought home upgrades are timeless. Here’s how to increase your property value through home improvements:
Which home remodels have the highest return of investment?
When you’re considering upgrades, it’s important to make a difference between the improvements, which will actually increase the value of your property, and the ones which look good, but are not technically a necessity and are not features of a modern sustainable home, like fireplaces for instance. So, here are the home improvements that provide the biggest benefits if you decide to sell:
- Additional bathrooms – they provide up to 90% return of investment.
- Bathroom remodels – 80% return of investment.
- Kitchen remodels – depending on the size of the kitchen, up to 90% return of investment.
- Finished basement or attic – around 40% return of investment, depending on size.
- Functioning central air and heating systems – 70-90% return of investment.
- Replacing windows – 70% return of investment.
- Additional rooms – 40-60% return of investment.
If you have multiple bathrooms in your home, then you’re a lucky person, because they increase the value of the property a lot. It seems like you cannot have enough bathrooms in a house. If you have only one bathroom, it’s a good idea to consider creating an additional one, or at least a second toilet, if space allows it. If that’s not an option, then you can at least update the one you already have and make sure it has all the needed comforts. You don’t need to tear everything apart; some fresh paint, new exhaust fans and light fixtures are a good start to refresh a bathroom. Re-grouting and sealing the bathroom tiles can make them look good as new. Regular sealing also prolongs the lifespan of the tiles. Having updated fixtures is also an important part that adds value to a property. Therefore, if your toilet or basin is more than a decade old, you should consider replacing them with something newer and less worn out.
The kitchen is a major factor potential buyers look at, so it’s logical to focus your home improvement efforts in that area. After all, it’s the place where we cook, and some families even dine in there. The size and condition of the kitchen can often make or break a property deal. In addition, kitchen remodels are pricey and many new homeowners would like to avoid them, so a fully renovated kitchen is a good selling point. The most important upgrades every modern kitchen needs are stainless steel and energy-efficient appliances, sufficient storage and sturdy cabinets, quality countertops in mint condition, proper flooring and updated faucets, sinks and other amenities.
Garages, attics, basements
Many houses don’t have such spaces, but if you do, you are very lucky and you need to make sure you utilize these spaces efficiently. Potential buyers always look for houses with a garage or at least a driveway or a parking spot near the street. So, if you have a garage and you’re using it for storage, it’s recommended to declutter it and make it available before you start trying to sell. Basements and attics are also highly sought after because they can be turned into all kinds of additional spaces – be it a bedroom, a closet room, a home theatre, anything your heart desires. Finished additional rooms are a great way to increase the property value.
Proper heating and cooling
The heating and cooling systems in a house make up around 40% of the overall energy costs each month, which is a lot. This is why installing an energy-efficient HVAC system all over the property is a necessity nowadays. If you install a proper furnace or boiler with a good air conditioning system, you can save a lot of money on electricity and have a full return of investment in only 3-4 years. It’s also a very sustainable option because your carbon footprint will be lower. Have in mind that you need a licensed technician for these kinds of improvements.
Energy efficiency upgrades
Sustainability and green living are very important topics in the last few years. Many potential home buyers look for energy-efficient homes, which will help them live more sustainably. The easiest way to meet their needs is to upgrade your home appliances. When you’re buying a new air conditioning, a fridge or any other household device, strive for ones with a class A++ or A+++. These two grades are extremely energy efficient. They will help decrease electricity bills.
The good home insulation is also an important property upgrade. By applying some, you can stop a big percentage of your home’s heat loss during the cold months. You can consider this not only a property investment but also a way to make future savings on energy. When you insulate your home, don’t forget about spaces like the garage, attic or basement, they need to be insulated too because you can lose heat through there.
If your household appliances are already enhanced, you can explore the energy efficiency improvements further. Adding renewable energy sources to your property is also a very good idea. Solar panels are a very good and classic example of eco-friendly home improvement. With today’s technology advances, you can also explore solar roof tiles, electricity-generating window tints, and many other types of wonderful solar tech.
Roof condition and repairs
The roof is a pivotal part of the house structure. Many realtors argue over the usefulness of a full roof replacement. Some consider it important for the property value, others – not so much. However, it’s a well-known fact, that if your roof is over 20 years old, it probably could use a full replacement. The roof is exposed to all kinds of harsh conditions, which lower its structural integrity with each year. If you’re able to provide the new potential homeowner with proof and a guarantee of a new roof, then the price of the property will definitely increase. If the roof doesn’t need a full replacement, you should still take care of any signs of rust, cracked shingles, sticking nails and other small problems. This will improve the looks of the roof and prolong its life.