Written by guest, Tim Smith, modernize.com
As you may expect, ROI (Return On Investment) varies wildly from one home remodeling venture to the next depending on your specific location. And it’s not always necessarily true that the more money you spend to upgrade a certain area, the more money you’ll automatically recoup. Want to make a few improvements to your home that will add significant value? Read on for 10 outstanding ways to get the most bang for your buck whether you're selling or staying.
- Add Bedrooms
Adding an extra bedroom to your home is a big plus in terms of adding value and equity. Experts claim that by adding an extra bedroom, it can boost the overall value by more than 11 percent. Even though this improvement adds value, it’s important that the added room doesn’t make the home crowded. Furthermore, homeowners should think about their target buyers and what they’re looking for in terms of layout and design.
- Kitchen Renovation
The kitchen is literally the hub of the home. This is the one room in the home that needs the most attention whether you intend to sell or decide to stay. Updated appliances, durable flooring, new fixtures, and a good floor plan all contribute to a well-designed kitchen. Even a minor kitchen redo can return as much as 76 percent of your money, while a major renovation can bring significantly more.
3. Adding a Family Room
The great thing about adding a family room addition is that it can cost a great deal less to incorporate than a kitchen, bathroom, or laundry room since they generally don’t involve major appliances, plumbing, or ceramic or stone tiling. Family room additions cost around $80,700 to implement with an ROI of approximately 68 percent on average.
Sunrooms add more value than most people think since they provide extra functional living space and increase square footage. In fact, some expert real estate agents propose that the ROI for a well-built, decorated sun porch can fetch nearly 80 percent in some cases, although the national average hovers closer to 60 percent. Also, adding a sunroom to the front façade of a home adds another layer of curb appeal as well. From entertaining spaces to family gathering spots to quiet places to read, sunrooms are a huge plus for any home.
In addition to an upgraded kitchen, nothing boosts the equity in a home quicker than either installing a new bathroom or renovating the ones you have. If an entire remodeling project isn’t in your budget, at least consider updating the fixtures, upgrade the toilet and vanity, and install new lighting and accessories as well.
Consider converting your loft or attic into an extra bedroom or office space. Another ideal option is to renovate the cellar into family living space. However, consult the experts with these more involved projects to ensure a professional job. The average cost to convert usable attic space into a typical bedroom costs on average about $49,400, bringing an ROI of approximately 84 percent, while remodeling a basement has an average ROI of nearly 77 percent.
While your home is on the market, it’s crucial to freshen up the entire look of your home by painting it with a neutral, contemporary, fresh color palette. Rearrange furniture in such a way to amplify the space. A newly painted, decorated room is attractive and says you care about your home.
While nearly everyone prefers light and airy spaces over cramped and dark, it’s also important to keep certain spaces somewhat closed for privacy. A well-designed floor plan keeps these two aspects in mind. Consult the advice of an expert if you’re considering removing a wall or two and opening up the space. Some walls are load bearing walls and cannot be easily removed. Overall, today’s savvy homebuyers prefer an open floor plan and it also adds a good amount of value to your home.
Homeowners pay so much attention to improving the interior of their homes, they sometimes neglect the exterior. The landscaping, yard, and general façade of your home are the first things that people see. So, make a good impression on the outside so people will naturally be drawn to the inside.
Parking is a big concern for some people, especially in areas where parking on either side of the street is common. Adding a bit of extra available parking somewhere on your property is a big plus and adds value.
Remodeling Magazine’s Cost vs. Value Report 2014 illustrates a distinct increase in ROI concerning many different home remodeling projects as well as home additions. Following a steady ROI decline since 2006, ROI is making a strong comeback with an average home renovation ROI that stands solid at more than 66 percent in 2014.
Tim Smith writes for Modernize.