How to Use Home Improvements to Increase the Value of Your Property
Many people want to improve the value of their home, regardless of whether they are planning to put it on the market or they just want to enjoy it themselves for a while. Not all home improvement ideas will increase your property value, and some could just be a waste of money. The following home improvements are practical, useful, and good for adding value to your home.
A kitchen renovation.
Many think of their kitchen as the main part of their home, which is why it can be best to work on this first. You could get back up to 80% of your monetary investment with the increase of your home value after a kitchen remodel. As long as you are able to make smart choices, you could end up with an immediate profit by simply saving money on your utility bills.
When planning a kitchen remodel, there is always a risk of decreasing property value, if the new design does not blend and compliment the existing style of your home. For instance, if the home has a modern design, you should not redesign the kitchen with a rustic atmosphere. If you are undecided about what design changes to make, start with the basics like your built-in appliances. An interior designer could help you with more ideas.
Add another bathroom
Installing a second bathroom is another good investment. The addition of a second bathroom could result in recouping up to 100% of the investment.
Look around to determine where you could incorporate another bathroom into your home. Any unused space in the house will be the first choice for consideration. Consider transforming an unused bedroom or utilizing extra space under the staircase for this project. A bathroom usually needs at least 18 ft.² of space. In many cases, that still might be too small to offer any kind of actual value.
Reinventing A Room
If your home has a room that is not being used all the time, you can redesign it for more useful purposes. While adding a brand new room will increase the square footage of the building, there are some problems with this strategy. Unfortunately, this is a risky project because you may not recoup the money that you are investing into completing it. If something goes wrong, you could end up paying quite a bit of money, something that happens to many people.
Why not just redesign an area in the home to turn it into something different? This can boost value and will not put you further in debt. For instance, an unused basement can be converted into a bedroom, the garage makes for a great looking small apartment and it is even possible to rent out this apartment that has been converted from garage. The possibilities are exciting to consider, and there is no reason why you can’t get creative with the process.
Do not start removing walls, however, until you know for sure how these space changes are going to add value to both you and future home owners. If you choose something that sets your home apart from others, it will quickly be worth more than those other homes.