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Planning your next renovation project is essential to evaluate how your property competes with changing times. However, you must also consider how the new projects will add value to your property and if these projects will give you a return on your investment and make you some extra income. Here is a compiled list of six projects that will increase the value of your property.
New Roof
The exterior of your home is the first thing buyers will notice. If the roof is damaged due to age, weather, or wear and tear, buyers will lower the home price. The National Association of the Remodeling Industry (NARI) deduces that improving your roof will boost its value by 109%.
Many people never know what they need for roofing until they observe the first leak. However, scheduling an inspection will help you identify mold growth, damaged insulation, flapping, and missing shingles. According to Cenvar Roofing, a specialty roofing company, “When a seller invests in a new roof prior to selling the home, they are likely to recoup between 60- 70% of their investment, and are more likely to receive full-priced offers on their home. If your roof is in need of repair or replacement, you may be forced to negotiate lower than you hoped to get a buyer to close.”
Landscaping
Landscaping is not just about planting trees and cutting grass. It is about creating impressive visuals that attract buyers and set you apart from your neighbors. Whereas the curb effect remains the top reason for many seeking landscaping upgrades, it also helps to reduce energy consumption for your HVAC systems.
The advantage of landscaping is that it has tremendous effects on the home value at meager prices. Incorporating modern finishes on your lawn such as lighting, fireplace, or a water fountain can increase your home value by up to 20%. If you want assurance of sealing a property deal, consider improving your landscaping.
Energy-Efficient Upgrades
Many home buyers seek to reduce their environmental footprints while reducing the cost of energy. The National Association of Home Builders shows that buyers are willing to pay an extra $8728 for energy-efficient homes.
There are many extras for energy efficiency, including installing a programmable thermostat. The thermostat reduces utility costs by 10% or more. Investment in renewable solar energy alone can increase your home value by 4%. It would help if you considered cool roofs, energy star appliances, new insulation, and windows upgrades.
Most energy-efficient upgrades will make you eligible for rebates and green energy tax benefits. Marketing your energy-efficient home with copies of utility bills will significantly increase the value of your home.
Bathroom Upgrades
Bathroom remodeling has become so popular in the recent past. It is not for the wrong reasons but because of its dramatic impact on the home value. Most bathrooms will recoup nearly 60% of the total costs during resale.
For remodeling, the areas include vanity, flooring, plumbing fixtures, mirrors, painting, and lighting. Depending on the condition of your bathroom and desired upgrades, it is crucial to consider your budget. The rate of returns may vary from one type of remodeling to the other. For example, remodeling half a bathroom will significantly vary from remodeling the main bathroom. The functionality and aesthetics of the remodel determine how fast you get back your investment.
Kitchen Remodel
It is a worthy investment whether you decide on major or minor kitchen reconstructions. The rate of returns will depend on your location and target market. Minor renovation does not require much money and includes changing the hardware, painting, changing light fixtures, and replacing the backslash. On the other hand, significant remodels include:
- Adding a kitchen island.
- Replacing the floor.
- Buying high-end appliances.
- Changing the countertops.
It is paramount for you to stick to your budget and only do the renovations that make the most sense. In most cases, luxurious upgrades do not have a high return on investment. Therefore, always consider upgrades that will attract people and add more functionalities to your kitchen.
Build a Home Office
Working from home has been the new normal since the COVID-19 pandemic. There is a surge in people who want to continue working from home by about 159%. Many buyers are looking for a dedicated space to perform their work duties at home.
Estimates show that adding a home office can improve your property value by over $10000. You need to include a built-in desk, bookcase cabinet, and proper lighting equipment for this new space. Adding a home office will full-proof your home’s value as work-from-home continues to disrupt traditional work environments.
Conclusion
You can easily increase the value of your property through the addition of projects and upgrades. Choose projects that will improve the functionality and the aesthetics of your property. The above home projects around roofing, landscaping, energy efficiency, kitchen, bathroom, and home office should be your top considerations as they meet this criterion.
