Which Home Improvements Add the Most Value?
At some point, homeowners come across the question of which home improvements add the most value. Are you planning on selling your home soon? Or do you just want to make sure that the value of your home is keeping up with the market? Either way, there is a multitude of home improvement projects that can be done to not only improve your living standards but add value to your home on the real estate market as well. The first thing you want to think about is your budget. How much are you willing to spend to get a return? The second thing to think about is how long you’re willing to endure the process of remodeling. Some projects take longer than others are far more invasive on your daily lifestyle. For instance, bedroom and kitchen renovations will force you to find creative ways of cooking and sleeping. Lastly, you need to consider how much return on investment you’re looking for and which areas of your home improvement will help you reach your goal. This post will help shed some light on common areas of home improvement.
Kitchen Remodel
Remodeling your kitchen is one of the most rewarding home improvement opportunities. Sure, you will have to make some lifestyle changes while the remodel is underway but the outcome will not only drastically improve the visual appearance of your whole home but improve your quality of life as well. That being said, most kitchen remodels end up lasting a long time as long as you steer clear of the kitchen remodel trends to avoid. On the other hand, kitchen remodels can be as comprehensive or minor as you see fit. Most older kitchens will generally need a full remodel to bring it up to date while some kitchens only need a change in cabinets or update in appliances to give it a new sparkle.
As far as increasing the value of your home goes, kitchen remodels do the trick better than most room remodels. Updated kitchens drastically improve the marketability of your home once it is on the market and will give you a good return on investment without a doubt. Overall the many things that can be done to improve a kitchen, there are a few most notable. To begin it is important to speak with a professional to determine the average return on investment kitchen remodel for your home in particular.
Open Concept Kitchen
Open concept layout defined: the elimination of barriers such as walls and doors that traditionally separated distinct functional areas in a home. In the context of the kitchen, an open concept floor plan is typically based around a kitchen layout that opens up to a dining room, a living room, or some combination of the two. Open concept kitchens seem to be the most desired remodel at the moment – and it is not hard to see why. They have a special ability to maximize the appearance of space and therefore make your home look much larger than it would with an enclosed kitchen. They are also renowned for better functionality and design, especially for a family home where the main value is spending time together.
A home with an open concept design is shown on the market at a higher ticket price for the reason that it functions well for all types of buyers. The most obvious is its ability to keep families engaged during meal and down times. For other buyers, the open concept design is seen as the perfect layout to host events and entertain. Because of its versatility, the open concept design is a great way to boost the value of your home.
New Features
If your goal is to improve the appeal of your kitchen to buyers, implementing new features is a way to do so while keeping costs down and minimizing time spent without a cooking space during remodels. One way to go is updating countertops and painting cabinets. If you want to take things further, you might even add some fancy backsplashes and new hardware. However, if the plan is to improve the marketability of your home, chances are that once you sell it, the new buyers will change all this anyways.
So what can you do to add that extra push to buy? The answer is simple. If your home does not currently have an island, you might want to think about having one constructed. With enough surface area, an island becomes an extra feature that can be manipulated in many ways. For example, adding an extra sink to the island increases the scope of the working triangle, while still providing more area for preparation. Families generally appreciate an island because they not only allow for more storage but serve as an extra dining space as well. If your buyers don’t live the family lifestyle, the island serves as a station to entertain guests while food is being prepared as well.
Bathroom Remodel
When undertaking a home improvement project, remodeling an existing bathroom is a small tweak that can make a huge difference in the appeal of a home especially considering the current bathroom remodel trends. Aside from the kitchen, bathrooms are one of the top rooms that make a home feel outdated- and they’re one of the easiest to fix making a bathroom remodel return on investment so high. Fixes like new paint and appliances can go a long way in making things feel more up to date, but a full remodeling project will really do the trick and last for years to come.
That being said, one of the most commonly targeted areas is the master bathroom. The master bedroom is an area of the house that homeowners interact with every single day which means that it needs to be up to par and exceed potential buyer expectations. On the other hand, daily use causes quick wear and tear which means bathrooms need frequent fixes and updates.
A few of the best master bathroom remodel hacks are to focus on bringing in natural light, incorporating a luxurious bathtub, and bringing in sleek finishes. These are some of the things that are highly sought after by potential buyers and are sure to increase the perceived value of your home on the market.
Room Addition
Homeowners fantasize over the idea of adding square footage to their property. However, there are a number of things to consider when deciding to invest in a home addition, and it should not be taken with a grain of salt. In fact, a home addition is the single most expensive home remodeling purchase a homeowner will ever make – even when done in a cost-effective way!
However, a home addition can do wonders for your property value and investment. Room additions are one of the best ways to increase the value of your home because they allow room for families to grow. With more space, your home now has more to offer to potential buyers. Whether it is a bathroom, bedroom, bonus room, or living room a home addition can pay for itself and still provide a positive return on investment.
Living Room Addition
Living room additions are a great way to not only expand the square footage of your home but also to improve the comfort and design aesthetic of your interior. Family room and living room additions have become incredibly popular over the last several years, which makes expanding the one in your home a great way to increase its value. If your home does not currently have a large living room, you might be looking at a standard addition. However, standard additions can still be on the higher end of the price point because they require major construction that involves creating and building an entirely separate structure. Average costs run anywhere from $80 to $200 per square foot.
On the other hand, if you’re looking for a smaller scale version of a room addition that still opens up a living room a bump out is a viable option. Bump outs generally extend a living room 10 to 15 feet which is perfect for families that just need a little more space. They also do not alter the exterior of your home as drastically as a complete addition which creates a more seamless transition when the time comes to sell your home.
Although room additions can be costly, they can add significant value to a home not only by increasing square footage but also increasing usable family shared space.
Bonus Room Addition
Bonus rooms are highly sought after in the market because they create a shared living space for families to gather and entertain in addition to the kitchen and living room. The extra square footage demonstrates the homes ability to grow with families. Since most homeowners do not have the extra yard space for a bonus room addition, they are commonly built above an existing garage. The approximate cost of finishing the bonus room over your garage is approximately $35 per square foot. To find out more, check out our blog about how to add a bonus room above a garage which goes into more depth about this two-story addition.
Over-the-garage additions tend to have a high impact on the curb appeal of your home. Because they typically face the street, your home will appear much larger. Most two-car garages are typically upwards of 24 feet by 24 feet, which makes installing a sturdy garage bonus room drastically increase not only the visual appeal but also the resale value of your home to prospective buyers.
Bedroom Addition
Expanding your home for the purpose of adding a bedroom can be done for a number of reasons. The two most popular are a growing family or having an extra room for parents are grandparents to move in during their elderly years. Instead of leaving a beloved home with fond memories behind, families have the option to gain extra square footage. Homeowners almost always request a spare bedroom in their home when if they have space, just as buyers like to see an extra bedroom in potential homes. For this reason, a bedroom addition increases not only the housing capacity of a home but also the value return as well. Bedroom additions are typically on the more expensive side and can cost anywhere from 80 to 200 dollars per square feet depending on the existing structure and materials used. That said, extra rooms are highly sought after and can increase the value of your home significantly. Therefore, if you need the extra space, opting to add a bedroom is an excellent alternative to moving to a larger home for a number of reasons. To look at the sentimental side of things, all the memories that you have made in your home won’t go with you to a new home. On the other hand, the resale value of your home will most definitely cover the cost of building if you find a great architect.
Bathroom Addition
A bathroom addition is usually not done alone but in conjunction with a living room or bedroom addition. If a bedroom addition is done on the first floor where all other bedrooms are on the second, it is most likely intended to be a guest room. In this case, it is essential that the room has its own private bathroom so that guests can feel ease in their own private space. On the other hand, a downstairs bathroom addition can be used as a half bath addition for any and all guests in the home.
Fireplace Surround
If you’re looking to get your feet wet with a minimally invasive project, then replacing an old fireplace surround or adding a new one is a perfect place to start. The purpose of fireplace surrounds is to create a lovely focal point for your main room or even tie in another remodel to the rest of the home.
Wrapping Up
Overall, there are endless opportunities to improve the look, feel, and value of your home. No matter what you choose to take on, the most important thing to remember is not to go at it alone. Hiring a professional will not only help the project along smoothly but quickly as well. If you are unsure of what improvements could be made to your home, get the advice of a professional to steer you in the right direction and also to make sure that you are getting the most out of your home improvements.
