With real estate markets around the world still in a slump, more and more people are deciding not to sell their home. Many home improvement projects don’t add value to your home, especially with the state of the market. Here, we’ve compiled a list of projects that would increase the market value of your home improve your family’s quality of life:
1. Remodelling the Kitchen
The kitchen is considered by many to be the heart of the home, and because of this, upgrading this room pays off. However, you should never make your kitchen fancier than the rest of the house.
Get the most significant return on your money on a kitchen remodel by looking at different colours. Fresh paint using stylish colours can go a long way towards updating the look of your kitchen, and it is relatively cheap. Consider using low-VOC paint as this makes your kitchen more eco-friendly.
Also, replace old appliances with energy-efficient models as they are better for the environment and also help you save money.
2. Bathroom Addition
If your house has only one bathroom, you can regain a large piece of your investment by adding another one. When it comes to finding space in your home for an extra bathroom, take a look at any underutilised rooms you might have. Also look at other spaces, such as closets or areas under the stairs, too.
Like any other project, the cost of adding a new bathroom depends largely on the types of additions you want to use, and the individual cost of these items.
3. Reinventing a Room
You can reinvent any extra existing space in your home to save money like converting the attic to a bedroom. Many homeowners can also add small apartments which they can then rent out as a room. Versatile rooms usually have greater appeal to potential buyers.
Basements frequently work well as game rooms while attic spaces often work well for craft rooms especially if they have high ceilings. If you have children, you can add swings and create a cool playroom just for them.
4. Energy-Efficient Windows
Nowadays, buyers shop for homes with energy efficiency in mind. Energy Star claims that adding Energy Star-rated windows can save a major chunk of your heating and cooling costs.
You can also receive a green energy tax credit for these kinds of upgrades, as long as you install Energy Star-rated windows. If the new windows save you several hundred dollars a year, and you get a tax credit, you can eventually recapitalise on your investment.
5. Energy-Efficient Insulation
Homes that haven’t been modified with energy efficiency in mind cost more to live in and maintain. Updating your home to save energy doesn’t require a lot of money and can effectively make your home more appealing to any potential buyers.
Seal cracks around the house to save even more money on energy costs, and to make your home more appealing to buyers.
You can often discover leaks, and areas that need more insulation in the following areas: