It’d be nice if your home just automatically updated itself, but alas, that’s not a reality. The buck falls with you. Happily, making improvements to your property is one of those things that benefits you, too. Not only do you get to enjoy a more enjoyable living space, but it can also have a positive impact on your long-term finances. After all, some home improvements can help to nudge the value of the property in the right direction, which means you can get top dollar for your home when it comes time to sell.
Of course, not all home improvements add value. In this post, we’ll run through some cost-effective additions, as well as run through some things that will be best to avoid.
Upgrade Your Kitchen
The kitchen is the heart of the home, and it always will be. By making some minor improvements to your kitchen, you can make this all-important part of your property a more enjoyable place to be, while also nudging the value upward. Note that you don’t need to make wholesale, massive changes to your kitchen. Even some affordable upgrades can be effective. It’s mostly about keeping your kitchen up to date with modern standards, especially when it comes to appliances. A new energy-efficient oven, for instance, will pay for itself.
Add Solar Panels
Anything that helps to lower energy bills will be welcomed, both by you as the existing homeowner and by anyone interested in buying your property in the future. Most people look at adding insulation to their homes as a way to enhance their eco-friendly, energy-saving credentials. However, it can be more effective to look at solar panel installation, especially on a long-term basis. Once you have them on your property, your energy bills will be dramatically lower. Plus, you can normally find installers that offer finance, which helps to eliminate the upfront cost.
Create a Downstairs Bathroom
If you have children, like hosting social gatherings, or just value convenience, then adding a bathroom to your downstairs area is recommended. For one thing, it’s highly affordable. You’ll probably spend less than a couple of thousand dollars adding it, but it could add tens of thousands to the value of your home. Plus, just think of all that convenience.
Invest In Your Backyard
When thinking of home improvement projects, most homeowners spend all their energy on making sure the interior parts of their properties are on point. But it’s worth thinking of the backyard. A little bit can go a long way, and not only will it enhance the value of your property, but it can also provide a significant boost to your overall lifestyle. So, what should you add to your previously-overlooked yard? First, consider hiring a landscaper to get the yard into tip-top condition. From there, it’s about adding an outdoor living area that includes comfortable seating, a BBQ, and outdoor lighting. With those additions alone, you’ll likely find that you’ve suddenly got yourself an enviable yard area.
Convert Your Attic or Basement
Converting your attic or basement is, admittedly, a much bigger undertaking than most of the other ideas on this list. However, it can very much be worth your time, effort, and money. Though you’ll need to outlay a lot of money — perhaps as much as $20,000 — it’ll come back to you in terms of added property value. In fact, some studies suggest that it can offer double what you spend in some areas of the country. It can also significantly enhance the amount of usable space in your property.
…And What to Avoid
OK, so that’s covered some of the things that you should add to your home. What then, of the things that should be avoided?
The standard “don’t add it if you’re looking for a value boost” thing is a swimming pool. Homeowners generally greatly overestimate how much potential buyers would like to have a swimming pool in their yard. It’ll increase the value of the property, but nowhere near as much as the cost of installation. The only exception to this rule is if you live in a year-round sunny climate where everyone in the neighborhood has a pool.
It’s also important to avoid making too many improvements in the hope that it’ll just endlessly add value to your home. Adding a standalone office to your yard or a home cinema is nice, but most homeowners won’t pay you extra for them, especially if they’re out of sync with what other homes in the area have.
