If you’re trying to add value to your home through one or more remodeling projects, one thing that you will absolutely want to consider is which remodeling projects are actually the most valuable to pursue.
Not all remodels, renovations or upgrades are created equal. While some can add loads of value to your home, other renovations may actually decrease your value! That’s certainly not something you want to do!
So, in order to make sure that you are making the most out of your upcoming upgrade, here are some of the home addition projects that will have the greatest positive impact on your home’s value.
A two-story addition:
This is a major decision to make, adding another story to your home, but you can expect upwards of a 70 percent return on investment. Don’t just add an entire level to your home for the return, however. This is typically a decision reserved for those who are expecting an addition to their family.
Using a two-story addition to add another bathroom and bedroom can be a fantastic addition to your home.
A bathroom remodel:
Updating an existing bathroom can result in a fantastic return of approximately 74 percent on investment. This doesn’t only mean upgrading your master bathroom either. Even updating a small five-by-seven-foot bathroom like replacing all fixtures, installing a new tub and tile, and upgrading your toilet can have a fantastic positive impact on the overall value of your home.
Buyers are certainly going to be impressed by a finished basement when you put your home on the open market. Popular upgrades in a basement include an entertaining area, a wet bar and a bathroom.
Minor kitchen upgrade
A minor kitchen upgrade consists of replacing your cabinet fronts with raised-panel wood doors and drawers, adding new hardware to your kitchen, replacing wall oven and cooktop with upgraded and energy-efficient models, replacing countertops, installing a mid-to-high-priced sink and faucet, and finally replacing or repainting flooring.
The kitchen is a great place to put your money because it is often considered to be the heart of a home. It is usually quite near the front door or garage door and is regularly one of the first rooms guests and potential buyers will walk into. Typically a kitchen upgrade will net an 82 percent return on investment.
Attic bedroom conversion
Converting your attic into a cozy and usable bedroom is a fantastic upgrade to make for your home. That is especially true when you are also able to add a bathroom or half-bath to the area as well. While it will not add square footage to your home, it does add another bedroom and bathroom of course. That puts your home in another category than before and will ultimately allow you to charge more.
It’s also great because it will allow you to appeal to growing families who are still thinking about having another child in the next couple years. An attic bedroom conversion typically nets approximately 84 percent return on investment.