Improvements around the home can not only increase your quality of living, but can increase the value of a home, particularly if you're looking to sell. There are a lot of things that can add value to a house. Some are more obvious than others, but they all have the potential to increase the worth of your home.
Here are 8 of the most important things to keep in mind when looking to add value to your property:
A garage is a valuable commodity, especially in areas where parking is at a premium. Does a garage add value to a house? Absolutely! If you can add a garage to your house, you'll find it will add an additional $5,000 to $20,000 when it comes time to sell. Even if you can't add an entire garage, adding even a small carport will be a big plus.
2. Hardwood Flooring
It's a no-brainer that hardwood floors increase the value of a home. They are beautiful, timeless, and add a touch of luxury. If your home doesn't have hardwood flooring, consider installing it. It's a big investment, but it will be worth it in the long run. A typical hardwood project will add approximately 3-5 percent to a home's value.
3. Kitchen Remodel
A kitchen remodel is another big investment, but it's one that will pay off in the long run. A kitchen is one of the most important rooms in a house, and if it's outdated or not up to par, a remodel will be well worth it.
How much does a kitchen remodel increase the value of a home? Depending on how much work you put into it, you can increase a home's value by 60-80 percent!
Ways to touch up your kitchen include:
- New flooring
- New countertops
- Refacing cabinets
- Updating appliances
4. Solar Panels
How do solar panels add value to a home? To start, they reduce your carbon footprint and save you a ton of money on energy bills. Anyone who lives in an area that offers incentives for people who use solar power will be able to sell their excess energy back to the government, which adds a lot of cash flow to a house.
Solar panels also add value because they increase the curb appeal of your home. They can help you reduce your reliance on traditional power companies and save you money, which is always a wonderful thing!
5. New Windows
Windows are another important aspect of a home that can be updated to add value. If your windows are old and drafty, replacing them with new, energy-efficient models is a great way to increase the value of your home while also saving money on your monthly energy bills.
How much value do new windows add? Although windows can be a costly investment, they are consistently ranked as one of the best ways to improve your home and you'll see roughly 74 percent return on investment.
A pool is a great addition to any home. It increases the value of your home, provides a great place to relax and cool off in the summer, and can be a lot of fun for friends and family.
How much does a pool add to the value of a home? Typically, you'll see a 6-7 percent increase. A new in-ground pool can gain upwards of $100,000 on a listed home.
7. New Roof
If your roof is old and leaky, you will want to have it replaced. Having a new roof can add value to your home in addition to protecting your house from the elements. If you are able, adding an extra layer of insulation is another way to increase the energy efficiency of your home while also increasing its value.
How much a new roof adds to a house is dependent on a few factors:
- The condition of the old roof
- The age of the home
- The type of new roof (i.e. shingles vs steel)
8. Backyard Deck
A backyard deck is a great way to increase the value of your home. It's a place to relax and entertain guests, and can be a wonderful addition to any home. Depending on the material used, the size of the deck, and the scope of the project, this beautiful feature can give back 80 percent of your investment.
Increasing the value of a home can be as easy as replacing carpet with hardwood floors or as involved as adding a pool or completely redoing the kitchen. It's important to take into consideration the value of your home along with how much money you are willing to invest before undertaking any major projects. With the proper care and consideration, you can greatly increase the value of your home in order to get the most out of your investment and receive a better price when selling.