Are you wondering which home improvements that add value? See the list of helpful tips for home improvement projects that increase the value of your home.
With the real estate market trends still in a slump, more people are not selling their homes and are waiting it out. Which is a wise decision to stay put until the real estate market improves. However, during this time many homeowners wonder what renovations they can make to increase the value of their homes.
A renovation is something that each house needs from time to time. Nonetheless, most people wait until their home has big issues before doing a massive renovation. This is not a wise move, and you will end up spending a lot of money on more than just the common homeowner expenses.
Small renovation projects are better for both your budget and your home. Think about this, why wait until your house is falling apart instead of taking care of it every day?
Mini-“renovations” will keep your property in excellent condition and cost you less money as well. The best part is that even the smallest touches count.
7 Projects That Add Value to Your Home
1. Bathroom Addition
Adding another bathroom can really increase the value of your home. HGTV estimates that you can actually make back the money you spend by 80%-130% in home value.
Knowing where to add the extra bathroom can be tricky, but considering extra rooms can be a great starting point. Next, you’ll want to make sure you have enough space, a half-bath needs at least 18 square feet, for example. While a full bath requires at least 30 square feet.
Despite the bathroom being one of the smallest spaces in your home, undertaking a bathroom renovation can be a massive, expensive project. However, it more than pays off in the end – having a beautiful bathroom oasis can significantly increase your house’s resale value. There are ways that you can tackle this intimidating project to wind up with an amazing bathroom while staying within your budget. These money-saving bathroom renovation tips will keep you on track.
2. Reinventing a Room
If you already have enough bathrooms then you can consider adding more square footage to your home with an addition of a room. This can definitely increase your home value and experts estimate that 50%-83% of your investment can be recouped in home value.
But what kind of space would you want to add? Most common homes can opt to finish a basement or upgrade an attic to a bedroom. Just be sure to keep the costs in mind, as an average basement remodel costs around $64,000 according to Remodeling Magazine’s annual Cost vs. Value report.
3. Renew Old Flooring
If you are tired of your old floors but don’t have enough money to change them, there is always a solution. Painting the floor can be a great idea, and it is quite cheap as well. You can even add your own patterns made out of paint.
4. Aging Caulk
You shouldn’t forget about your bathroom when you are renovating. Small fixes can be really important. For example, caulk tends to age, and it looks bad after a few years. You don’t want to keep that brittle trace of caulk there. It looks bad, and it is also harmful because it allows water to seep through, and the wallboard and framing can be damaged.
Remove all the old caulk from around your sink or tub. You don’t need to spend a lot of money on caulk, as it is quite cheap. The tools used are quite common, and it won’t take you more than an hour to finish the job.
5. Painting a Room
Adding a splash of color to a room can change it radically. You can choose a whole different color, or just add some color accents. The effect is refreshing and the effort isn’t that high either. Even if you don’t have the time or skills to do the project yourself it’s still possible to save money when hiring a professional painter.
6. Add a Backsplash to Your Kitchen
If you want to keep your kitchen clean and looking nice, installing a backsplash can be a great idea. You don’t have to choose the traditional tile one, as there are also options made from a single sheet of material. Just cut it and glue it in your kitchen. There are plenty of colors and patterns available as well. Also, be sure to check out this awesome kitchen reference guide that has 152 things you must know in the kitchen, a great resource!
7. Crown Molding
Crown molding is a popular choice for most homes, and it isn’t that difficult to do it either. The final result will be charming, and the value of your home will be increased as well. If you have trouble with the process, you could use trimroc molding. This lightweight polystyrene can be cut easily with a handsaw and you won’t have to deal with tricky angles either.
- Loans offered: Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans
- Available: Available in all U.S. states
- Min credit score: 620 for conventional loans; 700 for jumbo loans; 580 for FHA loans; 620 for VA loans