When it comes to home additions, there is one thing you need to think about before you put down any money. You need to figure out if the improvement you’re about to make will increase the value of the home to you or others. If you ever decide to sell the house, you’d want to get some profit from all the work you did on it. On the other hand, you may have already decided that you want to do it. And in that case, you’ll need these 6 home addition ideas to increase property value.
If you don’t like the proposed market value for your home, there are ways to make it more desirable, and therefore more pricey. You might think that it’s easy to fix a few things around the house and get a better price for it. But that’s not how things go. As a matter of fact, this is where you’ll have to be very careful.
If you spend too much money improving the place, you’ll never be able to get back what you invested. For example, you could upgrade all the appliances in your home, and that would cost a lot. But the new owners won’t agree to pay for them as much as you did. However, there are ways to remodel a kitchen at less cost. And if you want to get the most for your money, this is what you should go for.
Here are some home improvements ideas that will give you the most bang for the buck.
1. Convert Your Basement
If you can transform an existing basement into a living or storage space, you can add up to 30% more value to your home. And the best thing about it is that it isn’t that hard to do it either. You don’t need planning permission to do it, and that’s what makes it so tempting.
Bear in mind that the scenario is pretty similar if we’re talking about the attic, as well. Add another living room or a bedroom into your home plan, and watch the price of the listing going up. The only thing you need to take care of here is finding a good and affordable contractor. The less you pay for the remodel, the more you’ll earn when you sell the house.
Turning your basement into a room is one of the best home addition ideas to increase property value.
2. Wood deck addition
It seems that people love to sit on wooden decks in their backyards these days. These might be even more popular now than they ever were. And when you look at the benefits they give you, it’s not too hard to understand why.
Essentially, you’re getting another living room, but this time it’s outside. It’s great for entertaining as you can have all of your friends over in a beautiful environment. On the other hand, nothing beats reading your favorite book and watching the sunset with a glass of good wine on your deck.
Make your potential buyers see it that way, and your biggest worry will be finding the easiest way to handle furniture, as you’ll be moving out of your old home with Maryland movers in no time.
3. Split a House into Apartments
If you’re living in a congested area where the houses are already expensive and in high demand, you might be able to add a third of the existing value just by splitting it into two smaller apartments. This isn’t something that can work anywhere, but if the situation is just right, you can really capitalize on it.
Here, what you’re selling would appeal to people who want to get a smaller home in a place where there aren’t such things available. Besides them, people with the idea of renting one or both of the apartments will love it as well.
If you go down this path, your target market will be narrower. So, it might take a bit longer to sell. However, it’s almost guaranteed that you’ll earn some revenue.
If it makes sense, turn your house into two smaller ones, and sell them separately.
4. The Kitchen
The next of the home addition ideas to increase property value is probably the biggest one of them all. When an average buyer wants to see if a home is worth the asking price, they look at the kitchen. If it’s in a good nick, they believe that everything else is.
And here, every little bit counts, so you don’t even have to do anything major. If you’re selling a luxury home, upgrading to energy-efficient stainless steel appliances will certainly drive the value up. But for an average house, even a minor remodel with a clever storage organization can bring a profit.
5. Siding and Window Replacement
The first thing people notice when they look at your house is the siding. If it’s old and damaged, it can seriously date the look of your home. So, it’s not a surprise that replacing it can bring the value of your property up. Just be sure not to forget on the trim. People find it important when they judge the look of the house.
And while you’re at it, you may want to consider upgrading your windows as well. Not only will it look better, but the new energy-efficient windows will be a big selling point. Therefore, if you want to get the most out of it, go for the siding windows combo.
6. Bathroom Remodel
If you change the tiles, update the fixtures, toilets, counters, and lighting in your bathroom, you will drive the value of your house up. And as far as this room goes, that’s everything you should do. Don’t fool yourself with thinking that spending more will bring you more. If you push it too far, you may even lose your investment.
It’s a good idea to add some luxury to your bathroom, but your best bet is to aim for accessibility improvements. Widen the doorways, make a walk-in shower, and put support bars near the toilet. Today’s buyers, especially in more expensive neighborhoods, are getting older. So, even if these modifications don’t make much sense to you, there’s a good chance that someone would buy your house just because of them.
A walk-in shower might get you a better price when you decide to sell your home.
Conclusion
All of the home addition ideas to increase property value we shared with you today come with the focus on the national data. So, some of them will have more sense for your area than others. It’s smart to consult with a local real estate agent before you do anything. They’ll know what buyers are after, so you’ll know what you need to do.