Home improvement projects can increase the value of your house and make it more appealing to future buyers. They can also improve your daily lifestyle or simply upgrade your space.
The most popular upgrades include interior painting, landscaping and upgrading the bathroom. But there are other ways to add value to your home without going into debt or emptying your savings account.
1. Kitchen Remodel
The kitchen is the hub of the home, and it can make or break a house’s value. A full kitchen remodel is the most expensive home improvement project but can yield the highest return on investment when sold.
Kitchen renovations include refinishing cabinet doors or replacing them, installing new countertops, adding an island, and changing the backsplash and appliances. It may also include removing walls, but that can be tricky, especially in older homes where the kitchen wall is often load bearing and perpendicular to floor joists.
A kitchen upgrade should be made to improve functionality, and it’s a good idea to consult a professional contractor for help with the layout. This will ensure that the finished product is safe and durable. It should also be made with the future in mind – what will buyers want when they view the home?
2. Bathroom Remodel
Kitchens and bathrooms are traditionally viewed as some of the best home improvement projects for increasing resale value. That’s not to say other projects can’t add value to your home, but these two tend to provide the highest return on time and money invested.
If you’re considering a bathroom remodel, think about what features are most important to you and potential buyers. This will help you create a wish list of must-haves and nice-to-haves to prioritize your renovation.
You can also consider a replacement remodel, which is a more affordable option that simply replaces the existing hardware, such as replacing tubs and toilets with showers and new vanity sinks. This is typically a faster and simpler project than a full renovation, but may require a permit and co-op or condo board approval depending on the scope of work.
3. Bedroom Remodel
If your master bedroom is looking worn out or you want to create a cozy reading nook, a bedroom remodel can be an excellent investment. In fact, the precise ROI will vary depending on what kind of changes you make, but generally speaking, a bedroom renovation can increase your home’s value by up to 102%.
The key to successful bedroom remodeling is keeping your goals and vision in mind throughout the process. Before you meet with contractors or designers, research design ideas to get a sense of the overall look and feel you’re going for. For example, if you’re going for a rustic and cozy cottage style, look for inspiration images and color palettes online to help refine your vision.
Remember that the more customized your remodel is to your tastes and lifestyle, the less likely it is to increase resale value. However, if you’re planning on staying in your home for the long-term, it’s important to choose upgrades that will make it easier and more enjoyable for you to live there.
4. Basement Finishing
A finished basement is a great way to add more living space to your home. You can create a cozy media room, bedroom or home office. It is also a great place for guests to stay, especially if you have children.
If you are planning on adding a bathroom, make sure that the plumbing is roughed in before beginning construction. If you are a beginner, it is best to leave this project to a licensed contractor.
The preparation phase usually lasts a week and includes clearing out the space, obtaining permits and ordering materials. The main construction stage typically lasts 4-8 weeks and involves framing, electrical and plumbing rough-ins, insulation installation and drywall. Drywall can be hung horizontally or vertically depending on the desired aesthetic. Paint and flooring are usually installed towards the end of this phase. Depending on your budget, you can choose to use vinyl plank flooring, epoxy, concrete stain or carpet tiles.