Most homeowners choose to remodel their homes because they want it to better suit their family’s ever-changing needs and their taste in design. But because we live in a world of financial uncertainties, it’s hard not to also consider the financial repercussions of a remodeling project. Some home improvement projects add considerable value to the property while others barely effect the home’s value at all. Some projects can even make it harder to sell your home. So before you start remodeling your home, you have to consider the likelihood that you will eventually move out and how soon it might be. The longer you plan to stay, the more you might consider remodeling projects that won’t necessarily add value to your home but will make your life in the home better. But if you may be moving in the next few years, it’s essential that you give careful thought to how a given project might affect resale value. Here are six home improvements that recoup so much of the initial cost, they practically pay for themselves.
Modern, functional, energy-efficient kitchen
Your kitchen is the most important room in the home when it’s time to sell. More than anything else, buyers will be looking for a modern, functional kitchen complete with energy-efficient appliances. Buyers appreciate a more open concept and the maximum amount of cabinet and cupboard space possible given the square footage. Don’t go too glamorous with the kitchen remodel though or you won’t recoup nearly the amount you put into it.
Adding square footage to your home by building onto it is one of the least cost effective remodels. But you can add a bedroom or bathroom without adding square footage if you get creative. If you’ve got a den/home office you’re not using, you can build a closet and close off the room with a door if it doesn’t already have one. It’s an inexpensive way to add a bedroom and it’s one of the few projects that can actually make you money. Adding a bathroom is a little trickier and will cost more but it’s still a cost effective remodel.
Spend a few hundred dollars on landscaping if you’re planning on selling in the immediate future. You don’t have to do anything dramatic, in fact you shouldn’t, but some pruning and a few new plants or trees can help you sell your home and may even impress prospective buyers enough that they will offer more than they otherwise would.
Would-be buyers love modern lighting and it won’t cost you a fortune to do it. Swap out any dated light fixtures for nicer, more modern-looking ones. Go with energy efficient bulbs. If you want to add a nice touch, you can use dimmers and/or motion sensors to make lighting perfect for all occasions.
All things energy efficient
Energy efficient appliances were already mentioned for the kitchen remodel above but it’s worth mentioning that any home improvements that make your home more energy efficient is a safe investment. Energy efficient doors and windows, solar panels, on the roof, and water-saving toilets will not only add value to your home, but it will help you save money on gas, electricity, and water in the meantime. It may even earn you some tax credits as well.
Finally, it’s important to keep in mind that it’s the small, inexpensive projects, that tend to yield the best results. Huge, costly projects like building a home office, home theater, or sunroom may seem nice, but buyers aren’t usually swayed by these and may actually prefer a home without those features. So when in doubt, use your remodeling budget for remodeling projects you can do in a day or two like replacing a front door.
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