6 Exciting Renovations To Increase Your Property’s Value
This is a writing sample from Scripted writer April Khan
6 Exciting Renovations To Increase Your Property’s Value
As you take care of your home, your equity increases. But for a significant increase, you'll want to make a few renovations. To save you money, increase your home's value, and provide you with the bonus of enjoying these upgrades before you sell your home, we’ve gathered 6 exciting upgrades that will fetch you a pretty penny.
Add Useable Space
Adding extra space to your home has its perks. Not only will you enjoy it, but the next owner will too! Increase your home’s asking price by investing in useable space. Modifications like a larger kitchen, a finished basement, or an extension could significantly increase your home's value. But before you break out the demolition kit or your wallet, speak to a real estate agent about asking prices in your area. Adding too much value to your home may price you out of the market.
Calculate if it’s worth it by estimating the cost of your project plus labor and how much value it will add to your home's asking price. Then consider the asking prices in your area to make sure you can get a decent return.
Upgrade to Solar Power
Harness the sun’s own energy to power your home. Invest in solar energy to offset your electric bills and increase your property's value by $15,000! Depending on where you live, you’ll need a permit to get started and a licensed solar installer to make the upgrade.
You can also apply to programs through the Federal Housing Administration to make installation more affordable. If you want to earn a tax break of up to 24%, purchase your solar energy system instead of leasing it.
Make sure to apply for permission from your Home Owner’s Association or city government to avoid hefty fines.
Upgrade to Smart Appliances
Increase the value of your home while enjoying a few shortcuts to everyday mundane tasks. Samsung, LG, and Electrolux are a few appliance manufacturers investing in smart home technology. Improve your interior with smart refrigerators, stoves, dishwashers, sinks, microwaves, and security systems.
Homes with smart technology get sold at a premium in today's market. People are willing to pay extra for the luxury of having smart devices and for the conveniences they provide. According to Safewise, home automation devices increase a home’s value as much as adding usable space like an extra bedroom or extension.
You might be feeling skeptical about smart appliances after news of hacks and malware attacks, but there are ways to enjoy these appliances while keeping your family safe.
- Secure each device with a different password.
- Activate a two-part verification system, if available.
- Do not use the same Wi-Fi network for every device. Create additional user accounts and split them up.
- Don’t share your password with visitors (create a guest account).
Upgrade Those Old Appliances
Ditch old appliances for energy-efficient upgrades. You worked hard for your home, now it’s time for your home to work for you! Slash those energy bills and increase your home's value with energy-efficient appliances.
Old appliances drain energy leading to extraordinarily high electric bills. Just look for the yellow energy-efficient sticker on the back of any appliance, including smart devices. Of course, the added benefit to having energy-efficient appliances is a higher asking price when you want to sell your home!
When it comes to energy-efficient appliances, the best upgrades are:
- Air-conditioner
- Refrigerator
- Stoves/oven
- Washer / Dryer
- Dishwasher
Improve Your Curb Appeal
The front yard is the face of your home. It’s what welcomes your guests and provides long-lasting memories for your family. When it comes to selling your home — or having it appraised — curb appeal matters. The visual aesthetic of your home doesn’t start at the first brick; it begins in your yard. Freshen up your curb appeal by addressing eyesores like cracks in the sidewalk, oil spills in the driveway, dirt patches, or dead shrubs. Once you’ve addressed these issues, invest in turf, mulch, or small plants to add a welcome home feel to your yard.
Upgrade Your Kitchen and Bathroom
Kitchens and bathrooms are used the most, so they get worn pretty quickly. A cracked tile here and a knob there could drive down your asking price. Bring it back up by making minor upgrades to your bathroom and kitchen.
According to HGTV, a minor bathroom remodel costs about $10,500, and you'll get back $10,700 equaling a 102 percent recoup rate.
A full kitchen remodels that includes the following items could cost you around $14,913 and bring you a return of $14,691:
- Recessed lighting under the cabinets
- Sanding and re-staining your cabinets
- Laying floor vinyl
- Replacing old appliances
These upgrades may not give you the most significant return, but not upgrading them could cost you during an appraisal.
Final Thoughts
Whether you’re selling your home or looking to make a few improvements for your family to enjoy, these easy upgrades are worth a shot. Create new memories with your partner by saving a few bucks and tackling these projects together. Remember to get permission from your local government or association before getting started — and have fun!
Which upgrade would you invest in? Comment below!
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