If you want to add value to your home, remodeling is an excellent option. However, it’s important to know which projects will pay off the most in the long run.
For starters, energy-efficient upgrades are always a good choice. These will help lower utility bills while you’re living in your home and will be an attractive feature for buyers.
1. Add a Deck
Adding a deck is one of the top ways to add value to your home. It allows for an easy indoor-outdoor transition that will appeal to many potential buyers who enjoy entertaining friends and family outside.
However, the style of deck and railings should meld with the architecture of your home rather than competing with it. A dated or out-of-style deck can be a turnoff for many buyers.
It’s also important to make sure the deck is accessible. An overly secluded deck can be difficult to get to. Ideally, you should connect it to your house in a way that offers primary access from the living or dining room. If that is not possible, a French or sliding door should be used.
Keep in mind that a deck is considered a capital improvement and may trigger an increase in local property taxes. To avoid this, be sure to have a permit and build according to local building codes. It’s also a good idea to hire a professional contractor. Decks are complex and time-consuming to construct, and any mistakes can be costly. Also, if your deck is near a body of water or in a rainy climate, consider using stainless steel drive screws to resist corrosion.
2. Add a Garage
Many homeowners have garages that are merely used to store cars and tools, but adding a garage can add value. It’s also a great place to house an entertainment room, with a tv and seating. It can be a space for the kids to play, or even just a quiet spot for them to relax. This project is a relatively inexpensive way to add value to your home.
You can also use your new garage to create a laundry or utility room, which is especially helpful for older homes that don’t have a separate laundry room. Adding a garage can also give you more storage space for the “stuff” that accumulates in your home, such as toys, tools, and holiday decorations.
One thing to keep in mind when constructing a garage is that it should look like an accessory to the house, not dwarf it or turn it into what some people call a “snout house.” If possible, adding windows on the street-facing side of the garage and a roof overhang that matches the style of your house can help minimize its impact. If you have to build a garage close to your home, you can try to set it back from the front of the property or tuck it in between the house and another structure on your property.
3. Add a Basement
Adding a basement can dramatically increase the value of a home. It adds a whole new floor to the house, and it’s an excellent solution for homes that can’t expand outward due to their lot size or location.
Basements are also a great way to add more storage space. They’re a good place to tuck away the kids’ toys, clean tools and other items that might clutter up the garage or main living areas. The basement can also be used as a rec room or media room, where the family can relax and watch TV without interruption from the rest of the house. Alternatively, it can be used as a guest suite for visiting relatives.
While in the past, basements were often considered glorified cellars that served primarily as storage areas, today’s innovative construction techniques allow them to be used in many different ways. For example, insulated concrete form (ICF) construction creates safe and energy-efficient basement spaces that can be used as a playroom, family room, exercise room or media room. The possibilities are limitless!
4. Add a Master Suite
A master suite adds value to your home. It is a personal space that allows you to unwind at the end of the day while separating yourself from your kids and other family members who may spend time in the common rooms.
You can make your master suite more luxurious with upgrades like a spa-like bathroom, built-in entertainment system and fireplace, among many other options. You could also choose to incorporate small touches that are meant to enhance comfort and style, such as door handles, knobs or pulls on cabinet doors, vanity mirrors, plumbing fixtures and shower drains.
When building your master suite addition, the first thing you will have to decide is where you want it. You can build it on the ground level or in a second-story addition. First-floor master suites are popular with homeowners who are aging, as they can help reduce mobility concerns and allow for easy access to other parts of the house. You can also build your primary suite over a garage, porch or other existing structure to save on the cost of construction and avoid having to dig to add a foundation or exterior walls. However, make sure to use a lead testing kit for any walls or surfaces of your home.
A second-story addition is great for growing families or if you live in a ranch-style home with limited ground floor living space. It can also be a good choice if you don’t have the budget to build a new, detached garage.
5. Add a Fence
A fence can increase your home’s value if it is well-maintained and matched to the style of the house. Most families with children and pets would prefer a fenced backyard where they can let their kids play and pets run free without worrying about the neighbors. Fences also improve curb appeal and give your property a defined edge that will make it easier for buyers to imagine how they could use the space.
Backyard privacy fences are popular in urban areas and in neighborhoods with smaller lots. They are also a must-have for homebuyers with kids and pets who want to relax in the backyard without anyone peeking through.
Choosing the right material and height for your fence can also help increase your home’s value. A low fence won’t add much value, but a high fence will keep intruders out and look more appealing.
However, a new fence is a big project that can take up a lot of time and money. It is best to focus on other projects that will have a greater impact on your home’s value and resale. For example, replacing your front door with a newer, more energy efficient one can cost about $10,000 but recoups 75% of its value at resale, according to Remodeling magazine’s 2023 Cost vs. Value report.
6. Add a Deck
A deck is a popular outdoor home improvement that can add value to your property. It’s a great place to relax, eat, and entertain with family and friends. In addition, a deck can increase your living space and provide you with extra storage.
Adding a deck is one of the most cost-effective ways to improve your home. It’s also a great investment for those who are thinking of selling their homes in the future. A deck can add value to your home by increasing its resale price and curb appeal.
In addition, a deck can also add value to your home by reducing your maintenance costs. However, you should keep in mind that the deck may not add value to your home if it’s not properly maintained.
While many people think that adding a deck will add value to their house, they are not necessarily right. According to Remodeling Magazine’s 2021 Cost vs. Value Report, wood decks can recoup up to 68% of their cost while composite decks can recoup up to 63%. However, it’s important to remember that decks do not add square footage to your home. They are built on top of the lawn, which is already counted as part of your home’s square footage.
7. Add a Pool
While it isn’t the most common addition, a pool can add value to your home, especially in hot areas like Florida and Arizona. In fact, it’s been estimated that a pool can add 7% to a home’s value in those regions.
Of course, the size and quality of the pool are important to consider. If you invest in a well-designed pool, it will likely attract potential buyers, which can help you recoup your investment when it comes time to sell.
A well-designed pool will also look better and be easier to maintain. A newer, high-quality pool will also save you on water usage and costs.
If you have a pool that looks dated, remodeling it will give it a fresh, inviting look and feel. This will attract potential buyers and make your property stand out from the competition.
Plus, a remodel will give you the chance to customize the design of your pool to your preferences. From adding a waterfall to a lounge area, you can create the pool of your dreams that will boost your home’s value. It’s important to work with a reputable contractor who can give you options that fit within your budget.
