Selling one’s home has always been a tough decision, especially if you’ve already spent money on home improvements. On the bright side, those improvements typically increase the property’s retail value. In some cases, the increase in home value may even be higher than its cost.
For that reason, many homeowners perform home improvements before selling their houses. However, keep in mind that not all home improvements are worth making, especially if your goal is to maximize the home value. Certain home improvement projects may only bring a negligible increase in home value relative to their cost. This article will discuss which home improvements you must make if you wish to get the most out of the home sale.
Add A Patio Outside Your House
Increasing the living area of your house is almost always guaranteed to increase its retail value considerably. The most prominent home improvement project that achieves this goal would be the addition of a new room. Unfortunately, as you might imagine, such a project would cost a lot of money, with a median cost of USD$48,250. A patio is an excellent alternative for this.
A patio is essentially a room without walls outside the house, with a size ranging from 144 to 360 square feet. The patio can serve as a space for entertainment, dining, or relaxation.
Due to its functionality, a patio would definitely increase your house’s retail value, albeit to varying extents. Moreover, experts estimate that a patio should be able to increase home value by up to 10%. This is rather surprising, considering it has a lower cost than most home improvement projects. For your reference, a patio addition costs an average of USD$4,250.
Of course, it depends on the material, concrete is the most popular option. If you wish to add a concrete patio to your house, you should search for a reliable contractor within your location, such as Pro Angle Concrete Contractors to help you build quality and aesthetically appealing features for your home.
Remodel Your Bathroom
The bathroom along with the kitchen are two of the most commonly used areas inside a residential space. Therefore, if a home improvement project would increase home value, it most definitely would involve either of these two. A bathroom remodel can increase the property’s retail value by up to 5%. This, of course, depends on the quality of renovations.
Furthermore, you might want to seek the help of agencies in your area, like Axios Home Inspections for this particular project. You must ensure the plumbing work is also kept up to date.
With an average cost of USD$5,000 on a 5% increase in retail value, a bathroom renovation is certainly one of the most worthwhile home improvement projects you can make.
Renovate The Kitchen Area
The kitchen is yet another area you can renovate to drastically increase the house’s value. After all, apart from the living room, the kitchen is something you can brag about with your guests.
Furthermore, unlike the bathroom, there are several ways to renovate the kitchen area, you must focus on improving the following:
- Switches and outlets
It may cost a bit higher than bathroom remodels, ranging from USD$4,000 to USD$50,000. However, it could increase your home value by up to 5% if you do it right.
Keep in mind that this may vary according to the quality of remodeling.
Remodel Your Basement Or Attic
If your house has an attic or basement, you have yet another opportunity to significantly increase your property’s retail value. Experts estimate an increase of 3% in home value after an attic or basement remodel, which is fairly high and understandable. After all, it follows the same concept as one of the aforementioned projects, which is to add more living areas to the house.
Now, you may argue that a basement or attic is still technically a living area, regardless of whether you remodel it or not. However, that’s often not the case, and for two main reasons.
One, if you haven’t maintained the area for a long time, the structural integrity of that space will most definitely have declined. And two, it doesn’t appeal as much as it could.
Hence, it’s advisable to first conduct inspections of the area and remodel it afterward. This remodeling project typically costs around USD$50 per square foot.
Before you make any improvement to your house, you must understand that not all can have a positive impact on its retail value. Not only do certain projects have higher costs relative to the increase in home value, but some can also reduce home value. You must also keep in mind that certain home improvement projects can speed up the home sale process as well. Consequently, choosing which projects you must do is crucial, and this article may help you in that regard.
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