Home Improvement Projects to Increase the Value of Your Home
When you take on a new home improvement project, your primary consideration is probably going to be what projects will add the most aesthetic or practical value to your home. However, you should also consider property value, especially if you’re treating your home as an investment property that you intend to sell sooner or later.
With this in mind, what types of home improvement in Phoenix, AZ can you take on that will increase the value of your home? Here are just a few examples:
- Kitchen remodels:
Kitchen remodels are among the most popular types of remodeling projects, thanks in large part to the trendy HGTV shows that depict gorgeous, spacious kitchens with plenty of natural light and prep space. Investments do pay off in the kitchen—homeowners can recoup anywhere from 60 percent to 120 percent of the investment, so long as the remodel is done smartly. From an investment perspective, you should avoid the kitchen significantly outclassing the rest of your house and comparable homes in the neighborhood.
- Adding a bathroom:
Bathroom remodels are practical home improvement ideas and can add a bit of value to your home, but what really gives a great return on investment is adding a bathroom, especially if your home currently has only one bathroom. Going from one to two bathrooms can allow you to recoup 80 to 130 percent of your investment. If you’re interested in adding a bathroom, take a look at underutilized spaces or extra rooms. If you have 18 square feet of space, you can easily fit in a half bath.
- Energy-efficient windows:
Energy-efficient windows can save you hundreds of dollars per year in heating and cooling costs, which means that even beyond the 60 to 90 percent of the costs you can recoup in terms of ROI, there’s potential to recoup plenty more in terms of energy savings. Plus, there are tax credits available from the federal government as long as you install Energy Star-rated windows.
- Adding a deck:
Adding a deck increases your usable outdoor living space and entertaining area. Homeowners can recoup 65 to 90 percent of their investment when adding a deck. The total amount you can expect to pay for a deck will vary widely depending on size, materials, stairs and configuration.
- New insulation:
Insulation isn’t exactly the most exciting remodeling project, but it is very financially smart. If you either do not have insulation or have very old insulation that no longer provides much benefit, you can put in new energy-saving insulation that can allow you to save hundreds per year in utility costs. Adding new insulation to your attic might cost only a few hundred dollars, and you’ll recoup those costs quickly in energy savings, not to mention the great ROI this gets you in equity.
For more information about the types of home improvement projects in Phoenix, AZ that are most likely to give you a good ROI, contact the experts at Renovations by Design today. We have over two decades of experience working with area homeowners, and we look forward to assisting you soon!