With housing prices on the rise, now is the time to invest in your home to capitalize on its value. Here are five home improvement projects that pay off, whether you are selling now or in the future.
Increase Curb Appeal
Although not usually considered the most exciting improvement to make, homeowners who do exterior work on their property, such as installing new siding to replacing your front door, can expect to recoup over 91 percent of their investment when the home sells, according to Remodeling Magazine’s 2016 Cost v. Value report.
Upgrade Your Kitchen
The two rooms that benefit most from even small renovations are the kitchen and bathroom. Even one cost-effective change — like adding a new tile floor or refacing cabinets— can give you a lot of bang for your buck and provide your kitchen with an updated, modern appearance.
Update a Bathroom – or Add Another
Don’t spend money remodeling the bathroom if it’s the only one you’ve got. Your money is probably better spent adding a second bath instead. While many people love the charm of older homes, a number of them lack a sufficient number of bathrooms. So if you’ve got a four-bedroom, one-bath home, it certainly could pay to add a second bathroom.
Add a Deck or Patio
According to the 2016 Home Trends Survey from the American Institute of Architects, outdoor living spaces continue to gain popularity, perhaps because decks and patios are a cost effective way to expand living space at a relatively low cost of $8 to $35 per square foot, as compared to $150 or more per square foot for a new addition to a home.
Turn an Attic into a Bedroom
When you convert an attic space into a bedroom, you gain living space without having to do an add-on, since the walls, floors, and ceiling already exist. Although there will likely be building code restrictions to consider, an attic conversion is often a smart remodeling project that will more than pay for itself when you put your house on the market.
But regardless of the project that you are considering, remember that your residence is not just a house, it’s your home. If you plan to live there for many years to come, add the amenities that you want, regardless of their impact on resale.
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