Whether you are thinking about putting your home on the market or you are concerned about increasing your home’s equity in a time of depreciating house values, knowing which remodeling projects yields the best return on investment, is critical.
Not all home remodeling projects are equal in terms of ROI, however. Here are the National Association of Home Builder’s suggestions for the best ways to add value to your home:
• A Home Office Remodel
With more and more people telecommuting in today’s difficult business climate, home offices are becoming less of a luxury and more of a necessity. Creating a state-of-the-art space for potential teleworkers is a surefire way to increase your home’s value.
• Renovate or Add a Family Room
A family room is an excellent way to make existing homes more like new construction. Take into account what homes in your area are like. People like to purchase homes that blend with other homes around them.
• Replace the Roof
The roof is one of the first impressions people have of a home. Replace an old roof or change the character of your home by looking into architecturally styled roofing tiles.
• Landscape Your Yard
Landscaping is also an integral part of your home’s first impression. A professionally landscaped yard adds value to your home and increases your living space.
• Replace Old Windows
Thirty percent of a home’s energy is lost through its windows. Replacing old windows with energy-efficient ones ups the overall quality of the house and saves you money on monthly utility bills.
• Remodel Your Basement
Do you have space that serves as a black hole of unused items…like your basement? Remodeled basements make excellent game rooms or guest suites, adding value to your home without adding space.
• Paint, Paint, Paint
It’s been said over and over but can’t be emphasized enough. Hire a professional if you need help and keep the colors neutral if you’re looking to sell.
• Remodel Your Kitchen
Kitchens sell a home, and in this case, size does matter. But a kitchen remodel is a long-term investment; you’ll see payback 10 years down the road. Sometimes doing it yourself can save money, but always bring in a professional for the big jobs.
• Remodel or Add a Bathroom
A bathroom remodel can mean making the most of your current space by upgrading fixtures, flooring and lighting. Or add a bathroom and automatically increase the value of your home.
For more information on adding value to your home, visit www.nahb.org/remodel, or in Canada, www.chba.ca.