Your home is one of the many assets that a financial coach will take into consideration when putting together your financial plan. It is unlikely that the average person will stay in their first home that they buy for the rest of their life. In fact, it is normal for people to sell their house when they start approaching retirement.
It’s also worth considering that when searching for a house to consider buying one that you can improve on instead of paying more for your dream home. It is typically cheaper to upgrade a house vs. buying one that has already been upgraded, and doing this will, in most cases, leave more cash available in retirement.
If you decide to make drastic upgrades and renovations to your home, this will directly correlate into major changes to your overall financial plan. In other words, your future retirement, and the goals that you have can be severely impacted by your home’s current value.
We are pleased to present the guest article below by Sam Willis, a writer for the real estate industry. He will be discussing home improvement projects that can maximize your home’s value.
Improving your property is vital to ensuring that its value continues to climb and that it keeps the same fantastic perks it had when you first purchased it. However, which updates and improvements you decide to make can affect how much value they add, so it’s vital that you heavily consider each option before moving forward.
These top improvement projects will maximize your home value; each is something a home can stand to gain.
Minor kitchen remodels are a fantastic way to boost your home’s value without having to redo everything that you love about your kitchen. Not only can you expect to recoup 98.5% of your home’s value, according to HGTV, but you also get to save the time and work that would otherwise be wasted on a full kitchen redo.
The best places to focus in the kitchen are on the cabinets, walls, and appliances since the eye goes first. Although you can replace the counters, this will both cost you more and also be unreliable since counters come down to taste above anything else.
This idea may be hard to come to terms with for some, but once you see the numbers, you won’t question it. Most people don’t use their attic space beyond storage, and to finish an attic as a bedroom, you don’t have to use the entire attic space.
It costs between $8,000 to $30,000 to convert an attic into a bedroom, and adding a bedroom can add between $30,000 to $50,000 to your home’s value depending on the size of the house and how many rooms it already has.
Although this is a large project and requires everything from flooring to walls, electrical, and installing stairs: it’s worth it if you want this increase in value.
When a garage is attached to the home, it becomes a feature that can either add or decrease the security of a property. First, consider the age of your garage door, and then look at garage door installation costs to decide if it’s something within your budget. Fortunately, replacing a garage door can increase your home’s value by up to 4% and is a fantastic selling point that you can inform buyers about. Keep in mind that you must look for a door that suits your home’s style while also being secure enough to count as a safety feature.
The quality and condition of your roof can affect the value of your home more than you know. If your roof is older or about to be due for an update: your home’s value can be reduced by the amount it will cost to update your roof. This is a big mistake many property owners make when they make it onto the market and something that you should avoid doing.
Instead, put in the time to ensure that your roof is a part of your home that makes it infinitely better. You can do this by adding a terracotta roof or some other type of roof that’s both unique and visually interesting. This will key buyers into knowing that your property is thoughtfully updated and maintained and will allow your home to stand out amongst the competition.
More home buyers are interested in the idea of finding comfortable outdoor spaces they can share with their families and loved ones. If you want to create a space like this and gain the boost in money that comes with it: it’s important to use high-quality materials so that you can bring the luxury of your home’s interior outside. Invest in good wood, pay attention to how it’s finished, look into overhangs or pergolas that will keep some of the summer sun off whoever is using the deck. This is a home game changer.
The siding on your home isn’t something that’s overlooked by buyers: so it’s something that shouldn’t be ignored by you either. According to Home Guides, updating your siding can increase your home’s value by nearly 80% of the project’s cost. This number can go even higher if you ensure that you’re using materials and styles that allow your property to shine. Vertical house siding options can be eye-catching and will increase your home’s curb appeal while boosting its value along with it.
A property’s value is based on multiple things, including its location, the current market, and the size of the property: but the quality, age, and status of whether it’s updated or not also strongly affect the price. By putting in the work, and working through a couple of these improvement projects, you can increase your home’s value and make it the property you want it to be.
Author Bio: Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer for the real estate industry. Sam is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes.