The purchase of a home is one of the largest investments most families will ever make. It is important to maintain and improve the value of this investment over time. Home improvements are a great way for homeowners to add to the value of their homes. Here are a few ideas to get you started.
Make the Home Larger
The square footage of your home will have a large impact on its value. In fact, the price per square foot is an important tool for real estate agents when they are helping clients consider purchasing a home, using price per square foot as a comparison tool. You will be able to command a higher price for a home with more space. And even when an appraiser does not take added space into account, a prospective buyer will take notice of this feature. One way to add size to your home is to add an additional room. Another idea is to finish the attic or the basement.
Most people understand the impact a kitchen has on the ability to sell a home, as well as, the price that can be commended for the home. And when it comes to improvements to a kitchen, perhaps nothing can provide more bang for the buck than granite countertops. Granite is a natural stone that is known for its beauty and durability. Granite countertops will add character and aesthetic appeal to your home while providing you and your family with a convenient and long-lasting surface to perform the needed functions in your kitchen. Kitchen renovations have been proven to add from 80 to 100 percent of the cost of the renovations to the sale price of the home. Kitchens with granite countertops have also proven to command a higher sales price than similar homes. With these facts in mind, it is not difficult to understand how granite countertops can increase the value of your home.
You can add significant value to your home when you make an effort to improve energy efficiency. Borrowers who are approved for energy-efficient mortgages will receive the money to pay for both their new homes and the energy-efficient improvements. Simple improvements that can increase the energy efficiency of your home is double-paned windows, LED lighting, additional attic insulation, and energy-efficient appliances. An improvement that will take a larger investment is placing solar panels on your roof.
Another surefire way to add value to your home is to install a home security system. In the process, you will provide you and your family with added peace of mind. One way a home security system can add value to your home is the savings gained through insurance companies. In fact, the savings on monthly premiums can be as much as 20 percent when you install a home security system. Buyers will also be willing to spend more money on a home that provides safety to their families. It is a great idea to make sure there are sensors protecting the doors and windows in your home, motion detectors in open spaces, and working smoke detectors if you are considering listing your home for sale. These additions to your home are not expensive and if you’re into DIY home improvement projects, installing the equipment yourself can save you money.
New Paint Job
A good paint job on the exterior of your home will make a good first impression and score a lot of points with potential buyers. One study showed that homeowners can expect about a 50 percent return on their investment after adding a fresh coat of paint to the exterior of their homes. Another study showed that the value of the home can increase by as much as five percent after painting. The curb appeal of your home will be much greater if viewers see no chipped paint or other signs of wear to the exterior of your home. These are simple fixes and should not be allowed to lower your home’s value.
The investment you make in your home will greatly affect the financial future of you and your family. It is important to do what is necessary to protect the value of this investment. The five home improvements above will help you maintain and increase the value of your family home.