While many trendy projects will temporarily make your home more appealing to buyers, very few add permanent value. If you want to boost the value and function of a house for many years to come, then you need to start thinking about some bigger renovations. Here is a look at five upgrades that are sure to increase the resale value of your home.
Install an In-Ground Pool
Depending on where you live and the state of your neighborhood, an in-ground pool could potentially increase the value of your property by thousands. As a general rule, a pool will boost your property value if you live in a nice neighborhood that has great pool weather. For example, a home with a pool will be more valuable in Arizona than it would be in Oregon or Maine. If you want the pool to last, then you should consider lining it with cement instead of fiberglass. Before installing a pool, however, you might may want to consider how it is going to impact your insurance premiums and property taxes.
Turn the Basement into a Living Space
Finishing a basement is another great way to permanently increase your home’s resale value. Unless you have quite a bit of experience working on homes, you might want to leave at least a few aspects of this project to the professionals. You will most likely need to add extra insulation to the walls, install new flooring, and run electrical wires to new outlets. Installing new safety devices should be a priority as well. That includes radon detectors, smoke detectors, fire alarms, and fire extinguishers.
Install a New Roof
A modern roof could boost the value of your property for 40 years or longer — depending on what materials are used. Traditional asphalt shingles are usually the most affordable option, but they rarely last for more than a decade or two. If you want a long-term investment, then you should install clay or slate tiles. With the proper maintenance, those materials will last for up to 60 years.
Invest in Solar Panels
High-efficiency homes are more popular than ever, and most homeowners will benefit from adding at least a few “green” systems to their property. Solar panels are a relatively large investment, but they could increase the value of your home by tens of thousands of dollars. After installing those panels, you might also receive state and federal tax credits. As an added bonus, the panels will also lower your energy bills while you are still living there.
Remove a Wall or Two
Knocking down a wall is another simple project that could make your home much more valuable. Open floor plans are highly sought-after, but you need to be careful about which walls you remove. As a general rule, you want to remove walls that are in public spaces like a kitchen, dining room, or living room. You also want to be sure that you don’t remove a load-bearing wall. While removing a load-bearing wall is possible, it can be extremely expensive and is generally more trouble than it is worth.
Refinish Your Cabinetry
Nice-looking cabinets are always a selling point for a home. After all, they have the ability to make or break a kitchen’s aesthetic. And when you choose a timeless finish and take good care of them, cabinetry can last decades. Of course, replacing a kitchen full of cabinets can be prohibitively expensive, which is why many turn to refinishing to get a more updated style without breaking the bank.
Before carrying out any major renovations, you must first think about how long you plan on living in your home. Some of these upgrades won’t pay for themselves for at least a few years, and you might lose money if you plan on moving in the near future.