With the real estate going through a slump period, more and more people are deciding not to sell their home. Instead, they have opted to stay put until the market gets better. The best resort is to do some home renovations to ensure that your home gets more reselling value. Several home improvement projects hardly add any resell value to the property, especially in this down market, while particular renovations can add a significant amount to your home.
The problem is, it becomes difficult to determine which of the home improvement projects should you invest in. In the forthcoming sections of this write-up, we have provided specific home renovation tips that will increase the value of your home. We promise after reading this article, you will have quite a few home renovation ideas that will increase your home’s value.
Before we proceed to the business end of this write-up, it is essential to discuss the financial aspects. Irrespective of whether you wish to make small or wholesale changes to your home, it is crucial to have money to pay for it. You can do this by putting across a lumpsum amount on fixed intervals, which can be utilized for the home renovation project. Alternatively, you can avail a home equity line of credit through a reputed financial lender.
Now, that we have addressed the money part, as promised, it is time to look at the home improvement projects that can increase your home’s value.
Also Read: 7 Modern Home Renovation Tips For Old Houses
Home Renovation Projects to Watch Out For
Several home renovation projects add value to the quality of your family’s life. After working on these projects, you can derive lots of benefits and upgrades. Let’s look at some of them in details.
Make Necessary Amendments in Your Color Scheme
The cost of this type of home renovation project would be around $200 to $300 per room. Most of the time, real estate agents recommend owners to repaint the interior of their house before reselling it in the market.
Research suggests that adding a fresh coat in the right shade can increase the value of the property by thousands of dollars. According to the National Association of Home Builders, neutral tones like beige, grey, and “greige” or a combination of any two colors have become quite popular.
In case, you wish to do the job all by yourself – which could be fun – it is one of the cheapest ways to spruce up your living spaces to get lucrative buyers or even to enhance the home’s value. As per Paint Brand Glidden’s Online Calculator, a 10×12 foot room with 8-foot ceiling would require one gallon (around $30-$60) per coat.
You would also require other things like painter’s tape, brushes, and tarps. Assuming that you will be consuming two coats of paint, the expected cost would be between $200 to $300 per room if you paint on your own. Alternatively, if you hire a professional, it would cost you between $400 to $800.
Replace Double Pane Windows
The cost of this renovation will be around $2,500 to $7,500. Replacing your double pane windows with energy-efficient ones can have a drastic effect on the yearly heating and cooling cost. With the help of new Double Pane Windows, your house will get a fresh appeal.
This would cost you anything between $300 to $4,750. A little lawn care can enhance your home’s value by manifolds. Applying six applications of fertilizer and weed control would cost you around $330, but the returns on sale would be $1,000. Isn’t that amazing? If you can spend more, get a stone walkway lined with grocery which will cost around $4,750. But, the average sales price of your house will go up by $5,000. The reason being, the first impression is the last. But, never overdo it by going for extravagant designs, fountains, or paver stones.
Install the Hardwood Floor of Your Choice
This home renovation will cost you somewhere between $7,032 to $10,214. Remember, it is costly to install the hardwood floor than the wall-to-wall carpet. But the great news is, it provides elegance to your house and in the long run, even assists in saving lots of money. A prime example of this is, installing a Mid-Range Red-Oak Floor in a 900-square foot space costs between $7,032 to $10,214. That is almost twice the price of carpeting the same size, which can cost you between $3,650 to $5,050. Carpets last only for a decade while hardwood flood typically has a warranty period of at least 25 years.
These are some of the Best Home Renovations that can increase your home’s value. If you wish to enhance the appeal of your home, concentrate on energy efficiency and upgrades that add value to the comfort of your home.