By Bill Lasar
Champions Real Estate Group
Improving
your home’s resale value not only puts more money in your pocket when
it’s time to sell, but it also enhances your quality of life in the
moment. Here are the top three ways to improve your home and add value.
1. Add Square Footage
Square footage is one of the first things an appraiser looks at when
determining the value of your home. If your home is noticeably smaller
than others in the neighborhood, you should definitely consider adding
square footage. Just be sure that you conduct any remodeling according
to local building codes and permits.
Where to Focus:Adding
an extra bedroom or living area will increase the value of your home,
but these projects are expensive and time-consuming. It is more
affordable?and just as appealing to prospective buyers?to finish your
basement or attic. Make sure the quality of the finish is in line with
the rest of your home. You can also add a deck or porch to your home, or
convert your existing porch to a sunroom.
2. Remodel Your Kitchen
A kitchen remodel is one of the most popular and cost-efficient ways to
improve the resale value of a home. If handled wisely, many
improvements in the kitchen can add more value than the initial cost,
meaning that your return on investment is quite large. An attractive and
well-planned kitchen catches potential buyers’ eyes and gives the
impression that the entire home is in excellent condition.
Where to Focus: If you have a small,
dark kitchen, create space and light by installing sky lights or sun
tunnels. Replace worn carpet or cheap linoleum with lovely ceramic tiles
or eco-friendly bamboo. Cover your countertops with granite, recycled
glass, or marble, and create a matching backsplash on one of your walls.
3. Improve Energy Efficiency
According to JM’s Energy Awareness Month Survey, only about five
percent of homeowners realize that improving the energy efficiency of
their homes will increase the resale value. Yet every dollar saved in
annual utility costs is equivalent to a $20 hike in the market value of a
home, reports the Appraisal Institute. For instance, say you insulate
your attic, resulting in a $300 annual savings on energy costs, you can
then add $6,000 to your home’s value.
Where to Focus:
Over forty percent of the average home’s energy use goes towards
heating and cooling, so you should start with insulation. Then install
solar panels and a new furnace. Finally, attend to the details by
installing programmable thermostats and energy-efficient light bulbs.
Before making these or any other
improvements to your home, be sure to do your research. There’s little
point in pouring thousands of dollars into an improvement which adds
only a small amount of value and doesn’t significantly improve your own
comfort. Talk to the experts, get multiple quotes, and remember: your
home isn’t just an investment, it’s your pride and joy.
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