The process of renovating and remodeling the interior of your house can help make it more enjoyable and, when done correctly, increase the value of your home as well. However, not all renovations are made to be equal. While some renovations could add value to your house while others could lower the selling price. What can a homeowner do?
Projects that can boost your home’s Value.
1. REMODEL THE KITCHEN.
Kitchen renovations will pay off. Many potential homebuyers are searching for contemporary, modern kitchens using single wide mobile home renovations apps. In the Remodeling magazine’s Annual Cost vs. Value Report for 2018, it is possible to get back 62.7 up to 81.6 percent of the cost of a kitchen remodeling. But don’t go overboard. Adding a kitchen worth $80,000 to a home worth $125,000 isn’t a good idea.
When renovating a kitchen, begin small at the beginning. Replace the kitchen and cabinet hardware faucet and replace old lighting fixtures with contemporary, efficient, energy-efficient alternatives. Instead of replacing cabinets, paint them in a new hue or employ a refacing service to restore the cabinets and put in new cabinet doors, drawers, and hardware. Small changes like these can improve the overall appearance of the kitchen.
2. ADVANCE THE Appliances.
If the appliances you have aren’t compatible, look into ordering fresh doors and face paneling from the company. This can create an overall look that isn’t weighed down by the cost of replacing your appliances.
Replace your older appliances with more energy-efficient models that are healthier for the environment and consume less energy. You may even be eligible for a rebate from Seattle City Light. Buyers are always trying to find strategies to reduce costs while buying a home.
3. Bring the bathrooms up to date.
Bathroom remodeling will yield 87.7 or 93.5 percent of the expenditure per the Cost vs. Value Report. Similar to the kitchen, you shouldn’t get too excited. Put in new lighting, lighten the bathroom with paint, and even re-grout your bathtub. A new mirror or lighting fixtures are a simple way to change the bathroom’s appearance.
4. REMODEL the attic or basement.
The amount of square footage you add to your home could quickly grow and eventually cost more than the initial budget. Instead of trying to build additional space, consider renovating the existing space within your home. Consider the attic as a bedroom or an exercise area. Turn the basement into a living room. The more flexible the space, the more attractive it will be for potential buyers who can modify it as they wish.
5. GET DECKED OUT.
A good return on investment can invest in building decks worth the effort. The reason is that decks expand the living space; however, they are less expensive to construct in terms of square feet. In the Cost vs.
Value report released in the Seattle region, a wooden deck that costs about $13,084 to construct will yield the equivalent of 106.7 percent of the worth when sold. Composite decks cost around $19,227. This will yield an average of 122% of its worth in resales.
6. BOOST CURB BOOST CURB.
First impressions count. Improving your home’s exterior appeal could be as easy as scrubbing your home’s siding or as complicated as installing an entirely new pathway. It doesn’t have to cost much to be efficient. Installing a brand-new front door is an easy, cost-effective way to enhance the appearance of your home.
An updated front door can be among the top home improvement projects in The Cost vs. Value Report. Prune bushes and plant trees and bushes with mulch for a tidy appearance. Bring a splash of color using the addition of a flowerbed or pots with Geraniums. Scrub your siding to get rid of years of dirt buildup. Retouch any worn spots.
Like the other items on this list, be careful not to take your time with it. A backyard oasis is great, but it will not affect the price you’re asking for. A neatly maintained lawn and carefully placed plants and shrubs are all you need to increase your “wow” factor.
7. Improve the efficiency of your energy usage.
A home inspector can tell whether your house is not equipped with solid insulation or has drafty windows and doors. This can lead to higher energy use and cost for the homeowner. Start with the smallest changes, like installing insulation in your attic. Cover up gaps around windows, door lights, switches, and electrical sockets to avoid energy loss.
Windows that are drafty and single-pane could cause buyers to be turned off. The installation of Energy Star-rated windows will help you save the cost of cooling and heating costs. In addition, upgrading to Energy Star-rated windows is eligible for the green tax credit on energy. Because buyers want windows that are in great shape before buying, replacements may not add much to your price. However, not replacing them may lower the value.
PROJECTS THAT MAY IMPACT THE VALUE.
Some home improvement projects could harm the value of your house. The rule of thumb is that the more tailored your project to suit your desires, preferences, and preferences, the more likely it will be beneficial to the property’s value. Although you might love the recording studio you have in your home, a family with young children might not appreciate the value.
Renovating the space could make them leave the house completely. However, that doesn’t mean you won’t be able to tackle one of the projects on the list. You shouldn’t expect a potential buyer to pay for the $10,000 range in your kitchen or the marble flooring within the bathrooms. Here are some examples of projects that could have negative resale values.
1. SWIMMING POOLS.
Although an in-ground pool might appear to be the ultimate thing to have, it can negatively impact your property’s value. Families with children could consider swimming pools dangerous to their safety. Many potential buyers aren’t interested in the added expenses for energy and insurance associated with swimming pools.
You should also consider whether it’s a viable option throughout the year. The pool could be a great selling point if you’re in the southern part of California or Florida. However, in an area like Seattle? Well, not really.
2. UPGRADES IN LUXURY.
Even though you may be awed by the marble flooring in your bathroom, a potential buyer may not want to pay extra. The most expensive upgrades typically do not have the same selling value as middle-range options unless you’re living in a highly luxurious house.
Instead, consider investing in top-quality appliances, flooring, and appealing improvements to a wider public. Make sure that your improvements align with your neighbors’ rest. It isn’t a good idea for your home to be the costliest house on the block.
3. GARAGE CONVERSIONS.
can make square footage for the living space of your home; however, buyers generally prefer garages. The garage conversion won’t add to the value of your home. It’s still your home in THE END. Begin by focusing on smaller initiatives that will make your home more attractive and efficient in terms of energy use.
However, keep in mind that this is your home in the end.
You should enjoy your home as you’re there, but remember that not every project can be paid for when it’s time to sell. To see what you could expect to recover, go to Remodeling magazine’s cost Vs. Valuation Report.
Do you require a home improvement LOAN?
If you need financial help to complete your home improvements, Seattle Credit Union offers home equity loans at competitive rates and free of many “gotcha” fees you’ll find at other banks. Our mortgage experts will meet with you to discuss your goals and determine the best loan for you. Contact us now toll-free at 206.398.5888 to get started.
STILL, WORKING TO IMPROVE EQUITY IN YOUR HOME?
Personal loans may have lower interest rates than credit cards, and they permit you to use the money as you see suitable. It is well-known that getting approved for a personal loan especially one that has a low-interest rate can be difficult for those with credit that isn’t in the best state. If you can pre-qualify to receive a loan for personal use, you’ll get a glimpse of the amount you might be eligible for, which will assist you in making decisions about your finances.
