Imagine your home with a new, fully remodeled kitchen – or a carpeted recreation room in the basement for the kids. Home improvements and upgrades not only make a space more pleasant to live in, they can also add value to your house.
Here are 10 home improvements, and the estimated return on investment* of each project:
1. Home office | 43%
Working from home, or “telecommuting,” is becoming increasingly popular, and many shoppers are looking for a dedicated home office. Upgrades could include cabinets, a built-in desk, ample power outlets and Internet access.
2. Kitchen | 70%
New cabinets, countertops, appliances and tile can add significant value to your kitchen, which is often the most scrutinized room in a house.
3. Extra bathroom | 78%
Adding an additional full or half bath can make your home more attractive to buyers with larger families.
4. Finished basement | 50-83%
A finished basement not only boosts the value of your home, it increases the usable square footage as well. A finished basement can be used as a rec room, workout room or even a small apartment.
5. Finished attic | 73%
Don’t stop with the basement; finishing the attic adds the same benefits and gives your home more livable space.
6. Windows | 70%
Heating and cooling costs can really add up if your home has old, drafty windows. New insulated windows are a great investment, since they can add value to your home while paying for themselves through energy savings.
7. Siding | 80%
New siding can rejuvenate the look of an older house and protect it from the elements.
8. New roof | 60-65%
If you’re due for a new roof, consider replacing it before putting your home on the market. While some homebuyers are looking for a fixer-upper, most would rather find a house that’s move-in ready.
9. Deck | 80%
Investing in outdoor upgrades is a great way to make your home more attractive to buyers.
10. Paint | 75%
A fresh coat of paint can freshen up any room. When getting ready to sell, paint the rooms of your house with neutral tones; some bold colors can be off-putting to buyers.
You may have a wish list of home improvements, so how do you choose which ones to complete? And do you pay for the upgrades by saving, or using a home equity line of credit? Let us know your home improvement strategy in the comments below.
*ROI estimates from Nationwide Bank, Nationwide Newsletter, U.S. News and qualitysmith.com.
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