We're still in a buyer's market according to the latest real estate statistics. For those looking to purchase a home, the time is right. Prices are down and interest rates are low. On the other hand, more homeowners are making the decision to stay in their current location, at least until the market returns. With this in mind, more people are looking for home improvement ideas that will not only make their home more comfortable to live in right now, but will also increase the value of their home when it comes time to sell. This is a smart consideration, since many home improvements can actually detract from your home's value when it comes time to sell. Believe it or not, most people aren't really looking for a back bedroom that's been converted into a recording studio.
So, how do you know which home improvement projects are the best overall investments and which should be avoided? Below, we've given you 5 solid home improvement ideas that will increase the value of your home. When making your final decisions just keep in mind that the more people your remodeling idea will appeal to, the better off you are.
5 Home Improvement Projects that Add Value to Your Home
- Updating Kitchen Appliances - Most people consider the kitchen to be the focal point of the home. Because of this fact, updating your kitchen with the latest appliances will always pay off. According to statistics, you can expect to recoup up to 120% of the investment you make in your kitchen. With that in mind, new tile, cabinets, and countertops are always a sound investment as well.
- Add a Garage Organization System - Everyone these days is trying to fit more stuff into smaller spaces. With that in mind, the addition of a garage shelving system is very attractive to potential buyers. Garage overhead storage and the addition of garage storage shelves along one or more of the side walls can provide a place for holiday items, stored memorabilia, luggage, sporting goods, and other large items that would normally take up precious space in the back of a closet. By using hooks along with the garage storage shelves, you'll also be able to get yard tools, hoses, bikes, and other items up off the garage floor. Garage organization systems are a smart addition to any home, but if your home is lacking in square footage, investing in extra storage space can make it or break it when it comes to selling your home.
- Fresh Paint - Repainting is almost a given when you are about to sell, and luckily it's one of the most inexpensive ways to increase your home's asking price. While you are living in your home, paint your rooms whatever color makes you happy, but always revert to warm, neutrals when you get ready to sell. You may think a red bathroom decorated with Scarface memorabilia is awesome, but chances are good that your new home buyers will not agree.
- Energy Efficiency- One of the first questions many potential home buyers ask these days is, "How much is your average electric bill?" By saving your statements for the past 12 months and providing the figures, you'll have the upper hand over other homes for sale. Installing energy efficient windows and Energy Star rated appliances can reduce your energy bill by as much as $500 per year. If you can show the drop in your monthly bill after the installation of certain items, you've got a huge selling point. There are also tax credits for energy efficient windows that you may qualify for.
- Home Office or Room Addition - Garage organization and storage shelves are a great first step, but have you considered a garage remodel? By turning a portion of your garage into an extra bedroom or home office, you will create more space for yourself as well as appealing to a whole new group of people when it comes time to sell your home. With more people than ever working from home, a home office is a very attractive feature.
With these solid ideas you should have an excellent starting point and source of inspiration. Whenever contemplating certain projects, just keep in mind to create a win/win situation, -- useful to you and to potential buyers down the road.