Top Ten Home Improvements to Increase Market Value of Your Property
Looking to increase the value of your home in today’s economy and the current real estate market? A wide range of home improvements, from simply painting to more extensive projects like a kitchen or bathroom remodel, can greatly increase your home’s value even in the current buyer’s market.
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Be sure to check out other homes in your neighborhood to see what projects would suit your house best. Do you only have 1.5 baths but most homes in your neighborhood have 2.5? Then a bathroom addition may be your best bet. If most homes in your neighborhood have great curb appeal, painting the exterior and other outside improvements may get you the most bang for your buck.
Following are the top ten home improvements that will increase homes value:
1. Updating Plumbing and Electrical – With a 260% average return on investment (ROI), simply updating your homes plumbing and electrical work without making any major changes is a fairly inexpensive but extremely effective way of increasing your home’s value.
2. Bathroom Remodeling – Updating an aging bathroom, especially the master bath, or adding an additional bathroom, with a 168% return on investment, can greatly increase your home’s value.
3. Kitchen Remodeling – In today’s real estate market, the kitchen is often viewed as the most important room in the house. Kitchen remodeling, although costly, will increase home resale value with a 168% return on investment. Gourmet kitchen updates with chef quality appliances will increase your market value even more.
4. Painting - A fresh coat of paint in a neutral color on the interior, as well as a new coat of exterior paint, is one of the most cost effective ways to improve your home’s showing appeal. Buyers can better see your home’s potential with a ‘fresh canvas’, resulting in a 112% return on investment.
5. Flooring – Replacing outdated carpet or flooring, or simply refinishing wood floors that have seen better days, will definitely increase the value of your home, with a 102% return on investment.
6. Outdoor Maintenance – Increasing the curb appeal of your home by repairing or replacing your gutters with newer, less likely to clog versions such as LeafGuard, as well as sprucing up or replacing siding, is a cost effective way of increasing your home’s value, with a 83% return on investment.
7. Deck – With a 78% return on investment, adding a deck to your house, or simply improving, refinishing or expanding your current deck, will increase your home’s value substantially. Outdoor living rooms, with comfy furniture, fireplaces, or blended with garden structures like arbors and pergolas, have become very popular in recent years. With your existing patio or deck as a starting point, creating a weather-protected living space holds great appeal in today’s market and can be done on a variety of budgets.
8. Basement Remodel - Many people today want to use the space of their home as cost effectively as possible. One way to do this is by turning a basement into a usable space. A finished basement may be used for guest bedrooms, a home office, family room, or home gym. You can also create an in-law apartment or rental unit. Although it can be a significant expense, a basement remodel will absolutely increase your home’s value with a 75% return on investment.
9. Windows and Doors – Repairing or replacing windows and doors can not only save you heating and cooling costs, but will greatly increase the value of your home with a 70% return on investment. An energy tax credit is available for many new replacement windows.
10. Roof Replacement – With a 67% return on investment, roof replacement or simply maintaining your current roof in good repair will enhance your home’s curb appeal as well as increase its value.
About the Company
For over 75 years, DiGiorgi Roofing and Siding has been providing quality home improvements including roofing, siding, bath remodeling, window and gutter installation for Connecticut and southern Massachusetts homes and businesses. For more information, call 1-800-428-6438 or visit the company website at www.digiorgiinc.com.