How to Make Home Improvements Pay for Themselves
With the number of low interest home improvement loans on the market today, there’s no time like the present for giving your home a much-needed makeover. Even if you’re not planning on selling your home any time soon, tackling a few remodeling projects now can increase your home’s resale value for the future, if you ever do decide to sell.
Before you start calling in the contractors, however, it’s a good idea to first identify which home improvement projects will give you the most resale bang for your buck.
Additionally, it’s important to be aware that some upgrades could increase your homeowner’s insurance premium. Before you decide on any upgrade, check first to see how much it could potentially add to your present policy. If you’re not happy with the result, you might want to change insurance companies.
If you’re looking for home insurance, compare rates before you make a final decision. Make sure, however, that you’re upfront with the representative about all of your planned upgrades before you sign up for a new policy.
If you’re looking for the best long-term financial investment, here are a few home upgrades you should consider:
The kitchen is one of the first things that potential buyers look at when shopping for a new home and they’re looking for the most modern features and workspaces. Today’s buyers want large, airy kitchens with work islands, plenty of counter space and ergonomic conveniences such as state-of-the-art appliances and sliding cabinets.
Granite counter tops and floors are also a big plus. With just about any type of kitchen upgrade, chances are that you’ll come out ahead; just make sure that you select the finest quality materials that you can afford.
If your home was built more than a decade ago, the bathroom is probably already outdated. Even if it looks good, there are always additions you can make that are proven winners on the home resale market. First and foremost is more space. If there’s a way you can add on a separate room for the toilet, or if you can remodel so that the bathroom can accommodate two showers or a larger tub, you’re way ahead of the resale game.
Homebuyers love the luxury of counter space and large medicine cabinets with theatrical lighting and they also love bidets, sunken tubs and colorful designer tiles. Statistics tell us that you can get as much as a 62 percent return on your bathroom renovation costs, so it’s well worth the investment.
If your home is large enough, room additions can be an excellent idea. Today’s homebuyers are particularly attracted to recreation rooms and realtors tell us that converting the basement to an entertainment room can potentially bring you back as much as a 69 percent return on your investment.
Extra bedrooms are often highly sought after by homebuyers, so if you can convert an unused basement, attic or other space into a decent-sized guest bedroom, you’ll be spending your money wisely.
Sunrooms are also popular and although building on a sunroom can run as high as $75,000, it can bring you a 46 percent return on your investment. If you don’t want to invest quite that much, a good alternative to consider is a deck. By building on a sizeable outdoors deck, you’ll not only make your house more attractive, but you’ll also enhance its resale value.
Homebuyers always look for extra garage space, so if you can extend your existing garage or build a brand new one, you can get as much as a 52 percent return on your investment.
Once you decide which projects you want to invest your time and money in, be sure to check with your present homeowner’s policy to see how these improvements could affect your premiums.
In the end, you’ll find that choosing the right upgrades for your home can help you recoup thousands when you decide to put it on the market.
This article was written by James, who also writes for the best rated juicers 2016 reviews blog.