I recently visited with a prospective client who was debating whether to stay in his home and remodel or move into a new place.
An Architect had previously drawn some plans for an addition to the existing structure. After discussing with the client the family use of the rooms in the house and analyzing their spatial needs, it made more sense to update the existing interior design layout into a functional open floor plan. They didn’t have the need for more square footage and saved an unnecessary costly addition.
Now, many home improvement projects don’t add value to your home, especially in a down market. So, which ones should you invest in? Below are some helpful tips for projects that will increase the value of your home:
1. REMODELING THE KITCHEN:
Most people consider the kitchen the heart of the home and because of this, updates in this room pay off. On average, you can expect to recoup 60 to 100% of your investment on a kitchen, as long as you don’t go overboard. Fresh paint in modern colors can go a long way towards updating the look of this room. Plus paint is relatively cheap. Finally, replace old appliances with energy-efficient models. Energy Star rated appliances will help you save money.
2. BATHROOM ADDITION:
If your home only has one bathroom, you can recoup a large chunk of your investment by adding another one. You can recoup 80 to 100% of whatever you spend adding a bathroom. Like any project, the cost of adding a bathroom depends largely on the type of additions and accessories you want to use, and the cost of each of these items.
3. REINVENTING A ROOM:
Adding more square footage to your home with a new room can be an expensive project. Although you can recoup some of your investment, anywhere from 50 to 83%, this project’s costs quickly spin out of control.
Reinvent the existing space in your home to save money. Finish a basement, or convert the attic to a bedroom. Many homeowners can also add small apartments in, or over, their garages.
Before you demolish walls and rafters, try to think about the ways that you, and potential buyers can use the space:
– Versatile rooms have a greater appeal to potential buyers
– Basements frequently work well as second living rooms, or game rooms.
– Attic spaces often work well for craft rooms and game rooms.
4. BASIC UPDATES:
Basic updates add the most value to your home. Keep the paint fresh, fix the roof when it leaks, replace wood that rots, and get rid of any mold that you find. These types of chores keep your home from deteriorating over time. Buyers will see a well kept home.
There are several other options for home improvement projects that add value to your home. But if you plan to remodel, concentrate your efforts on smaller projects that make your home more appealing to buyers. So, what home improvement projects will you work on this year that I can help you with?
Brigitte Beltran is a Professional Interior Designer and certified Feng Shui practitioner, founder of FS2D Design Group, Inc. Her consulting firm is located in South Florida. She can be reached at 786.223.8476 or via email at firstname.lastname@example.org. http://www.fs2ddesigngroup.com