In a down market, quite a few home improvement projects add not an ounce of value to your homes. Watch out too if the improvement projects detract from the asking price should you decide to sell. What we need to keep in mind is doing projects which increase the value.
Adding Value Through Repurposing
There is greater appeal of rooms with versatility to potential buyers. Second living rooms can be the next purpose of basements. They can even become a personal den or a game room for the children. An aging relative or tenant can be the next dweller of a space in a small apartment.
Attics can be repurposed into craft rooms, just make sure the ceiling width is adequate. Play rooms can be imagined once you put swings to the rafters all to the kids’ enjoyment.
When you look at it on the surface, the addition of more square footage to your home with a new room can become one expensive project. This can quickly spin wildly out of control. Though you can end up to gain some of your investment, anywhere from 50% to less than a 100%, you have to keep a close tab.
There are hidden project costs and problems that can come up.
Spruce Up The Value Add Spaces
As with any projects, the additional bathroom cost is dependent largely on the types and kinds of additions and accessories. Their costs will add up to the bottom line. Be conscious of the use versus the cost to determine if it’s a good addition and eventually its value. What we don’t want to spend on is the additional cost.
It is best to check on Depot listings especially when there is a great price cut for sinks, toilets and other pieces you may need in quantity like tiles, doors and fixtures.
The existing space in your home can save you more money but attract better ones when reinvention is used. Basements can be improved, attics can become a bedroom, a spare area can be a home office.
Not a few homeowners have added small rooms for rents atop their garages. By subletting these units, you just gained an additional stream of income.
Windows And Baths Add Value
Energy efficiency is on top of most home buyers mind nowadays. Single pane windows are considered old and drafty. Worse they turn off a lot of prospects once discovered. The main consideration is the annual savings you get once you shift to star rated options. Up to $500 a year is not bad when heating and cooling costs are factored in.
On top of that, you get to receive a tax credit in green energy amounting to 10% when you do the switch. Your state and utility company can even look at you in good standing and provide additional credits.
A bigger profit is gained from your investment of adding an additional bathroom space in the house. The estimate is to be between 80% and more depending on how valuable the addition is.
Survey the house and take a closer look at extra areas and underutilized spaces. Consider spaces like closets, those under the stairs or pantry areas. A requirement of at least 18 square feet is needed for a half bath. An additional 12 square is needed for a full bath with a stand up shower inclusion. With the ones including a bathtub, a 35 square feet is to be needed to create a bathroom addition that is of value.