Whether you’re almost ready to put your house on the market or you’re just planning far into the future, it’s always a good idea to invest in home improvement projects that increase the overall value of your home. Whether you’re looking to add new rooms or rework something you already have in place, the return on investment can be ridiculously high depending on the project you undertake. Here are a few additions you can make to your home that are sure to increase its overall value.
A finished basement can increase the liveable square footage of your home, and along with that, the listing price comes way up. On average, if you spend $10,000 finishing the basement, you can expect at least $7,000 extra added to the value of the home when it comes time to sell, and the overall return is higher if you’re able to do some of those repairs yourself. Not only is this a good investment for the future, but it gives you more space for entertaining or growing a family.
House additions don’t just have to be on the inside. Adding a garage could severely bring up the value of your home. The task of creating an attached garage may seem a little daunting, but rest assured a detached garage can also increase your listing price by thousands. While you may envision it at a garage, a future home owner may see a workshop, a music studio, or a pool house. Just having that extra area makes the house and yard feel more spacious and can spark the imagination of potential buyers.
An additional bathroom could increase the value of your home by thousands of dollars, and is one of the few renovations you can make where you’re likely to get back almost all of your investment. Some stats also suggest that adding a half bath could add 10% to your home’s overall value, but adding a full bath or converting a half to a full bath adds 20%! That’s a huge return on investment, if not the largest you can make to increase the price of your home.
A sunroom or enclosed porch can easily open out into the backyard or replace the patio that already exists. A sunroom not only creates extra indoor living space for children and pets to play, but they can also be near nature without having to worry about bugs or dirt. A sunroom can be an easier and less expensive project than adding a full addition onto your home, and also gives you extra space to entertain.