Ten ways to increase the value of your home

In an uncertain housing market, wouldn't it be nice to know that your remodelling project would pay off when you went to sell the property? Let's look at some of the best projects you can undertake and recoup the majority of your cost.

Upscale Projects

1. Cladding Repair or Replacement (Fiber-Cement or Foam-Backed Vinyl)

With house prices high, home buyers aren't being dazzled by bells and whistles as much as they are improvements that will ensure lower repair and utility bills. Cladding is a crucial element in terms of protecting and insulating your home (it will help reduce your electricity bills), and is an important aesthetic factor which can potentially add value to your property.

2. Window Replacement (Vinyl or Wood)

Windows are not only an aesthetic feature. For most homeowners, they represent one of the easiest ways to lower home heating and cooling bills. By replacing your current windows with more efficient vinyl or wood ones, you can save on your utility bills and attract future home buyers.

3. Bathroom Remodel

Depending on the size and amenities of your desired bathroom, you could expect to pay over $30,000 to tear out walls, repair joists and wall studs, change structural elements and make major layout changes, such as switching a toilet and shower. However as one of the most utilised spaces in the home (and a major selling point), you can still expect to recoup most of your costs when you go to sell.

4. Major Kitchen Remodel

Kitchens are typically the most frequently used room in a home, so it makes sense that investing money here is going to pay off when it comes time to sell. While a major kitchen renovation is usually the most time-consuming and expensive home improvement job, it's also one of the most profitable.

According to a leading real estate website, a general rule is you shouldn't spend more than 4-6% of your property's total value on a kitchen remodel. If you're home is valued at $400,000, this means your kitchen renovations should total somewhere between $16,000 - $24,000.

Even if you don't have the money to spend, making a few smaller improvements can improve a kitchen's look and functionality and add value to your home.

5. Deck Addition (Composite Product)

There's no doubt that adding a deck to your property will increase the value of your home. A deck not only ups the amount of living space but allows multiple options for entertaining and relaxing which adds value in a buyer's eyes.

Mid-Range Projects

If you haven't got a big budget, here are some mid-range projects that will help you improve your home's value.

1. Deck Addition (Wood)

If your bank balance can't swing the higher price tag that comes with composite decking, you may still be able to afford a wood addition on to your home. While a wood deck would cost you thousands, it is sure to add resale value it will add to your home.

2. Cladding Replacement (Vinyl)

Fiber-cement or foam-banked vinyl are often more preferable cladding upgrades, but getting vinyl siding replacements instead is still a good choice.

3. Minor Kitchen Remodel

With belt-tightening in style, people are turning to minor kitchen improvement projects instead of major overhauls. It turns out that that choice is not only frugal, but financially wise. Homeowners can still expect to recoup most of the costs for minor kitchen remodelling jobs.

4. Attic Bedroom

Anytime you can add bedrooms, you're going to add to the overall value – and listed purchase price – to your home. If you have an attic that allows you to convert it to a bedroom, you may want to consider investing the money to do so.

5. Basement Remodel

If you're fortunate enough to live in a home with a basement, you should think about squeezing all the value you can out of it. By remodelling and finishing a previously-unfinished basement you can expect to get most of your investment returned with a higher list price, come time to sell.

Conclusion

If you have savings or access to reasonably-priced credit, it's worth it to consider home improvement projects that will produce the best return for your time and money. Make sure you work with a reputable, licensed contractor (to avoid costly errors or budget overruns).