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Your home is your sanctuary, a place where you can sit back and relax. However, as well as being your base, your home is also likely to be your most significant investment and the single biggest purchase that you will ever make. Therefore, it is essential to protect that investment, and if you want to take things a step further, you can make improvements that will add value to your home too.
If you are solely looking for ways to add value to your home, then it can be tricky to know where to start. Deciding which home improvements will add the highest amount of value can seem confusing, so here are some options to consider:
Making your home larger is the most obvious way to add to its value. The more square footage that you have, the more the value should increase. However, this additional space needs to come from somewhere so if you are planning on extending, be sure that you aren’t devaluing another part of the property in the process. Losing your entire backyard to extend your home, is likely to devalue it, as a property with very little outside space could be harder to sell and is less likely to appeal to families.
It is crucial to have a specific purpose for the extension that you are planning. This additional space needs to flow with the rest of the house and add to its appeal. Making extra space merely for the sake of it could make it harder for you to realize a return on your investment.
Accessory Dwelling Units
Have you ever considered adding an accessory dwelling unit (ADU) to your home? ADUs are an excellent way to add value to your home, and will also provide you with a regular income too. If you aren’t familiar with accessory dwelling units, they are something worth investigating further. Your garage is converted into a dwelling on your behalf, or a home is constructed in your backyard. This new dwelling is rented out to tenants, and you then receive a portion of the monthly rent.
You will benefit from receiving monthly rent, along with the increased value to your property that the new dwelling provides.
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Even just redecorating your home to refresh tired-looking walls with a fresh coat of paint can help to improve its value a little, and will undoubtedly make it more sellable. Going a step further and redecorating to a high standard can also grow the value of your home, but be careful when doing this. One person’s idea of good taste can be another person’s worse nightmare, so beware of spending a chunk of cash on redecorating in a distinct style. As decorative taste is so subjective, it is best to opt for high-quality fixtures and fittings and complete the work to a high standard of finish, rather than splashing out on ornate decorative details. A high-quality finish is more likely to add value, such as high-end appliances and floor coverings.
Two rooms in the home that are worth focusing on are the kitchen and bathroom. As these, are seen as both expensive and a hassle to renovate, many prospective buyers find newly remodeled kitchens and bathrooms appealing. It is widely believed that kitchens and bathrooms are rooms that will help you to realize the highest increase in the value of your home.
Makeover Outside Space
Making over your outside space will give your home some instant curb appeal. Keeping your front and backyards neat and tidy will provide a great first impression of your home, and make it look inviting.
To increase the value of your home, then your outside space needs some wow factor. Landscaping your gardens can help, along with additions such as an outdoor fireplace, pizza oven or pool. These will certainly appeal to people that love to entertain. These kinds of additions are the types of features that can make buyers willing to spend a little extra money to buy your home.
A Final Word
Don’t forget to research thoroughly before taking on a home renovation with the sole purpose of adding value to your home. You will need to consider your return on investment to evaluate whether the expense and work involved make it a worthwhile addition to your home. Another vital factor to look at is the ceiling price for your street. You may not add as much value as you hoped if you are aiming beyond the ceiling price for your neighborhood.