Solar panels are often thought to be the least valuable home improvement, adding just 0.5% to a home's value. But there are plenty of other projects that can add value to your home, if you keep costs under control. According to HomeAdvisor, you can add between 5% and 15% to your home value with the right improvements. Kitchen remodeling is one of the best projects to increase resale value, and will probably always have a first place.
Installing a new chimney can rapidly increase resale value, especially if it's an upgrade from an older and less efficient wood stove to a gas or electric one. Bathroom additions have twice the resale value of a new room, as they involve a lot of usability improvements that buyers love. Don Sever, general contractor for 18 years and president of Sever Construction in Oakton, Virginia, recommends that every homeowner's first priority should be to keep the existing structure in good condition. Steve Straughan, partner at Los Angeles-based KAA Design Group, adds that kitchens and bathrooms are the areas of a home where you can tell if money has been well spent or not.
Alon Barzilay, founder of real estate development company Urban Conversions, warns against falling in love with unique or luxurious lighting fixtures. He also advises against making your home the largest in the neighborhood, as this could make it difficult to sell in the future. Bob Vila, renowned home improvement expert, suggests avoiding built-in or custom electronics that take up space in an otherwise usable room. He also advises against investing in a pool renovation or extension as this is not the best way to add value to your home.
Stacy Sirmans and David Macpherson found that adding a bathroom increased the sale price of a home by 8.7 percent, more than double the rate of adding a bedroom.
Home improvements
that add value include replacing carpets with hardwood floors, installing energy-efficient appliances, and adding a garage if your home is the only one on the block without one. A patio is also a great DIY project but don't expect to recover more than half the cost as an added resale value of your home. Before starting any major home improvement, it's important to wait until price fluctuations cease and make sure all permits are obtained from licensed professionals.If you have a relatively modest home in a neighborhood with high home values, you have a good chance of increasing the value by improving the property.
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