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With the U.S. housing market implosion, it is nice to know that there are ways to increase the value of your home. And hopefully, you will get more money back from your investment.
Because of the state of the market, buyers aren’t impressed with flashy, unessential improvements. Instead, they are looking for ways to save as much money as they can. Knowing this, there are some improvements you can make to your home that will make it a more valuable commodity.
For example, improvements that lower monthly bills are vital. These include replacing the siding on you home. Fibre-cement or foam-backed vinyl products can recoup around 80% of your cost and lower your monthly heating and cooling bills. Replacing your windows to more efficient ones is a sure-fire way to lower your air conditioning bills. Plus there could be an aesthetic bonus as well, which could increase your home’s value on the market. Although it will be expensive, remodelling bathrooms with newer, high-efficiency appliances will attract buyers. Likewise, a kitchen remodel will have similar benefits. Also, with more and more people opting to stay at home, adding a deck to your home will be a good bonus for your potential buyer.
These aforementioned improvements are a bit on the expensive side. Here are some cheaper ways to add value to your home. Instead of choosing expensive fiber-cement, try using vinyl siding instead. It may not be as efficient as fiber-cement, but it may be an improvement on your current siding. You can also add an attic bedroom. Anytime you add bedrooms to your home, you add value to the home. The dimensions in an attic are small; therefore the cost is small to improve the attic. Likewise, if you have a basement, a basement remodel or upgrade can attract more buyers.
Having said all that, if you do not have the money to invest into your home, you should not undertake an expensive upgrade. Also, you will want to find out if said upgrade will increase the tax you pay on the home.