Your home is supposed to be an investment. In fact, it’s probably the biggest investment that you’ve ever made in your life. Just like all investments, you’ve made the investment of buying your home with the hopes that it will increase in value so you can sell it at a higher price later on. At the very least, you’d want to sell it at fair value.
Obviously, there are things that you can’t control but will dictate the value of your home. There’s the status of the housing market in your area to start. However, there are things that you can do to improve your home’s resale value. You have to spend money in order to improve your home’s resale value. While that doesn’t make sense at first, these home remodel projects will show you why it makes sense.
Add a Wooden Deck
A deck is not only a beautiful home addition. It’s also a very functional one. With these benefits in mind, you just know that investing on adding a wooden deck is worth it. The job cost for this is at $10,048. The good news is that it’s one of the best ways to improve your home’s resale value because it will add $8,085 to your home’s resale value which means that you’ll recoup 80.5% of your investment.
Get an Extra Bedroom by Converting your Attic into a Bedroom
Prospective buyers expect attics to be dirty and full of junk. Imagine how much more they’ll be willing to pay if they find out that your attic is really a functional bedroom. Understandably, this is an expensive investment because converting an attic into a bedroom can cost you up to $51,696. The good news is it can increase your home’s resale value by up to $39,908 which means that you’ll recoup 77.2% of your investment when you sell your home later on. As an added bonus, you get to have an extra room
Remodel your Bathroom
Your bathroom is one of the most used rooms in your home so it makes sense that you should always enjoy your time in there. This is why it’s time for you to consider remodeling your bathroom if you’re not a fan of how your bathroom looks anymore. You can also take this chance to improve its fixtures.
Remodeling your bathroom will cost you about $16,724. But just like you, prospective buyers will consider how your bathroom looks and they’ll be more than willing to pay more for a better bathroom. How much more? Remodeling your bathroom can increase your home’s resale value by $11,707 which means that you get to recoup 70% of your investment.
Other Home Remodel Projects to Improve Your Home’s Resale Value
Check out this infographic presented by Contractor Quotes for 14 of the best remodeling and home improvement ideas to increase home value. Know how much each investment is going to cost and how much of the cost you’ll be able to recoup.