4 Unique Home Renovation Projects to Improve your Home’s Value
February 23, 2020
While home renovation projects are often times meant to improve quality of life for the homeowners, they can also be an extremely effective way to improve a home’s value. From large scale to smaller scale projects, there are plenty of ways for homeowners to optimize the functionality of their home, while also increasing its worth on the market.
But what projects will be most effective in accomplishing these goals? It may not be the renovations you’d assume. Read on for 4 home renovation projects that will improve your home’s value.
#1. Add a Deck
By adding a deck to your home, you’re adding a whole new avenue for entertainment and relaxation. In fact, we recently wrote a blog on the benefits of adding a deck to your home. From hosting parties outside to simply spending more time outside, a deck can change a homeowners life for the better.
In regards to home value, a deck is estimated to add roughly $10,000 to the market price of a home. The cost of getting the project completed varies, but its relatively safe to say the value of adding a deck outweighs the expenses.
#2. Bathroom Addition
An extra bathroom is a great way to add utility into any home. Whether it’s attached to a bedroom or off of a main room of the house, having an extra bathroom is a great way to attain extra privacy and improve the flow of a house.
It’s also a sure-fire way to improve the value of a home. In fact, according to The National Association of Home Builders, adding a full bathroom boosts home value by 20 percent.
#3. Finish Your Basement
While the return on investment for finished basements is somewhat debated, they undoubtedly add value to your home. According to The Balance SMB, finishing a basement will give you approximately a return of 75% on your investment.
An alternatively interesting possibility after finishing a basement is renting out the space. By renting out the space, homeowners are often able to cover much of their rent with very little overhead costs.
#4. Adding a Home Office
Obviously, adding massive additions to a home is bound to increase its value. But even smaller additions, such as adding a home office, can make a difference.
Adding a home office will, firstly, allow the homeowner a place where he or she can concentrate on important tasks and, secondly, raise the value of the house. Carving out the necessary space, often time by building an additional room, will offer potential home buyers more flexibility.
There are more ways to improve the value of a home than the options on this list, but the 4 options here are a great place to start. Consider these options and more when trying to add value to a house.