How to boost your home’s value with a remodel

When it comes to home renovations, most homeowners choose remodeling projects that benefit them in their current living situation.

However, if your home is not your forever home and you are considering selling sometime in the future, there are several renovations that will add value to your real estate and make your home more attractive to potential buyers.

Here are a few remodeling projects to take on in 2017 at varying degrees of cost and difficulty that will work for you now and in the future.

Give your kitchen a facelift

They say that the kitchen is the heart of the home, so at the top of many homeowners’ renovation lists is a kitchen remodel.

Chicago real estate experts agree that the kitchen is one of the most important places to focus when you’re upgrading with resale value in mind.

Simple, relatively inexpensive updates such as new cabinetry, knobs and handles, backsplashes, oven hoods, and light fixtures will make your kitchen look and feel like the most important part of your home and significantly increase your home’s value.

If you want to go the extra mile for potential buyers, upgraded storage in the kitchen and pantry and a splurge on new, top-of-the-line appliances often seal the deal in the buying process. According to Consumer Reports, you can expect a 3-7% value increase by concentrating your efforts here.

Breathe new life into your backyard

As summer and the holiday season approach, it’s important that the outside of your home looks just as attractive and welcoming as the inside.

If you’re looking for a large renovation project and a long-term investment, consider building a sunroom or conservatory to enjoy throughout the year. Alternatively, upgrading your existing indoor/outdoor spaces, including sunrooms and outdoor entertainment areas will give your home a fresh and inviting edge on other homes in your area.

Decks are an especially cost-effective addition—in fact, homeowners who choose this remodel upgrade tend to recoup 81% of the cost.

Invest in renewable energy technology

While taking the leap into renewable energy in the home is a big decision, homes with photovoltaic solar panels already installed tend to sell for more than homes without.

Buyers love low-cost renewable technology, and the less effort for them, the better.

If you decide to invest in photovoltaics now, you can see some benefits immediately in both your energy use and bills.

This is especially true if your area offers grid based shared solar or net metering schemes. If you love renewable energy but are concerned about the price, smart energy meters—as well as connected HVAC and lighting systems and appliances—for solar panel savings that also increase the value of your home.

There’s even a Chicago-based project working to offer solar co-ops, which reduces costs in favor of shared resources.

Modernize your living spaces

As far as living spaces are concerned, today’s buyers love contemporary and open plan living areas. Knocking down non-load-bearing walls and outdated half walls and archways will instantly increase the value of your property.

If your home is currently on the market, a simple declutter of your living areas costs nothing and makes potential buyers more likely to picture themselves living in your home.

Energy Efficient Windows

It may not be the most glamorous upgrade, but energy efficient windows can result in a ROI of 79% when you go to sell.

That’s because windows are responsible for more than 30% of a home’s energy loss—something you don’t want to worry about during the freezing Chicago winters.

That’s why it’s important to ensure that your windows are leak-free and optimized for your region means a more comfortable home and lower monthly bills—both of which are a selling point for buyers.

About the Author: Kaitlin Krull is a writer and mom of two girls living the expat life. She enjoys writing for the solar installation experts at Modernize Solar with the goal of empowering homeowners with the expert guidance and educational tools they need to take on energy efficient home projects with confidence.

 

Written by @properties
At @properties, our goal is to provide you with expert, caring, and candid advice throughout one of the most important transactions you will ever make.