You can make a long-term investment in your property by investing in the right upgrades to increase its resale price. If you are looking to sell your property, make sure that the upgrades make your life easier and more enjoyable. This means buyers want home features that are easy to implement. The smallest of changes can make a big difference in the final cost. We will be looking at the best home renovation projects for resale in the next article.
It is possible to increase your property’s value by making the right home improvements that will make it more appealing to potential purchasers. While these projects tend to be more affordable than many other home improvement projects in comparison, the cost of each service or project is different. There are many home improvements that may not be right for you. But, there are ways to add value and enhance the property's appearance.
The first of these home improvement projects is to improve the space. You can add a wetbar or convert an attic or basement. You can also install a stainless-steel drop into bar sink and an undercounter refrigerator. You can also install carpet squares and modular subfloors in a basement. These are not the best investments, but they can be a great way to make a profit.
Your basement can be one of the best home improvement projects you can do for resale. It's not common for older homes to have unfinished basements, but they can make your home more valuable. A finished basement costs anywhere from $10,000 to $22,000 depending upon its size and depth. You might consider adding a kitchen and a three-piece bath to the basement, if you are able.
The perfect home improvement is to add a basement unit. You could make additional rental income for new owners by including a basement apartment. The best way to market the basement is to install a brand new kitchen and bathroom. This is an excellent way to attract a larger crowd of potential buyers. By attracting potential buyers, a basement apartment can increase the value of a house.
A home's exterior can be improved by a variety of renovations, including replacing obsolete appliances or fixing any mechanical issues. The renovation can be cosmetic or structural and increase a home’s resale potential. You may also be able to paint the house a different color or make the home more attractive. This is another way to increase the resale price of your home.
FAQ
What room should I remodel first?
The kitchen is the heart of any home. The kitchen is where you will spend the majority of your time cooking, entertaining, or just relaxing. It's where you will find the best ways to make your home more functional and beautiful.
It is also an important component of any home. The bathroom provides privacy and comfort while you do everyday chores like brushing your teeth, shaving and bathing. Consider adding storage to these rooms and installing a tub instead of a bathtub. You may also want to replace old fixtures with modern ones.
Is it more expensive to remodel an existing house than to build one new?
There are two options available to you if you're considering building a home. Pre-built homes are another option. This type of home can be moved in to immediately after it is built. You also have the option to build your home from scratch. With this option, you'll need to hire a builder to help you design and build your dream home.
Cost of building a home is determined by how much time you spend planning and designing it. A custom home may require more effort because you'll likely need to do most of the construction work yourself. But you can choose the materials you want and where you want them to be placed. So, it might be easier to find a contractor who specializes in building custom homes.
A new home is usually more expensive than a remodeled home. This is because you will have to pay more for the land as well as any improvements that you make to it. You will also need to pay inspections and permits. On average, the price difference between a new and remodeled home is $10,000-$20,000.
Is it better to finish floors or walls first?
The best way for any project to get started is to decide what you want. It is important to consider how you will use the space, who it will be used for and why. This will help determine if flooring or wall coverings are best.
You might choose to first install flooring if your goal is to create an open concept kitchen/living area. Wall coverings can be used if the intention is to keep this area private.
Do I require permits to renovate a house?
Yes. Before you start any home improvements project, permits are necessary. You will require a building permit as well as a plumbing permit in most cases. You may also need a zoning permit depending on the type of construction you are undertaking.
Is it better to hire a general contractor or a subcontractor?
Hiring a general contractor is usually more expensive than hiring a subcontractor. General contractors have many employees so often charge their clients a high amount for labor costs. A subcontractor, on the other hand, only hires one worker, and charges less per hour.
Statistics
- Most lenders will lend you up to 75% or 80% of the appraised value of your home, but some will go higher. (kiplinger.com)
- ‘The potential added value of a loft conversion, which could create an extra bedroom and ensuite, could be as much as 20 per cent and 15 per cent for a garage conversion.' (realhomes.com)
- A final payment of, say, 5% to 10% will be due when the space is livable and usable (your contract probably will say "substantial completion"). (kiplinger.com)
- It is advisable, however, to have a contingency of 10–20 per cent to allow for the unexpected expenses that can arise when renovating older homes. (realhomes.com)
- The average fixed rate for a home-equity loan was recently 5.27%, and the average variable rate for a HELOC was 5.49%, according to Bankrate.com. (kiplinger.com)
External Links
How To
5 Things You MUST Know Before Starting Your Home Renovation
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Do you really want to do this? If you're planning on embarking on major home improvement projects like renovating your kitchen, bathroom, or building a brand new house, it's certain that you'll need to have some assistance. You might reconsider if you're not confident enough to handle such a huge task on your own. This could cost you a lot of money and time, and you may not get any real benefit from it. Hire someone who knows the ropes to help you. These people will save you time, stress, and provide a beautiful place to live in.
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How much should I spend? This one may seem obvious, however spending too much on renovation projects could make matters worse. This is because most of the cost will be recouped at the end. Stick to your budget if you have one! Otherwise, you could end up paying a fortune without getting anything in return.
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Do I choose to hire professionals or DIY? - There's no right and wrong answer. We recommend hiring professional tradespeople, however, if you're able to afford them. You can trust them to provide you with advice and guidance on how to proceed with your job. They can install the plumbing correctly and make sure that it is done safely. DIY projects require lots of trial and errors, which can mean you'll have many lessons to learn. Additionally, you will have to deal all manner of problems that can arise along the way.
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How much can I afford it? Do not underestimate the costs of a renovation. Even if you think you can manage it on your own, you might find that you need to borrow money from friends and family just to cover the bills. You should also consider the cost of selling your property if you plan to move soon after the renovations are completed.
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Where should I begin? There is no right or wrong place to begin when it comes to starting. We recommend that you pick something that you are passionate about. If you enjoy what you do, you will be more motivated to continue working and less likely procrastinate. You should also avoid areas that require extensive maintenance. For instance, you shouldn't attempt to redecorate your living room if you're constantly dealing with dust and dirt.