7 Construction Projects That Will Increase Your Home’s Valueadmin
Undertaking a remodeling or construction project can be a great way to customize your home while increasing your home’s resale value. However, not all “improvements” are made equal—prospective buyers appreciate (and are willing to pay more for) certain renovations. Some particular construction projects may even make your home less attractive to potential buyers, lowering your home’s resale value.
While house exterior improvements typically return higher percentages of renovation costs, some select interior renovations can also produce a high renovation cost in home value. These ten projects, including exterior and interior renovations, will make a living in your home more enjoyable while providing solid returns on investment.
Finishing the Basement
In areas with expensive real estate, finishing the basement in your home can be an expensive but worthwhile investment. By transforming an unfinished basement into a heated room, you’re adding another functional living space in your home that will serve both you and other future individuals who live in your home.
The cost of finishing a basement will depend mainly on the size of the space. Expect to pay around £16,000 to finish the basement, with prices typically ranging from £4,000 to £50,000.
Open Floor Plan Arrangement
Remodeling your home’s interior into an open floor arrangement, if done correctly, can increase the perceived size of your home’s interior and impress potential buyers. Open floor plans increase natural lighting through the house, connect different rooms, and are great for entertainment and parties.
Open floor plans are commonplace among large luxury homes being sold in Las Vegas, Blackpool, and other similar destinations. In these areas with less expensive per-square-meter real estate, open floor arrangements combine spectacularly with the already large homes, creating expansive living spaces with truly spacious feels.
Before changing your home’s arrangement, it’s essential to plan your space carefully according to your needs. Updating your home’s current structure into an open floor plan arrangement will require you to knock down walls and potentially move wiring and pipes.
Converting your Attic to a Bedroom
Transforming your dusty, unused attic into a bedroom can add a tremendous amount of value to your home, increasing your home’s appeal to buyers with families. While attic-to-bedroom renovations don’t increase the square footage on your home’s listing, they do increase the number of bedrooms in your home. They allow your house to accommodate additional individuals comfortably. Converting an attic into a bedroom will typically cost between £20,000 and £60,000.
Replacing old cabinets, installing new appliances, and updating your kitchen flooring can go a long way towards improving your home’s overall appeal to both you and potential buyers. If your home has an open floor plan that emphasizes the kitchen space, it’s imperative and valuable to have a kitchen that holds up visually when viewed alongside the rest of your home.
When remodeling the kitchen, it can be tempting to go overboard with improvements to create a luxurious space with expensive appliances and expansive countertops. However, this often isn’t the most efficient move from an investment perspective—spending excessive amounts on a kitchen will lower your overall return on investment percentage.
Adding a Wood or Composite Deck
If your home has a view or is in an area with warmer temperatures, adding a wood or composite deck can be an efficient investment that you can also enjoy.
While wood decks are typically cheaper by approximately 1/3, composite decks are more durable and are virtually maintenance-free. Both provide similarly high returns on investment, although composite decks do require a more increased initial investment.
Steel Front Door
If you’re looking for a less-intensive facelift for your home, installing a steel front door is the perfect exterior construction project—steel doors are relatively easy to install, inexpensive, and consistently provide high returns on investment.
Steel entry doors complement the various home architecture and design styles and instantly boost your home’s curb appeal. First impressions for buyers are significant, and having a steel front door may help your home put its best foot forward.
Garage Door Replacement
If you have old, battered garage doors that negatively affect your home’s outside appearance, replacing your garage doors may provide an adequate return on investment. Replacing your door with a stylish new alternative will increase your home’s exterior appeal, boosting your home’s value by an amount similar to the replacement cost.
Like replacing a front door, replacing a garage door is typically a more accessible construction project and requires less investment than the larger construction projects listed. The cost of replacing a two-car garage door usually ranges from £700 to £1,400.
While replacing a garage door is financially efficient, expanding your garage and replacing your door with a larger one isn’t. If your home already has a two-car garage, increasing the garage capacity won’t add significantly to your home’s value.