Top 8 Home Improvement Ideas to Increase Home Value
In the quest for homeownership, it’s not just about finding a place to call your own—it’s about making that place work for…Read More
Homeownership has a unique way of awakening the inner designer or DIYer in all of us –even those not very knowledgable of home improvement. Whether you are tiptoeing your foot into DIY home improvement projects or planning large-scale renovations, this guide will help you with the basic and essential home improvement tips.
Your home –just like life, is a sequence of special moments and evolutions. You can easily tackle some minor problems yourself, while larger ones need help! Over time, you can truly create a special place for special moments for those you love. Flaunt you’re ‘before’ and ‘after’ pictures on social media as you tag your home improvement efforts and ideas.
Throughout this guide, you can select from our impressive range of value-boosting ideas for home improvement that help you save both time and money while impressing your friends. Not only will these tips be gentle on your wallet, but they will also deliver long-term results for the overall value of your home. Dive into our guide to home improvement.
Where to start?
Two reasons prompt you to begin a home improvement. Either something breaks or fails, or you’re looking to spice up your property to do the things you love. It can suddenly appear overwhelming when faced with a home improvement project, so developing a plan is essential. You can start a basic level plan by preparing a good list of what you’re trying to accomplish. If you plan to build a deck, make sure you plan the foundation and where you’ll put your grill.
The more you know, the better prepared you will be. Therefore, take a good look around your house –inspect areas like carpets, lofts, windows, knock on the walls to observe if drywall is loose, brickwork, and so on. Have you come across woodworm or termites? Are there cracks that worry you? Is paint flaking?
Although you may think you have a house in good condition, you might end up finding a thing or two that need upgrades. When you know the ins and outs of your home, you can make informed decisions about starting a home renovation or improvement project.
How much will it cost?
As of July 2021, the average cost of remodeling a house ranges between $19,800 and $73,200. It will vary depending on the total extent of the home improvement project, the size of the house, and the quality of appliances and materials used. Entire house renovation might cost around $15 to $60 per square foot. However, your kitchen or bathroom remodeling can cost about $100 to $250 per square foot.
Any structural changes needed to the entire layout or unforeseen damages to specific house components can add up to the total costs of home improvement. In addition, when you wish to estimate the home improvement costs, it’s essential to look into factors like location, condition of the property, square footage, structural changes, which rooms need renovation, and the quality of appliances & materials used.
Increase the value of your home
Remodeling specific areas of your house can be a great way to add improved functionality and beauty to the property. In other words, when you choose the right project to enhance the living space, a major portion of the total expenses can be passed on to future homeowners in the form of the increased value of the property. Not only that, certain home improvements can be used as tax write-offs come tax season.
You usually wouldn’t consider a home improvement project until you need it. However, a complete home renovation can have a myriad of benefits that you wouldn’t often think about:
Boost property value
Remodeling your home can also be an enjoyable experience. When done right, such projects can help boost the value of your overall property. Rather than losing yourself in the ocean of home improvement dreams and ideas, evaluate which pursuits will deliver the highest ROI (Return on Investment). You should make sure that the home improvement project you choose should improve the entire space for you and your family. It should also be profitable for potential buyers in the future.
Here are some innovative ideas to consider:
1. Improving Outdoor Structures: First impressions count. Enhancing the outdoors or curb appeal can be a great addition to your home improvement idea. It can be as simple as adding a new walkway or scrubbing the home’s siding.
Adding certain plants, flowers, trees, can really make the front of your home stand out compared to your neighbors. To be effective, it does not need to be expensive. Projects that make your home’s outdoor space more functional and accessible can also improve home value.
For the backend of your home, depending on the materials you use, like composite or wood decking, patios, and decks, can deliver an ROI of more than 64%. If you already have a patio or deck, you can think of refinishing or pressure washing it to make it stand out. Replace or repair any damaged, rotten, or old outdoor structures.
2. Bathroom Remodels: Bathroom remodels can improve the value of your home and make it more appealing to potential homebuyers. Based on your bathroom renovation budget, you can consider a wide range of projects, including:
Another option is to add a new bathroom to the space –especially if you have only one in the first place. Homes featuring multiple bathrooms are in high demand in the real estate market. You are likely to embrace the overall convenience as well.
3. Kitchen Renovation: Kitchen remodeling –whether minor or significant, is a great way to boost your home’s value. As per a study report, you can think of recouping anywhere between 53% and 72% on your kitchen renovation –based on the materials used, the type of renovation executed, and your location.
Some of the minor kitchen upgrades will include:
At the same time, some major kitchen upgrades you can consider are:
4. Roof Replacement: A study finds that your roof is a valuable investment. It’s estimated that a new roof will increase the home’s value by around $15,427, on average. Your roof makes up for around 40 percent of the overall visual appeal of the home’s exteriors. Therefore, it has a significant impact on the entire curb appeal.
If you have decided to execute a home renovation project before selling your house, the ROI of a new roof will make it a great option. With the myriad of roof replacement options for materials, you should choose the one that delivers maximum ROI and energy efficiency.
Are renovations tax deductible?
Under the recent federal tax code, home improvements themselves are usually not tax-deductible. However, there are several instances in which you might qualify for a tax break for ensuring specific enhancements to your home.
You can think of claiming a tax credit for the installation of energy-efficient property enhancements. Suppose you have installed energy-efficient equipment in your home –including solar panels, small wind turbines, geothermal heat pumps, solar water heaters, or fuel cell property. In that case, you might claim a tax credit on your subsequent returns.
Home improvements that are executed for medical purposes can be tax-deductible. The IRS offers an allowance of tax deductions on specific medical expenses. As such, if you have made significant improvements to your property to provide help to a physically-disabled person, you can receive tax deductions.
Finding general contractors
For most homeowners, the most challenging part of any home remodeling project is not the work itself –it is finding a reliable and competent contractor to complete the job. Installation of kitchen cabinets, retiling floors or knocking down-home walls can be regarded as straightforward tasks. This is in comparison to the struggle of hiring a professional general contractor to deliver high-level results –right from start to finish.
These are some ways to find the best general contractor for your home improvement assignment while still maintaining your sanity and budget:
Upgrade your home to create passive income
Not only can you improve the value of your home, but you can also use it to increase your passive income to help pay for your home improvements and mortgage. PeerStorage is a peer-to-peer storage marketplace where property owners can earn extra money by renting out a small portion of their property to people in need of storage or parking.
You can add a parking pad for an RV, boat, trailer, or extra vehicle. If you have a large yard, you can add some gravel or clear out some brush to fit some vehicles and make an extra $500 per month just for storing vehicles. Find out more about more much you can make using PeerStorage.
Home improvement assignments can be tough to prioritize –especially while setting the proper budget. Therefore, selecting the right services delivering the most benefits is essential if you have plans to sell your house at some point in the future, emphasizing remodeling and renovations that improve the property’s value.
Stick to a specific budget and choose a realtor to analyze where to start as you prepare your property for sale after home improvements.