Most homeowners know that certain home improvements will increase their property value. However, not all home improvements will increase property value— in fact, some may decrease your property value.
Some of the most popular home improvement projects that increase property value include updating your kitchen and your bathroom(s). But if you’re wanting to add more luxury to your home, here are some projects that will give you that luxury and increase property value.
#1: Add a Pool to Your Backyard
Now that it’s getting warmer outside, you may be thinking about how nice it would to have your very own swimming pool. Depending on where you live, adding an above-ground pool to your backyard can add $22,000 to the overall value of your home. So if you’re committed to keeping up with the maintenance of a pool, it may be something worth looking into.
It can take anywhere from six to twelve weeks to complete the construction of your in-ground pool, so construction should begin in early spring and no later than early summer for you to enjoy your pool during the warmer months.
#2: Finish Your Basement or Other Space
If you have a basement, garage, or attic and you’re only using it for storage, consider turning it into an additional room or complete living space. Finishing any of these spaces will require adding insulation and drywall, and the finished product can add over $21,000 in value to your home. The reason is because finishing a space and making it liveable adds square footage to your home.
Depending on the size of your basement and attic, you may be able to transform these areas into full living spaces, complete with a kitchen and bathroom area. Otherwise, a smaller space may only be able to be converted into an extra bedroom. The same thing goes for finishing a garage: it may be too small to convert into a complete living space, but it can be converted into an extra bedroom or even a home gym.
#3: Install Hard Floors
Of all the types of hard flooring (flooring that isn’t carpet), hardwood floors tend to increase your property value the most. This is because hardwood floors tend to last the longest of all flooring (when taken care of), so this is less maintenance for the homeowner. Hardwood floors can increase the value of your home by nearly three percent.
Keep in mind that hardwood flooring doesn’t work well in all rooms of the home, particularly the bathroom and even the kitchen. Another type of flooring material that is just as durable and long-lasting as hardwood flooring is concrete flooring. You can also go with vinyl or laminate flooring, which can be designed to look like true hardwood. Carpet flooring hardly ever increases property value because it requires more maintenance and traps allergens, which lessens indoor air quality.
#4: New Home Addition(s)
Finishing a basement, attic, or garage isn’t the only way to add more space to your home. To get the best return on your investment, you should consider adding another bedroom (and possibly bathroom) instead of something like a sunroom or family room. This addition can add over $16,000 to the value of your home because, again, you’re adding more square feet to your home.
This is the most complex of the luxury home improvements, requiring concrete for the foundation, lumber for framing, plumbing and electrical materials, windows and doors, HVAC system components, flooring and ceiling materials and finishes, and many more materials, tools, and equipment. Depending on the type of addition you’re wanting to add to your home, you may need much more of certain materials, such as extra concrete for your driveway if you’re adding on a garage.
Before making any improvements to your home, make sure that you do your research to determine exactly what projects will add value to your home. For example, adding a pool doesn’t increase property value everywhere. There may also be restrictions in your homeowners’ association on what home improvements you’re allowed to do.
Finally, never try to do any major reconstruction to your home on your own— unless you’re a licensed contractor and you know what you’re doing. Specialized tools and building permits may be needed for the type of project you want to attempt, and it’s much less of a hassle to have a professional with all of this knowledge complete the project for you.
(Image source: depositphotos.com)