A great way to add value to a house is with a home improvement project that would make it more appealing to prospective buyers. When a homeowner is not planning on selling the house immediately, for instance during the middle of a depressed housing market, a home improvement can mean additional equity when the time is finally right for selling. In the meantime, the improvement should be something that appeals to the owner as well, and adds value for the current household members. Here are some of the best home improvement projects that also add value to a home.
Remodel the Kitchen
One of the reasons this is such a great idea for a home improvement project is that in general, a remodel of the kitchen can be almost entirely recovered at resale time, according to a Cost vs. Value report from Remodeling Magazine. According to the report, a minor kitchen project can recoup on average almost 83% of the cost of the project, while major projects tend to recover less of the cost. It is a good idea not to go too overboard on this kind of a project, though, because a shiny new kitchen might seem out of keeping with the rest of the house.
Install a New Door
While this may sound like a very modest project to undertake, U.S. News & World Report ranked it as the number one value-added household improvement that a homeowner could undertake. An aesthetically appealing new front door, made of a solid material like steel, can recoup almost 100% of the cost of installing the door when the house is eventually sold. In effect, the new door becomes practically free to the installing homeowner at resale time.
Build a Walk-In Closet
The extra room provided by a walk-in closet is a wonderful luxury to have in the home, both in terms of the ease of organization for wardrobe and for ease of access to everything inside. Walk-in closets can also serve as another dressing area because of the spaciousness and privacy they afford. A very roomy closet can even become a money-saver and space-saver because it can be equipped with shelves, rails, and racks to accommodate clothing that might otherwise need to be stored in a large piece of furniture, such as a dresser or armoire.
Install Energy-Efficient Windows
This kind of project pays off in a number of surprising ways. In the immediate time frame, residents will spend less money on energy, and when the house is eventually sold, energy-efficient windows are a strong selling point. Efficient windows are also eligible for a green energy tax credit of 10%, which makes them even more appealing as a home upgrade. As much as 78% of their cost can be recovered at resale time.
Add a Deck
The Cost vs. Value report referenced above lists building a deck as one of the best projects for the recovery of investment at resale time. Installation of a new wooden deck with attractive railings, according to home remodeling experts, can have 87% of its cost recouped when the house is sold, because it adds so much to the home in functionality and visual appeal. Since fewer families can afford big vacations these days, they stay home and enjoy the benefits of outdoor living and socializing, which makes the deck a center of attention.