Home projects are invaluable investments regardless if you own a small or large home, ranging from expanding available storage to adding a whole new structure, increasing the value of the house. However, before beginning your project, make sure to check your local building codes and zoning ordinances to ensure the project you have in mind is acceptable in your area.
After dealing with the paperwork, the first step of planning a home project is finding inspiration—and here are five creative home projects that can help increase both the value and appeal of your existing property.
Sunrooms are famously used as formal sitting areas, but they have many uses—ranging from being used as an office, living room, dining area, extra bedroom, and entertainment area. Although these rooms can be relaxing, sometimes most people need them for something more, and the best part is that sunrooms add tremendous value to a home.
It’s best to leave the construction of glass sunroom enclosures to the professionals to ensure it’s in top condition, providing homeowners a recoup of around half its original cost.
Upgrade Your Garage Door
Although conventional garage doors are widely considered utilitarian, an upgraded garage door is an excellent example of a home project that adds real value to the property. Doing this adds more character to your property, making your home stand out from the competition. The costs of replacing a standard-sized garage door and tracks with a modern design made from top-quality materials is around $3,600 and a resale value of $3,400—allowing you to recoup 94.5% of its original price.
Although it can be tempting to save money by doing the project yourself, it’s better to leave it to the professionals. That’s because removing existing garage doors and installing new and improved ones voids warranty, reducing your recoup percentage.
If your property doesn’t have proper insulation, this will drastically reduce the value of your home. That’s because houses that haven’t been modified to be energy efficient tend to be less valuable than energy-efficient ones since they are more expensive to live in and maintain. Upgrading your property will save energy and make it more energy-efficient. It doesn’t need to be costly, and you can make it more appealing while increasing its value with modest costs. Plus, doing this home project lets you more than $2,500 every year.
You can do this in several ways. The most cost-effective way you can insulate your property is by sealing cracks in areas that require more insulation. Those locations include around the doors, windows, electrical sockets, attic hatches, basements, light switches, and anywhere with ducts and wires. Another easy remedy is using CFL light bulbs in all lighting fixtures around the home as they use 75% less energy than your conventional bulbs, with each one saving you around $40 during its lifetime.
One home project that’ll cost you more but return twice its value is installing a programmable or smart thermostat. Most home buyers expect houses to have these gadgets as they can save homeowners hundreds every year.
Add a Room Over Your Garage
Constructing a “bonus space” or room over your garage is an excellent way to add extra square footage and value to your property without affecting the rest of the household. Since you already have your foundation in place thanks to the garage, all you need to add are walls and a roof. After finishing, you can rent it out or utilise it as a guest room.
However, keep in mind that certain additions for this project, like new roofing, such as fireproof drywall roof and vapour barriers, will be costly.
Add Another Bathroom to the Home
If your property only has a single bathroom, grab the opportunity to recoup a large chunk of your investment by constructing another one. Doing this lets you retrieve around 80% to 130% of whatever amount you spend on the new restroom. When looking for ideal areas in your home for the new bathroom, check out any extra or underutilised spaces and start from there, including closets and rooms under the stairs.
Like most home projects, the costs of constructing an additional bathroom depend on the types of additions and accessories you’re looking to use and the price of each one. You can save money by checking local hardware stores as they often reduce the cost of bathroom essentials like sinks and toilets that have been floor models.
Before you implement the home projects mentioned to your property, set a realistic budget first and work with your realtor to see which investments would give the most significant value boost, and stick with them—increasing value and attracting a larger audience.