Summer is almost here, which means we’re in the thick of home improvement season! Reports from the Joint Center for Housing Studies of Harvard University indicate that Americans spent an estimated $340 billion on home remodeling and repairs in 2018. That’s great news for contractors, but homeowners themselves don’t always realize the gains they expected from projects they invest in. You can’t put a price tag on the happiness certain improvements might bring you. However, if you want to build value into your home, there are certain upgrades that add more value than others that you can prioritize.
Finishing the Basement
These days, a basement is precious value-added square footage that can be transformed in a number of ways. Entire companies now exist that specialize only in finishing basements. Adding additional functional space to your home increases its value and is appealing to buyers if you do decide to sell. Finishing the basement can be a relatively straightforward project and can bring significant returns in the future.
Repainting your home every 5-10 years as recommended by experts is one of the easiest ways to make sure your home looks appealing. Fresh paint on a home is not only visually appealing, but also protects the wood underneath from damage from the elements. It also signals to a potential buyer that you have properly maintained the house in the even you’re thinking about selling.
Modest Kitchen Upgrades
Putting money into the kitchen is a good investment. It is an integral part of the home and the remodel should focus on adding space and functionality without sacrificing on aesthetics. Subtlety is an art, though, and it is easy to overdo a kitchen remodel and see diminishing returns. Spending big on lavish decorations and expensive materials may not take away from the value of the home, but the big price tag is unlikely to add any more value than the smaller, easier upgrades. Keep it simple if possible.
While replacing your roof may seem like a big investment, having an up to date roof protecting your home is essential for creating and retaining value. Additionally, having a new or recently redone roof when going to sell your home will add value to price.
Something about a spacious backyard deck just conjures up images of summer evenings with the family outdoors. A deck might not technically add “living space” to a home, but in the warmer months it is certainly a space where families and guests can congregate and enjoy the fresh air. This addition can be a big hit with potential buyers, and is one of the simpler, less costly projects out there. For a minimal investment, the payoff could be well worth it.
Remember, while some projects may seem like an obvious choice, if you are thinking of selling your home in the next few years, it is always advised to check with an expert to see what upgrades will add value and which can be avoided. When you are ready to get to work, Mechanics Cooperative Bank is here to help with a variety of Home Equity and Lending products that fit your needs so you can focus on what matters. Check out our website or speak with a Lending Specialist today to learn about all the ways we are helping people build the home of their dreams.