With unemployment at an all-time high and a recession on the horizon, fewer and fewer people are listing their homes for sale. Homeowners would rather wait out the economic doldrums to get a better value. And even if you do decide to put your home on the market, it could be months before you get any offer, let alone one that matches your asking price.
Now that people are spending most of their time at home, many have turned to interior design and home renovations as a way to pass the time and to make their home more comfortable. Our everyday routines have been upended, and we find ourselves having to work or study from home. Our homes aren’t exactly designed to function as secondary offices or schools, so this new setup has put a strain on relationships and resources.
If you’re thinking of starting a home improvement project, it’s crucial to think about how it will affect your home’s value. Some projects aren’t the best use of your money and add nothing to the overall cost. In some instances, your home improvement can even drag down your selling price. As a rule of thumb, focus on projects with mainstream appeal, such as garage door repair.
But which projects should you pursue? How can you tell if a home improvement project is beneficial at the end? Here are a few projects that add value to your home.
1. Small updates and repairs
Even if there isn’t room in the budget for a significant renovation project, small updates and repairs can add a lot of value to your home. Something as simple as repairing the walls, repairing a leaky roof, and cleaning dirty siding can improve your quality of life. These projects help ensure that your home will hold up well throughout the years. And if you decide to put your home on the market, it will be ready for the next owner.
You can also go beyond repairs and replace outdated fixtures. Replacing old drawer pulls or doorknobs gives your home a quick visual lift. Installing a new water-saving showerhead or toilet will help reduce your utility bills down the line. Repainting the exterior can also breathe new life into a tired home.
The right improvements can improve your home’s value. Here are some of the best ones:
2. Improve the insulation
Poorly insulated homes are more expensive to live in and maintain. Home inspectors will note if your home is lacking in that department, which could deter buyers from making an offer. Whether you decide to sell your home or not, upgrading your home’s insulation can save you a lot of money.
Best of all, you don’t have to spend a small fortune to install energy-efficient insulation. The tiniest of changes could have ripple effects, and the right upgrades can save you thousands of dollars. For instance, adding extra roof insulation costs only a few hundred dollars, and the project will pay for itself within months.
Replace doors and windows that allow hot and cold air to flow in and out. Check your home for holes and cracks that affect a room’s insulation. One quick way to check for drafts is to walk around your home during winter. A cold spot, even in a heated room, is a sure sign of a leak. You can also use a thermal leak detector to spot temperature drops.
3. Convert an existing space
One of the best ways to add value to your home is to add more space. However, a home extension project is incredibly expensive and can take a long time to finish. And even if you create an airtight plan, you could find yourself getting more than you bargained for. You have to contend with ballooning costs and missed deadlines, and your original project can end up costing twice or even three times the initial estimate.
Instead of adding square footage, you can repurpose the existing space you have. For instance, you can turn a bare attic into a spare bedroom or guest room. Convert your basement into a den or study. The more versatile the space, the better.
Even if you don’t have plans to sell your home soon, it pays to focus on renovation projects that add value to your home. Value-adding projects improve your quality of life and allow you to make the most of your home. Start with small fixes and work your way up the ladder.