If you plan to one day sell your home, it could be worth investing in some value-boosting home improvements. Moreover, you can also put up your property on Airbnb for short-term rentals after making the desired changes. It will help you earn a good return on investment and a steady monthly passive income. Interestingly, you can also connect with an airbnb property management company for hassle-free rental management. They will do all the guest dealings and property maintenance, while you will receive your monthly income.
But just which home improvements will appreciate the value of your home the most? Below are just some of the improvements that are guaranteed to increase the price tag of your home while providing a good ROI.
Loft Conversion
A loft conversion can be an opportunity to add another bedroom. On average, this can boost the value of your home by 10 to 20%.
The cost of a loft conversion depends very much on the size and condition of your loft. Some lofts already have suitable flooring and plasterboard – it may not cost much to turn this into a bedroom. Other lofts are empty shells with rafters and exposed insulation and will cost upwards of $20,000 to convert. The more expensive, the lower the return, so bear this in mind.
Garage Conversion
You can also add a lot of value to your home by turning an unused garage into a bedroom or living space. As with a loft conversion, this is typically between 10 to 20% of the total value of your home.
Garage conversions can vary in cost depending on how you improve them. At the very least, you’ll want to remove the garage door, add some electrical outlets, and lay down some comfortable flooring. Expect to pay at least $10,000 for all of this.
Kitchen Remodel
Kitchen remodels can add a huge amount of value. Generally speaking, the ROI is about 81%.
Most kitchen remodels cost about $20,000, which means you could make a return of about $16,200. It depends on how elaborate you want to go with your kitchen remodel. Luxury countertops and kitchen extensions will push the price up, but the value added is also likely to go up too.
New Roof
Many people put off replacing their roofs because it can be such an expensive job. However, a new roof could result in a significant boost in value. On average, the ROI of a new roof is about 63%. This means if you spend $8000 on a new roof, you could see a return of $5040.
Of course, it depends very much on the condition of the previous roof, the visibility of the roof, and the type of roof you install as to how much value is added. You should also make sure that you hire professional roofers who will do a good job.
Solar Panels
New Windows
If your windows are in poor condition, replacing them could increase the value of your home by 10%. Upgrading insulation and security is particularly likely to boost your home’s value. You should avoid replacing original windows on a historic property if they are still in relatively good condition, as this may devalue your property.
Replacing a window can cost anywhere between $180 to $2100. If your home has 10 windows, expect to pay $3000 to $8000 on average.
Wooden decking
An outdoor wooden deck can recoup about 68% of its value, boosting a home’s overall value by about 10% in most cases.
The size and placement of your deck are likely to have a big impact on its value, as well as the overall cost. Most decks cost about $8000 to build and install, however, larger raised decks will cost a lot more.
Conclusion
With these six ideas, not only could you add to your home’s value, but you could save on energy costs. Finishing the finished spaces, and window replacements will have a positive effect on the energy used for heating and cooling. If your kitchen remodel brings in new appliances, you have another opportunity for energy efficiency. Your upgrades might qualify for a tax credit, as well.
Saving money is always good, but it is the day-to-day enjoyment you will appreciate the most. Make the most of your space. If you’re not planning to move soon, include things to tailor those spaces to your tastes and your family’s needs. These home improvements are a win no matter which way you look at them.