Did you know that Americans spent over $326 billion on home improvement projects in 2015? Hopefully, they spent money on the right home add-ons because not every renovation will help your resale value.
Here are some major home add-ons that are worth the price tag, and others that you should avoid.
Here are some of the most valuable renovation projects to consider.
Increasing the Number of Beds and Baths
One of the best ways to improve your house value is by increasing the number of bedrooms and bathrooms. In fact, a new bathroom can increase the resale value by as much as $20,000.
If you are thinking about adding an addition to your house and want to get your money back, bathrooms and bedrooms are the way to go.
Adding a large addition to your house might not be possible financially or on the timeline. However, there are still small projects that you can complete that will increase the value of the house.
One of these is improving cabinets and countertops. However, this is only effective if the cabinets are outdated, show a lot of wear and tear, or are broken.
If your cabinets and countertops look great already, you won’t see too much of a difference when you replace them
Increase Curb Appeal
Lastly, landscaping is a simple project that can have a substantial effect on the resell value of your house. Here are 5 tips for boosting your curb appeal.
Here’s What to Avoid
Not every renovation project is going to make your house more valuable. Here are some that you should avoid.
His and Her Closets
While a walk-in closet may sound fabulous to you, many buyers are not willing to pay extra for it, especially if other rooms or bathrooms were demolished to make room for it.
Buyers value having more beds and baths than extremely large closet spaces.
A Swimming Pool
To you, it seems like an amazing family attraction right in your backyard. To the buyer, it represents extra maintenance costs and potential safety hazards. Unless you are planning on living in your home and using the pool for many years, don’t add it.
Replacing Functioning but Old Appliances
Your roof and water heater may be old, but if they are working just fine, don’t worry about replacing them.
If you are getting ready to sell your house, you are not in charge of making sure that everything lasts the next 20 years. That responsibility for maintenance and care will fall on the buyer of the home.
However, these are the 6 exterior maintenance jobs that you should look into.
Choose the Best Home Add-Ons
Choosing the right additions to your house can be a profitable venture. However, if you are planning on living in your house for some time yet, make sure they are additions that you and your family will enjoy as well.
Want more tips on how to make money on real estate renovations? Check out our blog! We post weekly tips that you can put into action immediately.