Just because a project is expensive does not mean it will pay off in return, and those who want to add a fair value to their home will need to do some serious planning and budgeting. When it comes to major renovations, here's a look at five of the leading options to increase the value of your property and make it more efficient and comfortable.
1. Update Major Systems
Before they have ever undergone any major restorations, most specialists suggest that homeowners update and fix all major systems in the home first. This includes the climate control system that often uses more than half of all energy that is fed into the home. Other major systems to take a look at include faulty lines, old water lines, water heaters, ducts and insulation.
2. Green energy source
Depending on how long the current owners plan to live in a home, installing a green energy source can add tremendous value to a home. With additions like solar panels, these systems will generally pay for themselves within seven years, and installing green energy devices can also provide owners with a number of tax benefits and credits as well.
3. Add a tire
There is the option of adding a smaller deck or patio with minimal structural changes to the house itself, but families who want to add serious value to their home may need to think bigger when it comes to outdoor living. In general, adding decks to a home is about 75 percent cheaper per foot compared to adding indoor movies and will often add value at a similar rate.
4. Create a luxurious bathroom
Turning at least one bathroom into a luxury retreat is often a big appeal for buyers depending on the location and style of the home. Usually, current owners who want to upgrade a bathroom should focus on the bedroom in the bathroom and include options such as updated cabinets, granite countertops, heated floors and elegant furnishings. Whether you are researching major renovations in Toronto or California, you may want to consider getting help from a professional contractor to minimize the risk of starting a project that you do not have the expertise to finish alone.
5. One attic bedroom
An owner who adds an extra bedroom to a list will almost always increase the value of the property, but a bedroom in the attic can get more than a remodeled basement or study. The wind rooms are perfect for those who often have guests, or even for a family of several generations who seem to have a completely separate living room.
Re-investing assets back into one's home is a good idea in any economic climate. Some of these five options are the perfect place to start when it comes to adding great value to a property.