If you’re looking to modify your home then the changes should definitely be improvements, after all what use is a modification to your home if there’s no value to it? Here are some of the best and worst additions you can make to your home.
The most valuable changes to your home are the ones that will not only make your home look nicer, but make your home more functional as well. Adding a steel door entry is a great example. A brand new door makes your home look new and fresh, but it has more than just cosmetic value. Steel doors also add efficiency to your home because of their weather stripping. This allows the door to trap heat and cause for a more energy efficient heating lifestyle. Additionally, steel doors are less expensive than fiberglass so you will see a much bigger profit margin when you complete the project.
Turning your attic into a bedroom is another valuable home improvement. Whenever you add more livable space to your home there’s no question that it adds value. Adding another bedroom is one of the most lucrative renovations you can make. Adding a bedroom over the attic is one of the cheapest space renovations because there’s no destruction costs involved.
Another profitable improvement is a wood deck addition. By adding a deck, again, you’re providing more living space. Even though this is outdoor space, it is still a highly useable space with the added bonus of an exterior improvement. Exterior improvements also provide high value to homes.
The top two most lucrative exterior improvements are siding and window replacements. This is because it makes your house look brand new and the replacements last for up to 25 years. By beefing up the outside of your house buyers are far more likely to pay a higher price for it.
The least valuable changes you can make to your home are ones that won’t be applicable to every buyer. For instance, adding a home office. If you build an addition that is specifically catered to be a home office you will see a monetary loss on the project. While it’s true that a lot of people work from home, not every buyer finds a home office a necessity. This space could be better utilized as a more open-ended living space.
Adding a bathroom is another addition that will cost more to implement than what you’ll see as a return on the investment. This is because of all the plumbing that is necessary for bathroom installation is expensive. Your installation bill for all the required pipes and fixtures adds a much higher cost than a buyer will be willing to recover to you.
Finally, the least profitable addition to your home is a garage. Building garages is almost as much work as building an interior room, except the only things that it houses are intimate objects. If you’re going to spend a lot of money on an addition to your home it should be one that houses people. A buyer doesn’t always see the added value of a garage, and certainly won’t pay for the value that you put into it.
Before you go out and spend thousands of dollars on home improvements make sure they’re actually improvements. If you don’t choose the proper renovations you could end up with a negative balance in your home value, or worse, be stuck in a home that you can’t sell.
This article was written by Lauren Beerling. Lauren works with Minneapolis Home Building Contractors.