Owning a home can get very expensive. Between routine maintenance, repairs and upgrades, the costs can easily reach well into the thousands of dollars a year. One way to minimize that drain on your finances is to seek out projects that offer a high return on investment. Even if you aren’t planning to sell your home right away, these three home improvements will help to increase its value over time.
- Add Square Footage
Adding functional living space to a home is one of the best ways to increase its value. Projects like finishing a basement or converting attic space into bedrooms can recoup construction costs right off the bat. They are also a great way of extending the practicality of your existing home when space is at a premium. Consider a few of the things you can use that added square footage for:
- A home theater
- Extra bedrooms
- A home office
- A craft, hobby or playroom
- Refresh the Kitchen
Minor kitchen remodels produce some of the best returns on investment for homeowners. Instead of gutting the entire space, look at ways to work with what is already there. Have the cabinets refaced if they are still in good condition and upgrade the countertops for a big impact. Swapping out appliances to newer, more efficient models is another good idea. Today’s appliances have some great convenience features, so be sure to check out your options before scheduling oven installation Washington DC.
- Update the Landscaping
A well-manicured yard can really add to your home’s value. Low maintenance plants, shade trees and outdoor living areas are a few outdoor projects that will provide the best return. General pruning and weed control helps boost curb appeal.
Some home projects have a better return on investment than others. Sticking with minor kitchen renovations, landscaping improvements and increasing square footage are generally the safest choices for increasing your home’s value.