It's all too common to hear a home referred to as an investment -- not just a cost. Of course, turning your home into a good investment, one that gets you some return in value, often takes more than just owning the property. With the right upgrades to the inside and outside of your home, you can significantly raise the value of the property and even profit when it comes time to sell. Here are a few of the most profitable home upgrades and what they can do for your property's value estimates.
Though you'll be doing most of your negotiating with individuals when you're ready to sell, you have to think about your home as something you're preparing for an entire family. Having an extra half-bath makes the property more attractive to people who are thinking about what the everyday is going to be like in the home, while an additional full bath turns a regular home into a luxury space. The return on investment of an additional bathroom is fairly high, approaching 65 percent. You can raise this even further with fancy additions like a claw-foot tub and unique faucets.
Windows can add or reduce a home's value depending on where they are, how they look, and how well they work. Old, dated-looking designs, poor views, and bad insulation turn windows into a liability. By contrast, a set of new, smartly situated windows add a lot of aesthetic and practical value to the home. Home-buyers look for things like available natural light and energy costs, so quality windows make a big difference in the buying decision. Plus, the extra energy savings of new windows will reduce your own costs while you still occupy the space.
Real estate nuts like to throw around the term "curb appeal" for a reason. The way a house looks from the outside has a big influence on those who may want to see the inside. It doesn't matter how new and comfortable the interior is if the outside of the home looks old and worn. New siding has an impressive return on investment and increases the lifespan of the property by decades thanks to protection from the elements. Go for a quality upgrade like Continental Siding and take some time to think about the best color and material for the look of your neighborhood.
Another key component of curb appeal is the look and feel of your lawn. Dry, patchy grass and a lack of color makes a lawn and the home to which it's attached look old and ugly. Re-seed your lawn, install an efficient sprinkler system, and plant some additions like trees and flowers to make the lawn look fresh and inviting. You can even consider advanced landscaping like stone pathways for an extra touch of elegance.
Take a look around your home and identify the places that are ready for an upgrade. By putting a little money and effort into the space today, you can raise the value of the property and earn it all back when it's time to make a change.