Whether it's for increased resale value or just for your satisfaction, making improvements and upgrades can be a great way to increase the appeal and functionality of your home. But what should you focus on first — and where are the best places to invest in home improvement projects?
We've put together our top list of 5 must-know tips to help you determine which projects bring the most bang for their buck. Keep reading as we show you how minor renovations can take your house from "okay" to "outstanding."
1. Add Extra Dwelling Units
Adding extra dwelling units like an in-law suite, a granny flat, or an accessory dwelling unit (ADU) can benefit your property. This is because these additional living spaces often add market value to the home and can generate rental income as well.
The cost of building an extra dwelling unit can vary, depending on the size and materials used. However, you can often recoup your investment and profit in the long run. If you are short on funds, a home improvement loan can help you afford the costs of building an extra dwelling unit. The loan payment can then be offset by your rental income, making it a financially beneficial move.
2. Upgrade the Kitchen and Bathrooms
The kitchen and bathrooms are the two most important rooms in any home, so keeping them up-to-date with modern appliances, fixtures, and finishes is essential. Of course, you don't want to go overboard with these remodels — a small renovation can often have the same effect as an extensive one. Consider replacing countertops, cabinet hardware, and other features to give the room an updated look without breaking the bank.
When it comes to the bathroom, investing in a new tub or shower can significantly impact your home's overall value. Consider adding a luxurious walk-in tub or shower with features like rainfall showers and personalized spas. The bathroom is also a great place to add storage, so consider installing new cabinets or shelving.
3. Install Energy-Efficient Features
High energy bills can strain your budget, so it's crucial to ensure your home is as energy-efficient as possible. You can start by upgrading your windows and doors to more energy-efficient models.
Consider installing solar panels or a wind turbine. These renewable energy sources can help offset your energy costs and even generate income if you sell the excess electricity.
As for heating and cooling, investing in a programmable thermostat can help you save money by automatically adjusting the temperature to meet your needs. Also, consider replacing your old HVAC system with a newer, more efficient model.
4. Add an Outdoor Living Space
Most people don't consider outdoor spaces when considering home improvements, but these areas can add value and appeal to your property. Consider installing a deck, patio, or pergola in your backyard for entertaining guests.
Consider adding a fire pit or outdoor kitchen for grilling and cooking outdoors. If you have the budget, add an outdoor spa or hot tub for extra relaxation.
Water features are also popular outdoor additions. Consider installing a pond, stream, or waterfall for added beauty and interest. You can use these features to attract local wildlife like birds and butterflies.
5. Paint and Add New Flooring
One of the quickest and most cost-effective ways to update the look of your home is to paint walls and add new flooring. A fresh coat of paint can instantly make a room feel brighter, cleaner, and more inviting. Be sure to choose colors that match the rest of your house for a cohesive look.
Hardwood floors are always in style and can add a touch of elegance to any home. If you're looking for something more budget-friendly, consider laminate or vinyl flooring options. These materials are easy to install and come in various colors and styles to match your décor.
Overall, these are just a few home improvement projects you can do to add value to your property. Investing in these improvements will pay off in the long run with an increase in your home's value and appeal. So get started today!