If you’re investing a good amount of money on a home improvement project, ask yourself these two questions. Does it increase the value of your home to you and future buyers? Secondly, will it make you happier, safer, or more comfortable in your home?
If you’re not sure what type of home improvement will check these two boxes, here are some of the best ones that you can consider:
1. Swimming pool
Swimming pools can add significant value to your property if you’re in the right location, particularly in warm or temperate areas. However, it is one of the most costly home improvements, averaging around $50,000 nationally. Moreover, it can also be costly to maintain, with yearly expenses ranging between $3,000 to $5,000.
Aside from the potential resale value it adds, a swimming pool can be a fantastic addition to the home. It’s an excellent place to lounge, exercise, and bond with family and friends, especially during the summer months.
Building a new deck can set you back about $4,000 to $11,000, depending on the materials you choose. This addition can make your home more attractive to future buyers who are looking for outdoor living spaces. More importantly, it gives you a versatile and functional space to enjoy the outdoors before you decide to sell it.
3. New roof
If your roof has been needing repairs more frequently than usual, replacing it entirely can save you money in the long run. This is especially true if the roof’s warranty is expired and it’s already nearing the end of its lifespan. Furthermore, a new roof can significantly increase your home’s resale value and become one of your main selling points if and when you decide to sell.
The cost of a new roof depends on the size of your house and the roofing material you choose. Most roofers will charge between $3.50 to $4.50 per square foot. For an averaged sized home, you can expect to pay around $5,000 to $10,000 or more.
4. Kitchen remodel
The kitchen is the heart of the home, and it is often the first thing that many home buyers consider. More importantly, improvements in the kitchen yield the highest returns in resale value.
A kitchen remodel can include replacing the cabinets and counters, upgrading to energy-efficient appliances, modernizing the lighting, replacing the water fixtures, updating the floors, repainting the walls, and more. Fortunately, many of these upgrades can be done DIY and at a reasonable price.
5. Home extension
A home extension is the most expensive option on this list, but it also adds the most value to your property. For a single-floor 80-square meter extension, the price tag ranges from $165,000 to $310,000.
Extending your home can add valuable living space, and this is a more cost-effective alternative than moving to a bigger house. Moreover, a home extension can function as a lot of things, such as a bedroom, day room, entertainment room, and more.
As a homeowner, perhaps the biggest mistake you can make is to pour your money into a project that won’t result in a good return of investment. Hence, if you are deciding which project to invest in, consider these expensive yet value-adding projects on the list.