Small Home Improvements Can Drastically Raise Any Property’s Resale Price
Although the average size of an American home has nearly doubled in the last 40 years — from 1,400 sq. ft. in the early 1970s to 2,700 sq. ft. today — many homeowners enjoy the process of remodeling their homes and putting on additions. Not only do studies indicate that home improvements have a decidedly positive impact on a home’s eventual resale value, but for home improvement hobbyists and for people with expanding families, enlarging a house is both enjoyable and a necessity.
Studies show that for every 1,000 sq. ft. of extra space, the resale value of a home can increase by more than one-third of the current appraised value. A home that is worth $200,000 can jump to $300,000 or more with the finishing of a dry basement, an attic renovation, or even an expansion at the ground level.
Quality remodeling with trusted contractors remains essential, as well as making sure that remodeling additions fit in well with the overall look of the home. The simple addition of a two-bedroom apartment over an existing garage can expand available living space for family or can be used as an income-generating rental property.
Some smaller remodeling projects can also add value to a property: a first floor bathroom, an eat-in kitchen, and newer vinyl siding can drastically impact a property’s appraised value. Steel doors, bathroom improvement projects, and extensive landscaping can enhance existing structures and may give the home hobbyist some practice before it is time to begin larger projects.
Some homeowners expend considerable time and effort searching for the home of their dreams, only to tear the entire home down and start building again from the foundation to the rooftop. As long as they know the end product that they have in mind — and a contracting company that stands on their professional reputation — the limits of what they can accomplish need only be bounded by their imaginations.