KHI Quarterly V3 Q3 - Summer 2012

Five Ways to Increase Your Home's Value

If you’re planning on selling your home in the future, there is no doubt you want to do everything possible to get a great deal; certain projects can add significant value to your home. So which home improvement projects should you invest in? Below are some helpful tips for home improvement projects that can increase the value of your home.

1.  Remodeling the Kitchen

Most people don’t want a home that has an outdated kitchen. When you modernize your kitchen, your home value will go up and it may make it significantly easier to sell. Because we spend most of our time in the kitchen, updates here really pay off.  According to HGTV.com you can expect to recoup 60%-120% of your investment on a kitchen remodel. In addition to increasing the value of your home, if you decide to stay put a brand new kitchen can renew a love of cooking and make you eager to entertain. You’ll be able to add more space to move around and you’ll probably increase storage as well.

2.  Remodeling a Bathroom

According to "Remodeling" Magazine, remodeling an existing bathroom was more profitable in terms of resale value than adding one on. QualitySmith.com states that if you are in the process of taking care of necessary repairs throughout the property, and you include a bathroom remodel as part of the home upgrade, you can expect to see as much as an 80% return on your investment.

In addition to improving your bathroom’s appearance, remodeling allows you to make better use of space. Bathrooms are often too crowded, especially in an older house. Today there are many new furniture and fixture choices that look great and take up less room, so you can make the best of the space that you have. With the right fixtures, décor, and a great tub, your bathroom can become an oasis to relax and sooth away the stress of the day.

3.  Adding Energy-Efficient Windows

These days, buyers shop for homes with energy efficiency in mind -- so old, drafty single-pane windows are a major problem. Energy Star claims that adding Energy Star-rated windows can save you up to $500 a year in heating and cooling costs by making your home more energy efficient. According to HGTV, you can expect to recoup 60%-90% of your costs when you invest in energy-efficient windows. You may also receive a green energy tax credit of 10% for this upgrade, as long as you install Energy Star-rated windows. There may be additional credits from the state or utility company as well. Since new windows save you several hundred dollars a year and you receive a tax credit, you will recoup your window investment sooner than you think.

 4.  Finishing a Basement

Beyond the functional, social, and environmental benefits of finishing your basement, it also significantly increases the value in your home. Finishing a basement offers the best price per square foot of any remodeling project and is very marketable, especially for large families. You can receive as much as 150% return on your investment with a finished basement.

There are an endless number of ways that you can use the space.    Basements frequently work well as second living rooms or bedrooms, a child’s playroom, a game room with a big screen TV and pool table, a home theatre with surround sound or a gym. A finished basement often ends up being a favored room in the house and where most family members prefer to spend their time. A well insulated basement is commonly the coolest place in your home during the summer and the warmest in the winter. With today’s new technologies and specialized products, it is easy to be comfortable in your finished basement without paying outrageous energy bills.

If you’re looking to improve the value of your home while providing the immediate benefits of a remodel, finishing a basement accomplishes both, increasing square footage and value simultaneously.

5.  Adding a Deck

Building a deck can be a smart and enjoyable way to maintain or improve home value. After all, it's less expensive than building an additional room but it still expands living space and bridges the gap between indoors and out. Robert Markovich, home and yard editor for Consumer Reports says "It's safe to say that a deck is one of the more cost-effective things you can do. Decks are really a high-return item."

Outdoor living spaces have become more desirable, especially since more people are staying home for vacation than in previous years. If you make your deck and your backyard more comfortable, your house will be more appealing to prospective buyers if and when you decide to sell. HGTV.com claims that homeowners recoup 65%-90% of their investment by adding a deck. Improving your outdoor living space is a smart move in today's uncertain economy.

For more information on anything you see in our newsletter or if you'd like to obtain a quote, contact us at 860-584-8784. 

 

Home Improvement Products

Home Improvement Products cover a wide variety of needs and uses. The basic idea behind shopping for these items is to create a better home that is personalized, comfortable and attractive. Home improvement items can be DIY items that allow homeowners to upgrade their homes or simple items that just make a home look better.

Home Convenience

Many home improvement products are created to make daily life more convenient. Storage items such as storage ottomans, closet organizers, shoe racks and shelving are made to give members of the household a better way of storing items. With things put away in their own space, it is possible to find things quickly and to keep the home less cluttered.

Convenience items include under-counter shelving that makes it easier to store cleaning products. It also includes over-door organizers, Lazy Susans for the cabinets and extra shelving that can create more storage space in closets and pantries. With the right convenience products, the entire family can help keep the home organized with less effort.

Home Décor Items

Home décor is more than just a necessity for keeping a home’s value steady. It is one of the fun parts of having a home and, for many, buying these items is an engaging hobby. Décor items include window coverings, lighting fixtures, art for the walls, rugs and other items that make each room more enjoyable.

Shopping for décor products often begins by looking for items that are missing from each room. Are there areas that are bland and unused? Are there spaces that could be better utilized if they were prettier and more comfortable? For some rooms, an accent furniture piece may transform it into a space that is usable for more than one activity. A craft organizer in the dining room can create a space to do crafts as well as to eat. A bench in the bedroom can give you a conversation area without taking away from the sleeping space.

Outdoor Living Products

For many people, their outdoors spaces aren’t as well taken care of as their indoor spaces. To improve your outdoor living areas, look for home improvement products that will enhance both the home and your style of living. A hot tub is a large investment, but it will be both fun to use and will add some value to your home. Other popular outdoor improvements include outdoor lighting, patio furniture, awnings and flowerpots.

Outdoor landscaping significantly improves a home’s value, and that can be accomplished with a few simple gardening tools and seeds. Items such as flowerbed edging and garden statues can be purchased online for the final touches to your landscaping.