5 Very Expensive Home Improvements That Add Value to Your Home
Before considering making upgrades to your home for resale, consult with a real estate professional first. Adding features such as a master suite will add value but it must still fit within its aesthetics and
Before considering making upgrades to your home for resale, consult with a real estate professional first. Adding features such as a master suite will add value but it must still fit within its aesthetics and maintain compatibility with surrounding properties.
Projects designed to increase utility efficiency will also add value, such as replacing fossil-fuel furnaces with electric heat pumps or installing energy-saving appliances. Conversely, lavish entertainment upgrades could diminish your home’s value.
1. Add a Master Suite
Master suite additions can increase property values by as much as 85 percent, yet remain an expensive project that requires meticulous planning and construction work. When adding one in Bucks or Montgomery Counties of Pennsylvania, here are some tips on lowering overall costs associated with such an expansion project.
Save money when adding a master suite by building it over an existing space such as a garage or porch. Doing this eliminates the need for foundation and exterior wall construction costs and can bring down costs by up to 60% compared to traditional methods. However, you will still require an HVAC system as part of this method of construction.
Build a second-story master suite addition. This can be an economical and space-efficient option for families that need more room, since excavation and foundation works are avoided. However, it can be tricky figuring out whether your neighborhood’s architecture supports such an addition.
Addition of a bathroom to your master suite requires careful consideration of materials and plumbing costs, including upgrade such as spa-like tub, walk-in shower with steam feature and custom vanity costs that could quickly add up.
Save on costs for a bathroom by adding it to an existing space rather than reconfiguring your floor plan entirely. Other upgrades that can make your bedroom seem luxurious include door handles, knobs and pulls; plumbing fixtures and mirrors; lighting fixtures and a private balcony; or adding a fireplace for cozy ambiance.
2. Add a Pool
Pools are an increasingly popular home improvement project that can add tremendous value and enjoyment to any backyard space, but how much will it cost to install and maintain one?
Your pool choice, location and add-ons all play an integral role in its cost. Unusual shapes or the installation of features such as hot tubs, water features or decks will raise costs substantially. Furthermore, leveling or grading yards, upgrading electrical/plumbing ports or landscaping could all add extra costs.
Pools can be an incredible amenity in warm climates or sought-after neighborhoods, but it is important to fully consider all costs related to adding and maintaining one before diving in head first. A poorly kept pool may deter buyers, so consider its impact on potential resale value if you plan to sell in the future; conversely, well maintained pools could attract families looking for outdoor fun as well as older couples looking for childless retirement living spaces that they will cherish over time.
3. Add a Garage
Additions like a garage can add significant resale value and offer practical storage space for vehicles, tools, garden equipment and more. When considering adding one to your home it’s essential that the design and size complement it; typically detached garages cost roughly half to three quarters of its price per square foot according to HomeAdvisor.
Prospective homeowners with highly prized vehicles or collections that require dedicated space will likely see adding a garage as an essential addition. According to Camp, “those involved in water sports, cycling and model aeroplanes who require separate storage will regard it as an asset.”
Costs associated with adding a garage vary based on its size and features, including insulation and heating system requirements for detached structures. Additional considerations might include door openers, automatic doors or lighting.
Addition of a garage can be one of the most cost-effective strategies to increase resale value of your home, according to the National Association of Realtors. Furthermore, garage addition projects typically recoup more of their costs compared with other major home improvements or additions; kitchen remodeling and wood deck additions usually achieve greater returns on investment than garage additions which typically only return 54%.
However, homeowners are advised against converting their garage into living space because this could reduce resale values of the property in the long run. Erika Lewis from Atlanta Real Estate Agency advises her clients against this decision because doing so would limit potential buyers and cause less resale value overall.
4. Add a Deck
An addition of a deck to your home is one of the best renovations you can do to increase its resale value, adding as much as $20,000 of additional value. As with most home improvement projects, professional installation will incur high costs; though homeowners may save money by installing their deck themselves. While novice carpenters might save some money by doing it themselves, doing it without professional advice requires advanced carpentry skills and knowledge of building codes and foundation supports; not something easily learned via television shows or tutorial videos.
5. Add a Sunroom
Sunrooms provide natural lighting and views of the outdoors into your home, creating the ideal place to unwind with a book or host friends and family for outdoor events. Plus, sunrooms add value to your property, making it more appealing to potential buyers.
Cost of adding a sunroom will depend on its size and materials used; typically a prefabricated sunroom typically ranges between $5,000 and $30,000. A customized, four-season room could cost even more. Furthermore, its location will also play an integral part in its pricing as any landscaping or trees needing removal may necessitate taking place before installing one of these additions. Furthermore, any additional features like heating/cooling could increase that figure further.
An important consideration in calculating the cost of a sunroom is its expected frequency of usage. If it will only ever be used rarely for entertainment or relaxation, however, then its investment could pay dividends over time.
If you decide to add a sunroom to your home, be sure to select a contractor who is licensed, bonded and insured – this will help ensure they possess the necessary experience to complete it correctly and safely. Furthermore, inquire whether permits are needed before beginning.
Your city may require you to obtain a permit before adding a sunroom. Most contractors will take care of this for you; should this prove necessary, expect to pay between $400-$1,800 in permit fees.