Many homeowners set aside money every year to reinvest back into their property. Your home will most likely be one of the biggest purchases you ever make, and you want to be sure that every remodeling project you carry out is going to increase its value. Here is a quick look at four popular home additions that often have an excellent return on investment.
Turn Your Attic into a Bedroom
The National Association of Realtors says that an attic conversion has an average ROI of around 61 percent. Adding an extra bedroom is one of the easiest ways to boost the value of your property without actually changing the structure of your home. When you are converting your attic, you should make sure that it is both accessible and comfortable.
Add an Outdoor Living Space
Those who live in a relatively moderate climate might be able to substantially increase the value of their home by adding an outdoor living space. Unlike many indoor renovations, creating an outdoor living space can often be completed by the homeowner. You will only need to call in a professional contractor if you want to install underground gas, water, or electrical lines.
Install a Utility Carport
A utility carport will maximize your outdoor space without breaking the bank. In addition to the covered area, a utility carport from places like Coast to Coast Carports Inc. also includes a small indoor area for storage. These structures can be installed within just a few days, and they are the perfect option for those who have boats, motorcycles, extra cars, or ATVs. You can even run power to the storage area to turn it into a workshop.
Remodel the Basement
While converting a basement into a bedroom can have an excellent ROI, you might also want to think about turning it into a family room, entertainment room, or bar. Many real estate agents and buyers love to see unique additions that will make a home stand out from all other nearby pieces of property. Updating the lighting, adding some neutral carpet, and painting the walls can be carried out in just a few hours, and those upgrades will drastically increase your home’s living space.
Even if you have quite a bit of experience as a DIY enthusiast, most of these major additions should be left to the professionals. Not only will a reputable contractor be insured, but they will also guarantee that your project adheres to all local and state regulations. If those contractors make a mistake, then you won’t have to worry about stiff fines and fees.