Living in a pandemic the last year, some people have been spending lots of time at home and have the urge to change up their space. Usually, when homeowners embark on remodeling projects, they are often thinking of how those upgrades will affect potential resale value. To help stretch your dollars, here is a list of the eight most financially savvy home improvements.
Molding is a budget friendly touch that gives a room a more finished look.
According to a survey by the National Association of Home Builders (NAHB), crown molding and chair railing make the list of the most desirable decorative features in a home. While crown molding is often used to make a room seem larger, always be aware of proportions. The general rule is if your ceiling height is 9 feet or less, homeowners should opt for more simple styles.
Install Quality Ceiling Fans
The NAHB survey found that ceiling fans were actually the most desired decorative feature in a home. In the past, these fans were often seen as cheap and unattractive, but today their designs have improved significantly and they now serve as an important factor in reducing energy costs.
This may not be the first thing that comes to your mind when talking resale, but trees can beautify your home, lower energy costs and add value to your home.
Install a Patio
Patios are a cost-effective way to increase your home’s living space, adding that you will most likely recover 30-60% of your investment. Make sure to keep it simple and functional.
Improve Home Security
Not only can a home security system provide you and your family with peace of mind, but it can also make your home more marketable. Half of homebuyers in the NAHB survey said that a home security system tops their list of most-wanted technology features.
The “green” movement is only becoming more popular, and the value of energy efficient homes continues to rise. The NAHB found that “9 out of 10 potential buyers would select an efficient home with lower utility bills over a less efficient home priced 2% to 3% less.”
Add Creative Storage
Almost every house hunter has storage on their mind while touring a home. Consider installing platform storage from your garage ceiling, open drywall to create storage cubbies between your wall’s studs, and see if you might find some storage opportunities under a staircase.
Hard-wired lighting fixture can cost $150 to $250 to install, but will probably generate a 50 percent return on investment. Exterior lighting can add curb appeal, accent certain features of your home, and help improve security. Ninety percent of buyers say outdoor lighting makes the list for desired home features.
If you are considering some home improvement projects, visit the Greater Lansing Association of REALTOR®’s website at www.lansing-realestate.com for a listing of area service providers, including REALTORS®.