Rarely do we ever stay in the same home all of our lives. Sure, the house you have now perfectly suits your life now while your kids are at home, but what about after they graduate from college and are out on their own? Downsizing is the smartest option. Most often there comes a point where we know we are going to be selling our home in the next year or two.
If that’s the boat you’re in, you may wonder how you can increase the value of your home. Well, we came up with a list of projects that can boost the value of your home. Some of these projects take longer and are more effective than others, but you can pick and choose which ones apply to your home.
Painting the interior walls- usually costing between $200-300 for paint and supplies, simply adding a fresh coat can add $1,000-2,000 to your home’s value!
Updating the kitchen- this can be anything from changing the wallpaper and staining old cabinets to adding new appliances or countertops. While pricier, kitchen remodels recoup 78 percent of their cost.
Add a deck- perhaps the most efficient addition, attaching a deck to your home costs about $10,300 on average. However, they also recoup 80 percent or more of their costs, or a little over $8,000.
A new exterior- don’t forget about the siding; 1,250 square feet of new vinyl siding and trim can boost your home’s value by about $6,800, or a whopping 95 percent of what you spent on it.
Consider a bathroom remodel- while generally one of the more expensive improvements you can make, they also recoup about 97 percent of their cost on average.
Everyone’s home is different, but whatever your situation, keep this in mind: you don’t want to remodel your home so much that your asking price is much higher than the other homes in your neighborhood. This strategy can actually backfire.
If you need help with home improvement loans or a mortgage for a smaller home once your kids move out, the experienced and friendly loan staff at Iowa State Bank can help. We hope these tips have helped, and we look forward to seeing you soon!