With the recent influx of internet connected appliances, smart thermostats, batteries for your home and many other high-tech home upgrades, what projects really add value to your home? Is it the new shiny stuff you see in Wired magazine and Popular Science? Or do more traditional projects like a kitchen revamp or landscaping provide more value? It turns out, both are valuable when done correctly. Here’s why:
Maintaining Your Home:
The best thing you can do for your home’s value is to keep up with the maintenance. By making sure your bases are covered with your roof, foundation, windows and doors you can increase the value of your home and it will attract potential buyers when looking to sell. Good bones go a long way.
Most people upgrade their kitchens, bathrooms, bedrooms, basements, living rooms and outdoor areas. Which makes sense, since we truly live in these areas. Major upgrades however can cost a lot and may not give the return you are looking for. However, minor upgrades to kitchens and bathrooms can recoup a lot of the costs and quickly. Research suggests a remodel of about 20,000 dollars recoups about 80% of the cost. If you are set on a kitchen remodel, I suggest you use this kitchen budget calculator here to get an idea of what it would cost for your space.
High Tech Upgrades:
Looking to get a touchscreen internet connected fridge that will email you when your milk is about to expire and remind you to pick up more eggs on your next shopping trip? While the convenience factor of this appliance may be absolutely fantastic, it may be wise to wait until your forever home to purchase this item. There are a few high-tech upgrades however that are worth it. A smart thermostat can save you thousands over the course of a few years by optimizing your heating and cooling. Another great option is tankless water heaters. Water heating savings on a tankless model can be anywhere from 24%–34% and the average life of a tankless model is 20 years. Whereas, regular gas and electric models last only 8-10 years on average.
To sum it all up, make sure your bases are covered with the condition of the house. New siding, new gutters, better windows, a good front door, and a sound roof are all things buyers look for and can make a big difference when the offer comes through. Avoid big remodels of kitchens, living rooms etc unless you plan on staying for a long time. Smaller remodels (around 20,000 dollars) offer good returns on these spaces, so use this as a guideline when planning. Some high-tech upgrades have bigger upsides than others, look for what will give you the most bang for your buck and stick to that first.
By Nicholas Wineland