The housing market is booming, which makes this the ideal time to sell your home for as much as possible to help secure something bigger and better. If you’re not quite ready to pull the trigger but you need more space, consider these home projects that can help increase your living space today, and translate into value added when you are ready to sell.
There are numerous ways to expand your living space and push up the value of your home, and the best ones for you will depend on your budget, location, and how long you plan to stay in your current home.
Build an Addition
The most direct way to expand your living space is an addition. The cost of an addition depends on its size and the complexity of construction. HomeAdvisor.com puts the national average at around $40,000. While any addition will increase your home’s value, the nature of the addition and your location will determine the percentage you can expect to recoup at resale.
Many people will opt to renovate their existing spaces to add value, increase living space, or both. Minor remodeling in your kitchen generally returns a little over 80% on resale, according to U.S. News. The experts at Alliance Demolition Services Inc. suggest starting with a minor remodel such as replacing old appliances, refacing cabinets, and repainting.
If you’re still looking for more space after minor renovations, then move onto knocking out non load-bearing walls to create an open floor plan in order to add to your overall living space and home value.
Finish an Unfinished Space
Many homes have at least one unfinished space you can convert. Common candidates are basements, lofts, and garages. Many people like finishing their basement because it adds close to entire floor’s worth of space. Plus, according to Remodeling Magazine, you expect to recoup about 70% of the cost at resale.
Outdoor Living Spaces
Outdoor living spaces are highly desirable, especially in our Southern California real estate market with perfect weather nearly 365 days a year. Popular outdoor projects range from decks and covered patios furnished like living rooms to full outdoor kitchens.