Even if you have no immediate plans to sell your home, eventually you or your heirs will sell. When that time comes, you’ll want to get the highest price possible. Over the years, there are things you can do to add value to your home. First, make sure to have a solid Woodstock Homeowners Insurance policy in place. If your home is damaged by hail, flooding, fire or any covered event, you’ll have the funds to repair it. Additionally, when contemplating home-improvement projects, choose those that promise to deliver the highest return on investment (ROI).
Add Square Footage
A surefire way to increase your home’s resale value is to add square footage. If you really want to achieve this, building a second-story addition can double your square footage (and your home’s value). One study concluded that a second-story addition will deliver an outstanding 64% ROI. Another benefit? Before you decide to sell, your family will have plenty of space to spread out and enjoy breathing room.
Upgrade Your Siding
It may not be a fun remodel (like doubling your square footage) but adding fiber-cement siding is a functional remodel that can yield an 80%-plus ROI. This durable siding resists rotting and retains its color, both of which equate to less required maintenance. Studies show that home buyers are willing to pay for that.
Finish Your Basement
If you don’t wish to build up, consider focusing your investment down low – on the basement. As buyers descend the basement steps, they’ll expect to encounter a functional yet dark and uninviting space. Imagine their surprise when they find a finished space they can use as a bonus room. Expect a ROI of about 73% from a basement remodel.
Landscaping Appeal Delivers Big Bang for the Buck
According to a study published by the Horticultural Research Institute, each $1 investment in landscaping generates a $1.35 return. That’s a 35% ROI. Not bad, considering that landscaping is a relatively inexpensive improvement! Additionally, when you decide to sell your well-landscaped home, you’ll benefit from its enhanced curb appeal. Buyers’ first impressions determine whether they’re interested in seeing the inside of a home or not.
Count on Byrnes Agency as the trusted one-stop shop for all of your homeowners insurance needs. Our team provides outstanding customer service and is sensitive to your desire to save money. These traits explain why Connecticut residents have turned to Byrnes for more than 80 years. For more information, contact us today at one of our three locations.