If you think you might eventually want to sell or even rent out your home, it is important that your home appeals to as many potential buyers and tenants as possible. This often means investing money in certain parts of your home that, in the end, will likely increase the property’s value. The following are some of the best home renovation projects you can invest in, because there is a good chance you will end up seeing a return on your investment.
Remodel an outdated bathroom
A bathroom renovation project can cost up to $50,000 for an upscale project. However, experts say you can anticipate to recoup approximately 70 percent of the cost of your bathroom renovation when it’s time to sell.
Even more important than an updated master bath is the kitchen. With the kitchen being one of the most widely used parts of the home, it is no wonder that many homebuyers are willing to pay top dollar for an updated kitchen. Although it can be one of the most expensive home improvement projects, you can also expect to cover up to 70 percent of what you put into it when you sell your home.
Add a deck
If you live in an area where the climate is pleasant year-round (or at least most of the year) and your home doesn’t have a deck, consider adding one.
Replace outdated windows
Installing upgraded windows is more than just improving the appearance of your home, but it’s about slashing the amount you pay each month for energy. Because energy-efficient windows can drastically lower heating and cooling costs, a homeowner isn’t the only one that will reap the benefits of this home renovation project: it will appeal to potential buyers or renters as well.
Remodel an outdated basement and/or attic
If you have a basement and it’s unfinished, you might want to consider investing the money and turning it into a finished basement. Homeowners with finished basements can expect to get a 73 percent return of their investment when it’s time to sell. Likewise, if you can turn an attic into a room that can easily serve multiple purposes, such as an additional bedroom, you can expect a substantial return on your investment.
If you have been considering the idea of selling your home, but you’d like to make some renovations in order to increase your home’s value, we may be able to help. If you are receiving long-term annuity payments, you can receive money now by selling payments from your annuities. By selling annuity payments, you agree to receive money for those future annuity payments in the form of a lump sum payment. Peachtree Financial Solutions can assist you with selling annuity payments, whether you are interested in selling some of your future payments or all of them. Contact us today to learn more about how selling payments from your annuities can yield the lump sum cash payout you need to remodel a home or to purchase property.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.