Some home improvements boost the appraised value, while others attract buyers. In many instances, the upgrades you make to your Boulder County home could meet both goals. When it comes to appraised value, focus on home improvements that increase the square footage or number of bedrooms. Appraisers are more likely to notice the hidden improvements such as new A/C system, new roof and windows. Even with a high appraised value, it’s difficult to sell your Boulder home without the cosmetic home improvements that matter to the average home buyer. Potential Boulder County buyers gravitate to homes with upgraded flooring, countertops, attractive interior paint and well-organized, tastefully decorated homes. According to a recent article by bankrate.com that cited the Remodeling 2017 Cost vs. Value Report, there are several key home remodeling projects to consider.
Family room addition
Experts estimate it costs about $89,000 to add a 16-by-25 foot family room addition with vinyl siding, windows, skylight and shingle roof. When selling, you recoup 69 percent of the cost. If you own a small home, adding extra square footage could increase the resale value more.
A finished basement
The Remodeling report showed a basement remodel cost about $70,000 with 70 percent of the investment recouped. Some ideas for a finished basement include an entertainment area with bar, sink and refrigerator.
A two-story addition
The cost of a two-story addition or 16 by 24 foot wing is about $175,000 with a resale value of $125,000. A more complicated project that typically requires help from a general contractor, the home improvement project helps home owners that want to add a full bathroom, bedroom and family room.
Other smart home improvements include a $20,000 kitchen remodel with refaced cabinets, new counters and appliances. A home seller could recoup 80 percent of the money spent on a minor kitchen remodel. A steel entry door replacement costs about $1,400 with a resale value of about $1,200. Adding fiberglass attic insulation costs about $1,300 but provides a 108 percent return on investment with a resale value of $1,446.
At Laura Guerra Real Estate, we work with buyers and sellers in Boulder County. For more home improvement advice to boost the value of your home in Louisville, Boulder, Longmont, Nederland, Lafayette and nearby areas, please contact us.