Are you looking for the best home improvement projects that will raise the appraisal value of your Hamptons home? With the ever-changing demands of the real estate market, it's important to find the perfect blend of additions that will never go out of style versus what's "in" with buyers right now.
Here are three home improvement and renovation projects that every Hamptons homeowner should consider if you want to add substantial value to your home - whether you are looking to sell long-term or short-term, or just want to add value to your investment portfolio, these are the three best ways to do it.
The first sector many homeowners want to attack when considering Hamptons home renovations is a cosmetic uplift or additional living space or square footage to the house. While this is certainly something to keep an eye on for future home renovations, its better to start with an area that will add practical value for a solid, undeniable investment. Your home's indoor systems are the heart and lungs of your house, keeping the air, heat, water, plumbing, electricity and drainage systems flowing - just to name a few.
Without these systems, your house is simply a drafty shell that provides no functionality aside from the four walls. Upgrading, repairing or replacing your home's major indoor systems adds substantial value to your asking price should you decide to sell. Plus, a properly functioning home makes your quality of living better, cutting down on calls to the plumber, electrician, etc., a pragmatic addition of real-time value.
First, assess if all of your systems are in working order. If not, it is time for a repair, upgrade or replacement. If you don't do it now, you will certainly have to address the issues during a home inspection should you put the house on the market. The most common issues with indoor systems are electric wiring and plumbing, two simple fixes that can add value to any Hamptons home.
Up until 2011, kitchens were the main focal point of the average homebuyer, leading to an emphasis in kitchen remodeling and renovation. Since then, bathrooms have become more important than the kitchen to homebuyers, making them an excellent area to focus on when looking to add value to your home in the Hamptons. For evidence, one only need look at the National Association of Home Builder's findings where 53% of homebuyers label a 'bathroom exhaust fan' as "essential" compared to only 36% calling 'enough table space for eating in the kitchen' "essential."
In fact, even adding a half-bath can add a whopping 10.5% to your home's value. A full bath? Try tacking on an additional 20% value to your home and you'll see why so many Hamptons bathroom add-ons and renovations are taking place. Of course, just giving your bathroom a face lift can work if you're on a budget, adding new faucets, a new toilet and tub, new fixtures, fresh paint, new flooring, etc. This plays well during visual showings of your home, justifying the asking price in a buyer's eyes. Plus it makes your bathroom more pleasant to be in during your stays in the Hamptons.
While the average additional bedroom in the Hamptons will only add 4% value to your home, thinking outside of the box will boost those numbers to astronomical figures. The box here being the standard frame of the house, you can increase your investment costs by converting an attic into a bedroom. These attic-bedroom conversions are perfect for teenagers and guestrooms alike, adding a "Hollywood" charm to the home (think how many movies have the guest room or teen's room in the attic).
And while you'll still get just a little over 4% value added to your home, the real value here is that unlike standard additional bedrooms, you will recoup 73% of your costs for an attic conversion when selling your home. Standard bedroom additions - while still adding value - recoup much less of your investment in the long run, making them compelling choices for home renovations, but not necessarily the smartest application.
Of course, each house is its own unique investment, rife with your own personal needs, styles, tastes and wants. We specialize in working with our clients to find the perfect additions, upgrades and renovations to your Hamptons home, adding the perfect blend of value and function. Ask us anything about questions or ideas you might have for adding value to your Hamptons home. We are always more than happy to hear from you and give our input!
Keywords: additional, addons, bathrooms, bedrooms, conversions, electric, hamptons, heat, indoor, plumbing, remodeling, renovations, repairs, systems, upgrades