The benefits of adding specific upgrades to a custom home is that it provides a variety of choices for homeowners wanting to add modern updates while increasing their homes value. Each particular addition can differ in what element it adds to your custom property.
While certain home upgrades are catered to the characteristics of a growing family, or a couple, it’s important to consider these essential home upgrades when trying to add overall value to your custom home.
In this article, we are going to highlight specific home additions that will help add significance in their own way with ROI in mind. For new or older custom homeowners, implement these home improvement projects in order to add immense value to your customizable property.
Finish Your Basement Space
Prospective buyers are always curious about the square footage of a particular property, especially the conditions of the corresponding rooms as well. There’s no doubt that homeowners enjoy extensive extra space within their custom property. In the book, What Home Buyers Really Want, 2021 Edition, the NAHB surveyed over 3,000 potential homebuyers recording that almost all respondents wanted about 8% more square feet. While there are many ways to add property value, one of the best ways is to finish your basement space. Finishing this space can enhance the overall size, functionality, comfort, and complexity of your home.
If your current home lacks a finished basement, there’s a substantial amount of opportunity to develop an additional living space. According to Home Advisor, finishing a basement of 400 – 1,500 square feet have the potential for a 75% ROI. Easier said than done, this project can be an expensive one, but the return can be almost $15,000 – $50,000 depending on a variety of factors. Some basement remodeling tactics include, implementing luxury hardwood floors or carpeting, filling and painting your walls, adding a bathroom extension, closet extension, or even a home theater space. Depending on the significance of this project, hiring professionals may create peace of mind for money spent on this particular project.
Implement Veneer Stone
A large percentage of homeowners and prospective homebuyers want to increase their home’s value through curb appeal. This can play a major factor in creating an enticing home while developing an aesthetically pleasing property from the outside. The appeal of exterior home maintenance is to create ultimate attractiveness before even stepping foot into the property. Elements like your siding, entry door, landscaping, lawn condition, and weed control all adhere to the reputation of your custom home from a far.
To take it a step further, a custom home upgrade that can enhance your curb appeal is to replace your current siding with a third of veneer stone. Manufactured veneer stone can be expensive ranging around a little over $10,000. However, according to Remodeling magazine’s report, you can garner 92% ROI. For installation, it would be best to hire professional contractors to assist you.
Add A Deck Or Patio
Depending on the location of your custom home, adding a deck or patio could be a reliable way to enhance your outdoor living space. Moreover, homeowners have been reaping the benefits of those beautiful outdoor days and nights. In this case, a patio or deck addition can provide a variety of advantages. Naturally, having an outdoor hangout spot is one of the most popular priorities for prospective homebuyers.
To personalize this addition, decide which is best for your custom property. When planning your deck or patio upgrade, consider your family, friends and any activities associated with dining, entertaining, or relaxation. Various characteristics will help determine which is best, whether that’s creating a small deck in the front or patio in the back or building large extensions in the front and back. According to Remodeling magazine these multi-purpose upgrades can differ in ROI, you can recoup 75% when adding a deck versus 55% when adding a patio.
Build A Luxury Kitchen Space
One of the best ways to enhance the value, style, and functionality of your custom home is to build a luxury kitchen space. Depending on the size and characteristics of your home, you have full creativity when it comes to making the appropriate upgrades. A major factor that most prospective homebuyers search for in a home is the appeal of a luxury kitchen. People love to spend quality time cooking, eating, and entertaining in this space. In terms of your custom home, it’s best to decide whether you want to transform your kitchen entirely or complete a minor remodel. Although this may seem like an expensive project, according to the Remodeling magazine report, the average ROI of an upscale kitchen project is around 55%.
Some of these specific upgrades can include, upgrading your cabinets, buying energy-efficient cooking appliances, creating additional storage space, and even adding an entertainment aspect. To go even further, exchanging your kitchen’s fixtures with new faucets, drawer knobs, cabinet handles, and more can help increase value also. Other additional kitchen upgrades include, implementing new granite countertops, installing a tile backsplash, or even upgrading your kitchen lighting. Remodeling magazine also states, that most minor kitchen remodels can be quite expensive ranging anywhere from over $20,000, however by building off of your custom kitchen you can recoup up to 70% in comparison to 50% for doing a complete kitchen makeover.
How To Budget For These Additions
For home improvement projects of this scale, it’s important to understand your budget when adding valuable upgrades. For smaller improvements, many homeowners like to leverage their savings or even a credit card, but sometimes that doesn’t cut it for larger projects. Some reliable funding options for these upgrades can include a personal loan or a home equity line of credit. A personal loan can be more flexible than a credit card while also lower interest rates while receiving funding in a lump sum. The advantages of a home equity line of credit are you can use the funding as needed when needed, while also having lower interest rates than both credit cards and personal loans. When deciding on which capital is most beneficial, do the appropriate research and detail how much each project would cost including every element.
How To Find the Right Professional Contractors to Complete The Job
Almost every one of these custom upgrades will have to incorporate some sort of professional assistance. Unless you are a professional contractor yourself, I would avoid DIY’ing these particular improvements. To complete them with confidence, it’s critical to find the right contractors. Do proper research, contact local contractors, ask your friends or family members for references. You can also use Google reviews to your advantage, while also visiting their website to see their prices along with what other consumers had to say about their past business.
Whether you want to expand on your custom home or just want to start fresh as you build, in order to get the most out of your custom property, keep these various home upgrades in mind. Although creating a custom home comes with spending power, there are ways you can still recoup or improve on your initial investment. For more custom residential property information, details, and insight, visit your friends at Urban NW Homes.