Five renovations that increase your home's value

Looking to up the sticker price of your home? From the simplest of projects to the biggest renovations, sprucing up your home does more than just make it a better place to live: It increases your home's worth.

And in the Tri-Cities, now is a prudent time to invest. According to the Federal Housing Finance Authority, property values in the area are on the rise. The Kennewick-Richland-Pasco metropolitan statistc area boasted a 2.88% increase in house price indexes so far in 2013, the organization reports.

That increase is expected to continue. Real estate values will rise in Kennewick by the end of the second quarter of 2014, according to projections by Little Big Homes, a company that predicts real estate trends for 360 metropolitan statistic areas.

How can you push your home's value even higher? These renovations can help:

1. An outdoor deck

It's more than just a place to host those summer barbecues: It's a project that can add thousands of dollars to your home's value. A wood deck addition costing about $9,000 adds about $7,000 to a house's value -- a cost recuperation of 77%, according to Remodel magazine's annual "Cost v. Value" report.

2. Give your kitchen a face lift

A good kitchen goes a long way. A minor kitchen remodel boasts a 75% return on investment, and can be as simple as updating appliances and counter tops that quickly date a home. A major kitchen remodel costing around $50,000 adds nearly $40,000 to a home's value, the report says.

3. Reside your home

If you replace the siding on your home, about 73% of what you spend will be recouped in added home value, the report says -- now that's curb appeal.

4. Switch out your windows

Just over 70% of what you spend replacing your home's windows will be added to your home's value, Remodel magazine estimates. And if that weren't enough incentive, listen up: EnergyStar estimates that replacing single-pane windows with energy-efficient ones can save you between $126 and $465 annually.

5. Revamp your basement

An unfinished basement is wasted potential value (and living space). Finishing or updating yours yields an average of 70% return on investment in home value, the report says. Homeowners that transformed their home's lower level by dry walling and painting it, creating an entertainment room and bathroom, and installing light fixtures increased their home's value by $43,095. The cost of the project: $61,303.

Also on the list of high-yield remodels: A two-story addition, creating an attic bedroom, replacing a front door and more. 

If you're ready to amp up your home's value, contact AJ Development today for a quote. We will work with your needs, wants and budget to find the perfect remodel project for you.

Serving the Tri-Cities, Washington area. Pasco, Kennewick, Richland, West Richland, Burbank, Finley, Benton City