Remodeling your home can be a huge undertaking. People consider this type of project when they are thinking of selling or when they feel their home needs updating. Considering this type of project takes some thought as you want to do home renovations that will be financially worth your efforts. You want to perform the renovations that will yield you the highest return for your money.
Ultimately, the home renovations you perform should add value to your property, so you want to evaluate the cost versus value and decide if the renovations are worthy of your time and money. According to the experts, these 7 home renovations have the potential of raising the value of your home when it comes time to sell.
Renovate or Update the Kitchen
The hub of any home is the kitchen. The functionality of this area should be a priority. When it comes to renovating a kitchen, the task should be satisfying and exciting and be designed to meet all your desires and needs as a homeowner. Realtors report homeowners can recover more than 60% of the money they put into kitchen renovations when they decide to sell their house.
While you might feel it is trivial to update a kitchen with new appliances or fixtures, these are a must. Currently, the markets are seeing a trend for kitchen features such as drawer-style microwaves, commercial-style ranges, hidden outlets, and wine refrigerators. These are just a few renovations you can complete to add value to your home’s resale.
Update the Heating, Ventilation, and Air Conditioning System
Your home’s HVAC (heating, ventilation, and air conditioning system) is one of the most critical items to maintain. Realtors report homeowners are able to recover more than 80% of the cost to replace this system when selling their property. One of the biggest issues that come up when a potential buyer is looking at a home for sale is the condition of the HVAC system. Millennials are not going to overlook old mechanicals, even if as a seller, you offer a warranty to compensate for an older system.
Make Your Home Accessible
When you begin a home renovation project, you want to take into consideration making it accessible to people of all sizes, physical abilities, and ages. Early on in the planning process, you will want to take inventory of all intended user’s tastes, preferences, and capabilities. Your home will become more marketable and welcoming if you are able to make it more accessible to a larger audience.
One of the simplest renovations you can perform is updating your lighting. You will be amazed at the value this simple fix can add to your home. Warm light makes a home more user-friendly and inviting, and when you consider the functionality of new lights, you get an even bigger return on your investment.
Build/Add and Addition
A major increase in your home’s value is building an addition to the structure. When you select the perfect materials and details to enhance your home’s character, you will significantly increase its value. Any type of increase in your square footage, whether it be a new bedroom, or extending the kitchen or living room areas, you will make a huge impact as size matters.
Update the Bathroom
A major selling point in any home is the bathroom. If you renovate this room and incorporate sleek surfaces that sparkle, potential buyers are going to see an area that will be a cinch to clean and use. Realtors report homeowners can recover more than 55% of their renovating costs of a bathroom when they sell their house.
Create Relaxing Outdoor Living Space
People love to spend time and entertain outdoors. Creating a relaxing outdoor living space on your property will add significant value to your home. A backyard patio or screened-in-porch, especially if you incorporate an outdoor kitchen with a grill and fridge will make an incredible addition to your home for entertaining.
Renovating Your Home for Your Comfort or Resale is a Great Investment
Homeowners who complete at least one of the above renovation projects typically sell their homes above the list price. You don’t have to go into debt to make an impact on your home’s value, but a little fixing up and updating will go a long way in providing you with a great financial return for your money.