Remodeling and upgrading your home can improve the quality of your life while also increasing the value of your property if done correctly. Renovations, on the other hand, aren’t all the same. While certain repairs might significantly increase the value of your property, others can actually lower the price. So, what are the options for a homeowner?
PROJECTS TO INCREASE THE VALUE OF YOUR HOME
RENOVATE YOUR KITCHEN.
Kitchen renovations are paying off. Many prospective homeowners are seeking for kitchens that are modern and up to date.
A kitchen makeover can return 62.7 to 81.6 percent of your investment, according to Remodeling Magazine’s annual Cost vs. Value Report for 2018. But don’t overdo it. It’s not a good idea to add a $80,000 kitchen to a $125,000 house.
Start small while redesigning your kitchen. Replace the kitchen faucet, cabinet hardware, and light fixtures with modern, energy-saving alternatives.
Paint the cabinets a new color or pay a refacing business to refinish the cabinet boxes and install new cabinet doors, drawers, and hardware instead of replacing them. These minor changes will enhance the overall appearance of your kitchen.
UPGRADE THE APPLIANCES.
Consider buying new doors and face panels from the manufacturer if your appliances don’t match. This will offer your kitchen a more coherent appearance without the exorbitant costs of appliance replacement.
Consider upgrading to new energy-efficient appliances, which are better for the environment and consume less energy.
BOOST THE BATHROOMS.
According to the Cost vs. Value Report, bathroom remodels will recuperate 87.7% to 93.5 percent of your investment. Don’t go crazy like you did in the kitchen. Replace the light fixtures, paint the room, and re-grout the bathtub. A new mirror and light fixtures may completely change the appearance of a bathroom.
ADD A DECK.
Adding a deck is worthwhile because of the large return on investment. One explanation for this is that decks improve living space while costing less per square foot to construct.
IMPROVE YOUR CURB APPEAL.
It is important to make a good first impression. It might be as basic as washing your home’s siding or as complex as installing a new walkway to improve your home’s curb appeal. It does not have to be costly in order to be effective.
Installing a new front door is a quick and low-cost approach to instantly improve the appearance of your property. On the Cost vs. Value Report, a new front door is one of the highest-ranking home upgrades.
For a polished effect, prune shrubs and mulch around bushes and trees. A flowerbed or geranium pots can add a splash of color.
Scrub the siding of your home to eliminate years of grime buildup. Any worn parts should be retouched.
Don’t go overboard with this, or any of the other items on this list. It’s lovely to have a backyard oasis, but it won’t increase your asking price. To increase the “wow” factor, all you actually need is a well-kept grass and some strategically planted bushes and vegetation.
ENERGY EFFICIENCY MUST BE IMPROVED.
If your home lacks good insulation or has drafty doors and windows, a home inspector will notice. All of this leads to increased energy use, which is costly to the homeowner. You might begin by making minor changes, such as adding more insulation to your attic. To prevent energy losses, seal cracks around doors, windows, light switches, and electrical outlets.
Single-paned windows that are drafty may put off potential purchasers. Energy-efficient windows can help you save money on your heating and cooling bills. You may be eligible for a green energy tax credit if you upgrade to an Energy Star-rated product.
Because buyers want windows to be in good working order when they purchase, replacing them may not add much to your asking price. However, failing to replace them may reduce it.
PROJECTS THAT MAY HAVE A NEGATIVE IMPACT ON VALUE
Some home renovation work can actually depreciate your house’s resale value. The general rule is that the more tailored a project is to your own personality, needs, and tastes, the less likely it is to increase resale value.
Here are some examples of projects with a negative resale value.
SWIMMING POOLS
While an in-ground swimming pool may appear to be the ultimate luxury, it may depreciate the value of your home. Pools can be a safety threat for families with little children. Some potential purchasers aren’t interested in the extra energy and insurance expenditures that come with having a pool.
UPGRADES IN LUXURY
While you may adore the marble flooring in your bathroom, a buyer may not be so enthusiastic. Unless you live in a very high-end property, the finest quality modifications rarely have the same resale value as great mid-range additions. Rather, spend money on high-quality appliances, carpeting, and enhancements that will appeal to a wide range of people.
Make an effort to stay up with your neighbors’ renovations. You don’t want to be the most costly house on the street.
CONVERSION OF A GARAGE
Converting garages to living space might add square footage to your home, but most purchasers prefer garages. This will not raise the value of your home.
IN THE END, IT’S STILL YOUR HOUSE.
Begin by concentrating on little projects that will make your home more appealing and energy efficient, but keep in mind that it is, after all, your home. Enjoy your home while you have it, but keep in mind that not all renovations will pay for themselves when it’s time to sell.
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