An excellent way to add value to your home is through renovations. Home renovations can be simple or complex, depending on your preference and budget. The possibilities are endless. Here are some of the common areas of renovation that add value to your home. Choose one that works for you and start adding value to your home.
Bathroom
You can choose to update a few items in the bathroom or opt for a complete remodel if necessary.
Bathroom renovations can make a huge impact on your home’s value. You can redo the entire bathroom and replace everything, or you can renovate and replace only a few things. Either choice is valuable. Complex renovations may consist of replacing the tile, bathtub, and sink. While simple renovations could include painting the walls or adding new light fixtures. You can also replace the countertop or sink, or both. Overall, HGTV estimates that you can regain 80%-130% of whatever you spend adding a bathroom.
Living Room
Consider updating your living room to add value to your home. Living rooms are where families spend most of their time, and all homeowners want to feel comfortable in this room especially. Primarily, homeowners are interested in purchasing a home with a spacious and open living room design. You can even consider removing a wall to create more space. Or, sometimes you can change the paint and add a sliding glass door. This will help to let in more light, and the room will look more substantial. Further, you can recoup some of your investment, anywhere from 50%-83%.
Kitchen
The kitchen is arguably the main selling point of a home. Before putting your house on the market, consider updating the appliances.
Kitchen renovations are a standard way to add value to your home. Home buyers always look for beautiful, spacious kitchens. Renovating your kitchen will undoubtedly increase the value of your home. This renovation can cost anywhere from a few hundred dollars to more than $20,000. However, kitchen renovations are proven to be the highest value renovation according to HGTV. You can expect to regain 60%-120% of your investment on a kitchen remodel. Be sure to consider your budget before deciding how to renovate. Factors to consider are the countertops, cabinets, appliances, and layout. On the other hand, sometimes an upgrade on the appliances can make a significant difference.
Backyard
An area you might not think about renovating is the backyard. Who doesn’t like to spend time outside? Having a beautiful backyard is appealing to home buyers and can add value to your home. For instance, build a fence for added privacy or plant some flowers or shrubs. You can even do some landscaping in the front yard for more curb appeal. The added value of an attractive landscape is around 15%.
In-Law Suite
If you have a finished basement, above garage apartment, or other extra space, an apartment can add value to your home. If you are willing to put in some work to make these areas nice, you can rent out the space for extra income. Also, you can advertise to college students or others who are looking for a short-term rental. This will add value not only because you will be collecting rent, but also in the long run. Therefore, if you decide to sell, home buyers will see this as a bonus. And, you can recoup roughly 79% of your investment.
Whatever your reasons for renovating, you are sure to add value to your home. Choose which rooms will work best for renovation and get started! Additionally, if you are interested in giving your kitchen a new look without the costs of a complete renovation, check out our blog for some tips.
