5 Home Renovations To Boost Home Value
Buying a home is exciting, but being able to put a personal stamp on the house is even more exciting. Not all homes are turnkey, and not all turnkey homes are what buyers really want. As people live in their houses, they will begin making changes large and small. They paint, upgrade fixtures, and some even consider tackling a major renovation. But before any homeowner takes on the task of upgrading their home, they must consider which home renovations add value to a home because not all of them automatically mean added value. The current real estate climate, location, size, and comparable homes in a homeowner’s market determine what adds value and what does not. However, there are some upgrades that almost always add value. Start reading to learn about these.
An Income Suite
This suite is a small living space in a home commonly found in basements, upstairs, or even in a separate building on the same property as a home. This type of suite is a renovation that can pay off big time for many homeowners depending on what buyers want, as homeowners who have a bedroom with a private entrance, en-suite bathroom, and even a small living area and kitchen can rent this space and make money while they live in their home. Potential buyers might be more inclined to buy a home with an income suite for the simple fact they can use this to make money on their own. It’s a good investment regarding the resale value and the money a homeowner collects while renting their space to those who want to rent it. An income suite is more valuable if it has all the necessities, and it doesn't need to be large.
Continue reading to learn how kitchen renovations can add value to most homes.
Kitchen
It is the most important room in any home, often because it’s the room where people spend the vast majority of their time. Children do homework, many conversations take place, laughter is common, and families frequently gather there. There’s not a right or wrong way to remodel this room to increase the value of a home, but there are things homeowners can do to make this space more valuable every time. Storage is the first upgrade, as the more room the kitchen has for storage, the better. High-end appliances, solid surface countertops, and updated fixtures make the biggest difference. Most individuals love a backsplash and nice cabinets. There’s not a right or wrong color for cabinets, but it seems many prefer a light, bright, spacious room to one that appears dark and small. These rooms, even if they are a little small, can add value to a home if they are laid out correctly with plenty of seating, storage, and character. It’s all about maximizing space and creating a feeling of luxury.
Continue reading to learn what kind of bathroom renovations boost a home's value.
Additional Bathroom
Bathrooms are a big selling feature in any home, and an additional bathroom almost always adds value. A home with two bathrooms is always more appealing than one with a single bathroom, and a house with a third bathroom is going to be more valuable to buyers than one with two. The general rule is individuals should consider having almost as many bathrooms as they do bedrooms. They don’t have to be even, but a home with four bedrooms and three bathrooms is more appealing to buyers than a home with four bedrooms and only two bathrooms. Bathrooms pay off, and they should feel luxurious. They should have upgraded cabinetry and countertops, luxury tiles, and be sleek and sophisticated. The general rule is if a person walks into a bathroom and feels like they are at a spa, it’s a great bathroom. Most buyers will choose the additional bathroom every time, which makes it a seriously valuable investment.
Continue reading to learn about the value of green efficiency in homes.
Green Efficiency
A green home is always more appealing to buyers, and that’s not a nod to the color paint on the walls. Energy-efficient home upgrades always pay off in more ways than one. Buyers love knowing the home they’re going to call their own is energy-efficient, and this often means they’ll pay more for it. Homeowners get to save money with energy-efficient upgrades because their bills will be lower, thus saving a little money on a regular basis. A smart thermostat, for example, saves homeowners money as it keeps their home heated and cooled more efficiently, costing less in electricity. Energy-efficient appliances allow homeowners to save money on their utility bills by utilizing less energy for their smooth operation. Some of the greenest upgrades individuals can add during a renovation include the insulation they use in the home, kitchen appliances, HVAC unit, water heater, windows, and solar panels. Each one allows a homeowner to save money, and these are upgrades that pay off for a lifetime. Homeowners should speak to a contractor to find out how much value it adds and what items add the most value before adding any green efficiency to their house.
Continue reading to learn about an outside renovation to add home value.
A New Deck
A new deck adds value to almost any home because it provides additional living space outdoors, which is currently one of the most popular features in a home since buyers want to spend more time outdoors. They want deck space or patio space, outdoor cooking areas, pool decks, and the ability to take their coffee outside in the mornings to enjoy the fresh air. A new deck adds living space outdoors, which makes a home feel larger and more inviting. It also provides an additional seating area, a dining area, and even an area for a fire pit or fire table where families go to sip wine at the end of the day or roast marshmallows with the kids. Imagine grilling outside in the summer on the new deck while the kids run around the yard, and everyone enjoys the beautiful weather. That’s what buyers see when they walk into a home with a deck or other outdoor living space. They see memories being made, happy families, and they see great entertainment space.