Real estate can be an excellent investment, but there are many variables you have to consider. It’s fairly common knowledge that renovating a property can increase resale value, but it’s difficult to determine which renovations are actually worth your time and effort. When it comes to investment, if it doesn’t increase your resale value, it’s not a worthy investment. On that note, here are some of the best renovations to consider.
1. Luxury Elements
The more luxurious the design of the home feels, the more you can add to the asking price. You might not have a full luxury makeover in the budget, but including stone pillars on the home’s exterior, a unique shadow cabinet in the living room, or a rec room in the basement can give your home the allure of a customized luxury home, without the hefty price tag.
2. Front Yard Makeover
Curb appeal is everything when selling a home. It’s the first impression homebuyers get of the property, and it can affect how they feel about the rest of the home. Things like brightly colored planters under the windows, paver walkways, healthy grass, and other landscaping elements can justify adding a little more to the asking price of the home.
3. Updated HVAC System
This replacement is very attractive to homebuyers because it promises efficiency and well-dispersed climate control throughout the home. It’s important to note that this renovation costs an average of $15,000, and you may not receive the full amount in return after you sell. It’s best to do this renovation if you plan on living in the home for a few years before selling, so you get a little value out of it.
Adding new windows can be pricey, but can brighten up a space, improve efficiency, and significantly increase the asking price. While adding new windows, consider adding light dimmer switches, to allow adjustable lighting control in every room. It’s a touch that will make a house feel much more homey.
5. Kitchen Remodels
Of course, the kitchen updates will always increase the value of your home. It’s the first thing the majority of homeowners consider. Updated flooring, granite or marble countertops, extended cupboard space, and excellent space planning can improve the value of both your kitchen and the property as a whole.
6. Bathroom Facelifts
The second thing homeowners look at when considering a home is the bathroom. Most of the time, though, you don’t need to overhaul your entire bathroom to get the job done. Instead, install a few new fixtures, change the tile in the shower, add crown molding, paint, and refinish the cupboards to give your bathroom a facelift, without the cost of a full renovation.
7. Attic Bedrooms
You can get as much as 73 percent of your investment back by adding a bedroom in your attic. This allows you to market your home as a four bedroom instead of a three bedroom, for example, which can raise the asking price by tens of thousands. Any time you add square footage to a home, it immediately amps up the value considerably.
8. Minor Cosmetic Updates
You don’t have to make huge changes in order to raise your property value. Simple cosmetic updates like painting the front door, removing popcorn ceilings, replacing paneling and wallpaper with regular paint, and painting kitchen cupboards increase the home’s value.
9. Neutral Changes
If you’re making changes to a property with selling in mind, don’t limit potential buyers with far-out designs. Keep your changes fairly neutral in order to appeal to a wider audience. A safari-themed bedroom might seem like a dream come true to you, but it might be a deal breaker for someone else.
10. Professional Work
There will be some projects you can do for yourself, but it’s best to leave the majority up to a professional. The finished project will be more polished and safe, and it will help you justify the asking price.