Home renovations play a big part in increasing the value of a house. Whether you’re planning to sell this year or five years in the future, the renovations you choose can have a big impact on the final selling price. The key is to choose renovations that you will enjoy during residence and, at the same time, will add much or all of their investment value into the value of the home.
So which renovations add the most value to your house? Which are the worst renovations for home value? We’re diving into the top five of each category so you can build a strong home renovation-for-value strategy.
Best Renovations for Home Value
Minor Bathroom & Kitchen Remodels
Touching up an older bathroom or kitchen can be extremely valuable. Minor bathroom remodels are among the few projects that can return over 100% of your investment value. Choose the surfaces and elements that are the most outdated or shabby to replace. Replacing tile and floor can be quick and impactful, while changing out the tub and toilet are the most costly but can pay back with energy efficient appliances.
Landscaping and Entryways
Changing your curb appeal can provide a big bang for your buck. Update your entryway to make the house look more modern and welcoming. Columns, lighting, and front porches make a difference. Style your landscaping to make the home look more stylized while simultaneously lowering lawn maintenance with hearty local plant life.
Build or Update a Deck
A deck expands the livable space for your house and makes the back garden more welcoming for social gatherings. If you have a deck, update it. If you don’t have a deck, building one with cost-efficient materials can be a great opportunity to ROI and make the home more beautiful.
New Windows & Insulation
Improving the home’s energy efficiency is a big step for cost savings and value improvement. New windows can make the home look fresh and new while also increasing the energy efficiency with better insulation. You can also take on a small project and directly add insulation to your attic, basement, and inner walls.
Attic or Basement to Bedrooms
Home value always goes up with extra bedrooms. If you have a finished attic or bedroom, a quick conversion into a bedroom or even a suite can add significant value to your home and make it more appealing to buyers who like unique bedrooms.
Worst Renovations for Home Value
Extensive Kitchen Remodel
The most common mistake in remodeling is a dramatic kitchen remodel. The more you change, the further the ROI decreases. Strategic little changes to your kitchen can push up home value and style by updating the house. But going overboard usually leads to overspending in kitchen remodel.
Quirky and Bold Designs
Don’t put too much personality into permanent renovation features. Bold wallpapers and accent walls don’t leave room for buyers to write in their own lifestyle into the home – which can be a value-stealing turnoff. Instead, choose neutral tones for your permanent features and go bold with personality in your furniture, artwork, and throw pillows.
Only in a few select regions are swimming pools a good investment. In most climates, a swimming pool requires more maintenance than it offers joy. For this reason, pools are usually a mistake to install if you’re angling for increased home value or a quick flip.
Master Bedroom Renovation
Master bedrooms can be beautiful when upgraded with a tasteful light fixture or new carpet. However, going overboard with luxury bedroom updates is a highly personal choice, one the next buyer might not agree with. If you’re renovating for value more than personal comfort, don’t focus too much on the master bedroom.
Never splash out on designer wallpapers, floors, furniture, or fixtures. The extra cost may seem worth the prestige at the time, but most homebuyers don’t care about designer features and wouldn’t recognize their value. Designer features are far less valuable in real estate than almost any other market.
Now that you’re an expert on what renovations are worthwhile – let’s get in contact today and get your next deal started!