Home remodeling can be a great way to add value to your home, but not all renovations are created equal. Some renovations will add more value than others, so it’s important to choose wisely if you’re looking to increase the resale value of your home. Here are some tips on which renovations add value and which do not.
- Don’t over-improve your home: It’s important to remember that you won’t get all your money back when you sell your home, no matter how much you’ve invested in it. So, if you’re planning to sell soon, don’t go overboard with your renovations. Stick to projects that will add value without breaking the bank.
- Do your research: Not all home improvements are created equal. Some will add more value to your home than others. It’s important to do your research and find out which renovations are most likely to add value to your home before you start any project.
- Focus on curb appeal: One of the most important things to remember when trying to increase your home’s value is that curb appeal matters. Buyers will be more likely to pay top dollar for a home that looks great from the outside. So, if you’re planning any exterior renovations, make sure they’ll add curb appeal.
- Don’t forget the basics: Sometimes the simplest improvements can add the most value to your home. Things like painting, repairing gutters, and fixing leaks can all make a big difference in the value of your home.
- Think long term: It’s important to remember that some renovations will take longer to pay off than others. If you’re planning on staying in your home for a while, you can afford to invest in more expensive projects that will add value over time. But if you’re planning to sell soon, stick to less expensive renovations that will pay off quickly.
Renovations That Add Value To A Property:
Kitchen Remodels.
A kitchen remodel can make a huge impact on the overall look and feel of your home, and it’s one of the best investments you can make. Not only does it increase the value of your home, but it also helps to boost your property’s desirability for potential buyers.
Bathroom Remodels
Bathroom remodels are another great way to increase the value of your home is by remodeling your bathroom. This can include updating fixtures and adding extra storage space to help make it more functional.
Adding an Additional Room or Adding Extra Living Space
When done correctly, adding a new room or level to your home can be a great way to increase the overall square footage and value of your property. Just be sure to consult with an experienced contractor to ensure that the new space is up to code and will add value to your home.
Energy-Efficient Upgrades
Adding energy-efficient features to your home is not only good for the environment, but it’s also good for your wallet. Energy-efficient upgrades can help to lower your monthly bills, and they will also make your home more appealing to potential buyers.
Renovations That Do Not Add Value to a Property:
Swimming Pools
While a swimming pool can be a great way to enjoy your backyard and cool off on hot summer days, it’s generally not considered a good investment when it comes to increasing the value of your home. Because swimming pools require regular maintenance, they can often end up costing you more money in the long run. Additionally, many buyers may be put off by the idea of dealing with a pool, and it could even make your home harder to sell.
Luxury Items
While you may enjoy having luxury items in your home, such as a sauna or hot tub, home theatres, bowling alleys, and home offices, they are not typically considered good investments when it comes to increasing the value of your property. This is because luxury items are often very personal, and not everyone will share your taste. As such, it’s unlikely that luxury items will add much value to your home.
Will a Finished Basement or Attic Space Add Value to Your Home?
There is no definitive answer to this question, as the value that a finished basement or attic space adds to your home will depend on several factors. For example, if you already have an unfinished basement or attic space, then adding these features may increase the overall value of your property by providing additional living or storage space, and ultimately more finished square feet. On the other hand, if your home already has a finished basement or attic space, then remodeling these features may not add much more value, as it could be seen as unnecessary. Ultimately, whether a finished basement or attic space adds value to your home will depend on the individual property and what potential buyers are looking for in a home. Nevertheless, it is generally considered a good idea to focus your home remodeling efforts on more practical and functional features, such as a kitchen or bathroom remodel, in order to get the most bang for your buck.
Extensive Remodeling
While small renovations can add value to your home, extensive remodeling is often not worth the investment. This is because extensive remodeling can be quite disruptive, and it’s often difficult to recoup the costs of a major renovation. Additionally, extensive remodeling can make your home less appealing to potential buyers, as they may not be able to picture themselves living in a space that has been completely transformed.
When it comes to home renovations, it’s important to choose wisely if you’re looking to increase the value of your property. Some renovations, like kitchen and bathroom remodels, can add a significant amount of value to your home, while others, like swimming pools or luxury items, may not be worth the investment. Increasing square footage or creating an additional bedroom or bathroom to your home adds value. So, if you’re looking to get the most bang for your buck when it comes to home renovations, be sure to do your research and choose wisely.
If you are thinking about renovating, before selling or simply want a real estate agents’ perspective before investing a large sum of money into your home, give us a call and we can help you make an informed decision to get the most value out of your property now and in the future!
