Home renovations can range from investments that dramatically increase your home to personal design changes that actually subtract from its value. A surprising number of renovations don’t yield a good return on the investment when you resell the home. However, there are some that will consistently offer great returns, and could also help you sell a property faster. Here are three renovations that can add value to a property. We’ll focus on renovations that don’t cost a fortune, too.
Remodeling the Kitchen
The kitchen is one of the most important rooms in the house. We’re there several times a day. It often serves as the main meeting place for the family. Children may play or do their homework there while parents cook meals or prepare snacks. That is why updates to the kitchen can return anywhere from 60 to 120 percent of the value.
Upgrades that increase the value of the home include anything that improves the smooth workflow of the kitchen. Larger sinks, more counter space, and better storage fit the bill. New energy-efficient appliances are a strong selling point.
You can also work on updating the older fixtures in the home. Ask sheet metal services to create a custom range hood that matches the rest of the updated fixtures in the home. Then you don’t have a dull, dirty range hood that’s a totally different color from new plumbing and light fixtures. However, make sure that the design is cohesive with the rest of the house for greater effect.
A Bathroom Addition
A bathroom addition that brings your house into line with the neighborhood standard will easily have a 100 percent return on the investment. If your home is in a community of three-bedroom, two-bath homes, then adding a second bathroom is always worth it. Before you build onto the house, look for underutilized spaces like closets or extra rooms. Consider putting a half bath under the stairs. You’ll need at least 18 square feet for a half bath. A full bath, including a stand-up shower, requires 30 square feet. If you want to include a bathtub, then allocate at least 35 square feet.
If your home has as many bathrooms as the neighborhood average, adding an extra bathroom provides extra convenience but the ROI drops to around 80 percent.
Reinventing a Room
Adding more square footage to the home always increases its value, but that is also very expensive. Reinventing a room may be a better choice. Depending on the project, you may yield a 50 to 85 percent ROI. Finishing a basement is almost always a good choice.
Converting an attic into a bedroom has a decent ROI, assuming the room has a high ceiling. Some people turn their garages into living spaces or even small apartments. When you turn a basement or garage into a legal “income suite” they can rent out for additional income, it has more appeal than a second large living area.
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Remember that versatile rooms have more appeal than specialized rooms. Do not do any project that reduces the official bedroom count.
All of these home improvement projects can add value to your home in all situations. Follow our tips, and you’ll be able to minimize the cost of these projects and avoid causing problems while trying to renovate your home.