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By Jenn Walker
When it comes to renovating your home, the changes you want to make may not always be the most financially rewarding. However, some renovations and updates can tremendously increase the value of your home so that if and when you decide to sell, you can get more than just your money back. So if you are trying to decide on a remodeling project, it is good to compare the potential value of the renovation with what it is going to cost you, allowing you to make the most financially responsible decisions concerning your home.
If you are looking to renovate your home but aren’t sure where to start, here are some of the best renovations you can complete to boost the value of your home.
Revamp the Kitchen
Kitchens are an essential part of any home; it is where you cook meals, feed your family, and spend time with the people you love. With this in mind, an updated kitchen is a major selling point in any house, and most people put it high on their list of priorities when buying a home. Realtors estimated in 2019 that upon selling their house, homeowners can make back up to 52% of what they spent upgrading the kitchen.
Upgrade a Bathroom
Bathrooms are one of the rooms we begin and end our days in, so having a home with a newly upgraded bathroom is a huge plus. Potential homebuyers are looking for bathrooms that feel fresh and clean, so getting rid of old tile and outdated countertops can completely change the atmosphere of the room. According to the National Association of the Remodeling Industry, it is estimated that homeowners can recover up to 57% of the cost of renovating a bathroom.
If you have an older home, you may want to consult with a plumber about the kind of work the pipes in your home might need. Upgrading a room like a bathroom is about more than just making things look nice, you also want to be sure that everything is functioning well too.
Add an Addition
Adding to the structure of your home will increase the square footage, naturally increasing the value of your home overall. Depending on the addition you can also make up for things that your original home may lack. For example, by adding a bedroom and bathroom to your house you can increase its marketability a lot; what once was suitable for a family of three could now house four. You can also use it to add to existing rooms, such as adding an ensuite bathroom to the master bedroom or expanding the kitchen to accommodate more storage. However you choose to utilize this space, you will want to consider how valuable it will be to others when you go to sell your home.
Improve your Outdoor Space
Having an outdoor space that can be enjoyed by you as well as guests is a great part of your home to invest in. Whether you are adding a patio, a porch, or landscaping to your backyard, an outdoor space can add a relaxing aspect to your home. The possibilities are endless; from an outdoor bar to a swimming pool, utilizing the area outside of your home can add value to the selling price as well as your own experience living there. Many potential buyers are looking for a home that is set apart from the rest and will be willing to pay more for a unique addition to the yard.
Make It More Accessible
Accessibility is important to any building, but making your home more accessible will make it more appealing to guests and potential buyers. By creating a space that is accommodating to individuals of all ages, sizes, and physical abilities you will increase the number of people that could purchase your home in the future.
Some helpful accessibility modifications can include replacing stairs with ramps, installing a stair lift or elevator, adding handicap-friendly bathroom features, and more. Not only does this renovation improve your home’s ability to be sold, but it also makes it a safer space for any of your own guests who are not as able-bodied as others.
Choose Updates That Make You Happy
While selling your home at a higher price than you put into it is always a good goal, remember that you will also have to live with these renovations. It is good to weigh both aspects before starting your renovation project to ensure that you get the most value out of your investment.
Jenn Walker is a freelance writer, blogger, dog-enthusiast, and avid beach goer operating out of Southern New Jersey.
Photo by Blue Bird – pexels.com
