Whether you’re preparing to sell your home or are investing for a future sale date and want an upgrade, renovating your home can be a stressful endeavour. Most renovation projects have a significant hurdle: the budget.
If you’re doing minor repairs, it might not be such a hefty upfront investment, but any major renovations will come with a major bill. If you’re feeling any trepidation about starting a big remodelling project, consider that it may be well worth the time and investment when it comes time to sell. There are quite a few home upgrades that will increase the value of your home and help you recoup the costs from work done.
When done right, these are the primary home renovations that will help increase your home’s value and make it well worth the money.
Remodeling your kitchen
The kitchen is one of, if not the most, used rooms in the home, so it’s no wonder people want a stylish, functional, and modern kitchen with upgraded appliances. It’s also one of the most important rooms to potential buyers. When done right, remodeling your kitchen can be a significant factor in a prospective homebuyer deciding if they want your home or not.
Kitchen renovations can be quite pricey, so, understandably, people shy away from spending the cash. However, the return on investment for a remodelled kitchen can be over 80% if you budget right and choose the suitable designs. Choosing to go with an upscale, professional-grade kitchen with top-of-the-line appliances and furnishings can impact the value returned. Still, if you’re not spending upwards of $100,000 on your new kitchen, your return can be much higher.
If you’re planning to sell your home soon, consider what other people want in a kitchen rather than making it exactly how you want, since there’s a chance it might not align. Going with over-the-top decor and choosing the highest quality appliances may deter a lot of people, or it may not, depending on the market and area.
Replacing your windows
You are changing out your old, drafty windows with new, energy-efficient windows can be a costly renovation upfront. Still, they will save you money over time on energy bills and will increase the value of your home. They can also help reduce noise from outside, which a lot of people think is a good perk.
Adding a deck
Having a deck increases the amount of living space in your home. With the continuing trend of open-plan homes and living spaces all blending into one big, functional room, it can be quite attractive to a potential buyer to have an area strictly for lounging and conversations.
Even in a down housing market, a deck is a good investment for your home. It’s an expensive project to take on, running anywhere from $5,000 to $20,000 plus, depending on the space and the design. However, the return on investment for a deck can be anywhere from 70% to 80% if the deck is big enough, uses quality materials, easy to access from the main rooms of the home, and will get plenty of use because of the good weather in the area. Plus, if your deck has some additional features, like a fire pit or sunken seating area, that might be the deciding factor for a potential buyer.
Replacing your roof
Another major home repair that is a big-budget project, roof replacement is not only necessary for keeping your home dry and free of leaks, but it can add significant curb appeal and assurance to potential buyers. Since your roof only needs replacing once every two decades or so (unless it’s damaged by severe weather or experiences other unexpected damage), people looking to buy your home will be relieved that they won’t need to worry about the roof.
Also, a new roof can add curb appeal, which can boost your home’s value and bring more interest from people who may want to buy. Depending on the color and kind of shingles, your new roof could attract a lot of potential buyers, and you could see a return on investment of roughly 75%. Search for “roofers near me” to get this underway.
Putting in a new garage door
A new garage door is another excellent way to improve your home’s curb appeal. Old, creaky, or broken garage doors can be off-putting to potential buyers, so replacing it with a new automatic door can be a real positive factor and raise the value of your home. It can also improve your home’s energy efficiency, as new garage doors are more insulated and energy-conscience.
While completing major renovations on your property can be a costly task, it is highly recommended to both improve and upgrade your home and also achieve the highest asking price if you decide to sell in the future. What’s more, the above renovations can also improve the energy efficiency of your home, meaning your home retains its heat during the cold winters, and your utility bills decrease.
- Investment3 years ago
Investors Compare Residential To Commercial Property
- Investment4 years ago
What Do Landlords Fear Most?
- Management2 years ago
Top 7 Reasons Why You Should Hire a Property Manager
- Buy2 years ago
Who Is The Real Estate Agent Working For?
- Investment3 years ago
AirBnB Your Rental Property Is It Worth It?
- Investment2 years ago
Tips From A Property Investor On How To Improve ROI
- Management2 years ago
Healthy Homes For All!
- Buy3 years ago
How To Get A Property Before You’re 30
- Legal3 years ago
How to Deal with Tree-Related Neighbour Disputes in Australia
- Technology3 years ago
The Future Is Now: Some of the Most Spectacular Home Automation Upgrades