6 renovations that will boost your home value

July 08, 2022

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Master ImageWhether you are preparing to move or simply want to update your home, renovations can be a major undertaking. That's why it's important to know if it's worth the effort. It's important to know which renovations will give you the most bang for your buck, so you can get a higher price when you sell.

Renovations can be a smart investment, but remember: there's no guarantee you'll recoup the money you spend. According to real estate experts, the kitchen and bathroom are still important to buyers, but a study and outdoor entertaining area are now just as important as those areas. Continue reading this article to find out how to renovate strategically and which projects will really increase your property value.

  1. Remodel your kitchen
    The kitchen is the hub of your home, so functionality is a top priority. A kitchen renovation, when done right, can increase the value of your home. You'll see an even greater return on investment if you remodel an older, outdated kitchen. This includes replacing the cabinets, stove and refrigerator, flooring, and even the sink and faucet.

  2. Bathrooms renovations
    An updated bathroom is a major selling point for any home. Bathroom and kitchen renovations are the most popular renovation projects. Replacing an outdated sink, old plumbing and lighting fixtures, or installing a new tile floor will ensure value for money and give your bathroom a modern look. Energy-efficient upgrades are also good for your home's resale value.

  3. Expose and restore hardwood floors
    Hardwood floors often lurk under the carpet, especially in older homes. Squeaky floors are a sign that you may have wood floors. If you are not sure, pull up the carpet in an inconspicuous corner and check. If you have wood floors, you'll probably need to refinish them to restore their original luster, but it's much cheaper than new flooring.

    Hardwood and laminate floors are comparable in price to luxury carpeting, but they do not require constant vacuuming. Plus, these floor coverings are durable, and you do not have to worry as much about stains. Installation is also relatively simple.

  4. Replace old windows
    New windows can freshen up the appearance of your home, and replacing existing windows with energy-efficient windows can save homeowners significant heating and cooling costs. Renovating your windows is not just window dressing. Potential buyers will notice them, as will appraisers.

  5. Create a home office
    As more and more companies allow their employees to telecommute, a home office can really add value to a home. If you have extra space in your home, consider converting it into a home office. Make sure there is enough work space, and remember to install grounded outlets, data ports, and possibly an extra phone line.

  6. Increase outdoor living space
    There's nothing better than being able to party outdoors. An outdoor area makes your home a relaxing place to socialize and greatly increases the value of your home. Regardless of your budget, there are many ways to enhance your backyard, porch or patio.

Beautifying your home does not have to be expensive or complicated, and it does not have to involve contractors. There are a variety of projects for all price ranges and every level of skill and enthusiasm to increase the value of your home, whether for future buyers or, perhaps more importantly, for yourself.

Whatever project you are considering, remember that your primary residence is not just a house, it is your home. If you plan to live there for many years, include the amenities you want, regardless of how they affect resale. When it's time to sell the house, do the basic things to bring the property up to neighborhood standards and give it some curb appeal - but do not go to the trouble of doing several major projects just to increase the purchase price.

Elaborate, custom upgrades are more likely to appeal to you as a potential buyer. It's best to make small, decor-neutral renovations that improve the functionality of your home. And remember, even with the renovations that are known to increase the value of your property, chances are you'll spend more money than you'll get back at resale.

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