Homeowners who are looking to do home improvement projects have a staggering amount of options to consider. However, before any home renovation is set in motion, homeowners should strongly consider if the project they are planning will actually increase home value or not.
While a homeowner might be undertaking a project out of necessity, some home improvements will actually go a long way and increase home value, whereas other projects might not add any value at all or may actually detract from the value of the home. Here are some home renovation ideas that could boost the value of your home, whether you are looking to sell now, in the future, or if you’re just looking to strengthen your investment.
Kitchen Renovations
Kitchens are, quite literally, one of the most important rooms in any home and upgrading them can add significant value to the home. The trick is to make sure the changes are proportionate to the home’s value itself.
If you want to recoup your investment, consider your home’s value in relation to the work you want to do. If you have a home value of $200,000, it doesn’t make sense to undergo $100,000 worth of renovations, but if you spend less than $20,000 and make small upgrades, such as replacing faucets, hardware, repainting cabinets and drawers, your kitchen will look like new and increase the value of your home.
Swap Out Appliances
If you have older or mixed and matched appliances, simply upgrading them to coordinated ones or energy-efficient models could easily add value to the home. Potential homebuyers are very often looking to move into a home with great appliances, and having newer appliances is a big attraction.
Bathroom Renovations
The bathroom is another room that is incredibly important to the home, but much like a kitchen, you can drastically upgrade the appearance of a bathroom without spending a ton of money on it. Simple tricks such as resurfacing sinks or tubs, re-grouting tile, replacing faucets and painting or replacing flooring can turn a bathroom from an outdated hindrance to the home’s value to a wow factor that adds value.
Adding Square Footage or an Addition
Building a new room or expanding the size of an existing room in the home can definitely add value to the home. However, it is also among the most expensive home improvement projects you can undertake. Before adding on to your home, make sure you talk to a general contractor and a realtor and determine if the amount you are going to have to spend will be profitable with the increase in value you will see as a result.
Building a Deck or a Patio
Building a deck or a patio onto your house is a great way of adding value without actually adding square footage. You’ll be adding on additional space to use for seating or dining without having to deal with electricity and plumbing needs. It also adds a great finished look to the outside of the home.
