People remodel their homes and investment properties for a couple of reasons. For some, it’s a way to make upgrades and improve their overall experience at home. For others, it’s a way of increasing their property’s value, which is wise if you’re planning to sell. With this said, if you’re hoping to increase the value of your property with renovations, you’ll want to consider the list below. Some renovations are more cost-effective than others, and we’ve listed them below.
In general, the kitchen and bathrooms in a home are usually the most interesting rooms, which is why experts recommend remodeling these rooms for increased value. Having said that, the renovations listed below also increase a home’s value.
If you are looking to sell your home, painting the interior and replacing the flooring can add $10-$30,000 to the value of your home. Further, paint and flooring are the easiest renovations to make, and if done right, can make a huge impression on the home.
A new kitchen can add as much as $15,000 to the value of your home. The kitchen is often the first consideration when someone looks at a home to buy, which is why making sure it is modern and fresh-looking is important if you’re looking to sell. The thing with kitchens is you don’t need to spend a lot to bring them up to date. Purchasing materials from big box stores can lower the cost while still giving you plenty of beautiful options to choose from.
The bathroom is another room buyers look at closely. Freshly remodeled bathrooms can add $5-$20,000 to the value of your home, but it’s very easy to go overboard and spend a lot of money on the renovation. If your bathroom isn’t in terrible shape, you can get away with just replacing the toilet and vanity and not have to mess with the tub/shower, which can be expensive.
Sometimes, you can get away with just replacing the fixtures and hardware in a room and not have to make any major renovations. Replacing faucets, light fixtures, door handles, etc. can give the room a new look and feel and you won’t have had to spend a great deal of money to get it. Replacing light fixtures, cabinet pulls, door handles, and other fixtures around the home can add up to $5,000 to the value of your home.
Other renovations may or may not add value to the home as you think they might. For example, landscaping adds to the curb appeal of the home, but most buyers are more willing to deal with the landscaping than they are large kitchen or bathroom remodels. New windows and doors definitely add value to the property, but the cost to have them replaced can be quite high. Of course, a home with old windows and doors may be hard to sell, so even though the cost and value increase basically cancel each other out, it might be worth it to replace the windows and doors if you’re looking to sell.
