Top Home Renovations to Increase Your Property Value

 

If you’re thinking of selling your home either now or in the distant future, you may want to consider a few renovations first. Refurbishments can add tremendous value to a home and make it even more appealing to potential buyers. If you’re new to selling and renovating, below are some ideas to get you started.

Refurb the Kitchen

As the heart of the home, the kitchen is one of the first places to renovate. According to Remodeling Magazine’s annual Cost vs. Value Report, you can recoup up to 60% to 120% of that investment on your remodel. Just make sure that you don’t go overboard. Depending on the size of your kitchen, a refurb can cost anywhere from $5,000 to $75,000, so make sure you’re not only keeping to a budget but that the renovation is also in line with the rest of the property value.

When it comes to the actual refurb, start with a fresh coat of paint, as it can go a long way towards making your kitchen look fresh and new. Then move on to replacing old appliances with newer, energy-efficient ones. And, for the finishing touches, update your countertops and cabinets to something more modern and refreshing.

Add Another Bathroom

Second on the list of top renovations for adding value is the bathroom. When done right, bathrooms can provide that “wow factor” for potential homebuyers, and building an extra one means you can recoup 80% -130% of your renovation costs. If you’re unsure about where to start, consider dead areas of the home such as closets or underneath the stairs. Half baths only require 18 square feet of space, so you could easily convert areas in your home if it’s roomy enough.

Reinvent a Room

Converting disused spaces or turning existing ones into new rooms can also do wonders for your property value. Whether you convert an attic into an office or turn a basement into a games room, versatile rooms can add functionality and variety. If the space in your house allows it, you could even convert areas of the house (e.g., attics, garages, or basements) into rentable accommodation. Bear in mind that reinventing a room can become costly, however, as some refurbs can run as high as $65,000, especially if you’re adding an entirely new room.

Install Energy-Efficient Windows

Another value-adding renovation idea is to install energy-efficient windows. Many people these days are considering energy efficiency as part of their buying decisions, so it’s a good idea to make sure your house is up to scratch. According to HGTV, you can recoup as much as 60% - 90% of your costs if you install energy-efficient windows such as double glazing Birmingham. While it’s not as exciting as renovating a room or a kitchen, installing windows like these can generate savings of around $500 per year in heating and cooling costs.

Build a Deck

Last but not least, consider building a deck in your backyard. These days, homeowners are looking for houses with adequate outdoor living spaces, especially as many are turning to staycations as holiday options. By ensuring that you have a spacious, liveable garden area with a deck or patio, you can greatly increase the value of your home. However, be aware that deck additions can be costly, so be mindful of the materials and design ahead of time.