7 RENOVATION TIPS THAT ADD VALUE
Written By Damian Sgro
When it comes to home renovations, the money that you invest cannot always be recouped when it comes time to sell. Everyone wants to get the best value for their dollar when doing home renovations, so there are some important things to keep in mind.
Before you decide on a renovation, consider the cost versus the value and decide if what you want to do is worth the investment. Ultimately, if you are going to stay in your home for a long time then spending a bit more can be acceptable. If you want to improve your home in order to sell it, you want to be able to command a higher price while not overspending. The following remodel ideas may help you add value to your home.
1. Increase Light and Space
Dark and cramped rooms are doing a disservice and a big pet peeve in the real estate industry when you're trying to sell. Opening up the house to create more of a flow and enhance the natural light will benefit you and your net profit.
Consider knocking down some walls or insert openings in the wall to brighten up a space. A more open floor plan will make a home feel much larger and is better for entertaining. Perhaps you’ve wanted to do this for years, but worried about the cost. It’s time to figure out how much will it cost to knock down a wall or two.
Vaulted ceilings are another idea that can help create the illusion of more space. Skylights can also help flood your home with natural light. There are several options when it comes to brightening up your home with natural light and these options have a range of prices. Make sure to do your research.
2. Landscape & Curb Appeal
The curb appeal of your home is incredibly important when it comes time to sell. The front of your home is the first impression potential buyers will see. It is said that a good first impression of a home can add five percent to its value and maybe more in some cases.
Make sure your exterior walls are free from dirt and peeling paint or worn materials. Add accent pieces to give contrast and freshen up the appeal. Keep everything pruned and free from debris. The driveway should properly paved and any pot holes should be filled.
The lawn space should be properly maintained every week. Consider drought tolerant plants if you are not great at gardening. If you have a deck, add some nice furniture, or create a colorful garden in some extra space.
3. Create A Home Office
With more companies giving employees the option to work from home, a home office can really add some value. If you have some extra space, consider creating a home office. Make sure there is plenty of work space, shelving or storage for files and books. Remember to have grounded outlets installed as well as usb and data ports.
4. Consider Adding A Deck
If you choose to install a deck, take some time to plan it out and come up with unique features such as built in benches or a fire pit, if your municipality allows. Use higher grade materials to increase the life of the deck.
Composite decking is a good way to go. It looks like wood but requires much less maintenance. Using recycled materials in the construction also makes composite building materials more eco-friendly. I t won't fade over time, accumulate stains, rot, crack, or split. It's a better bang for your buck.
5. Finish Your Basement
Consider finishing your basement. A basement space can easily be turned into a playroom for the kids, a bar, or a media room relatively easily. Make sure to add a bathroom as this will increase the value. Try to keep the space as open as possible and if there is a lack of windows add some extra potlights to help brighten the space.
6. Update Or Add A Bathroom
Bathrooms are an important part of a home. If there are not enough bathrooms or if they are very outdated, it will be a big turn off to potential buyers. Updating bathroom amenities and fixtures or adding an additional bathroom if you have the space can really increase a home’s appeal and value when it comes time to sell.
7. Update Your Kitchen
Kitchen renovations can really add value to your home but it is also important to use caution. When planning, it is really important to consider the cost of your materials versus the value. Based on the cost of your home, if you choose to install granite or marble counter tops, will you be able to recoup that money? Take a close look at costs. Updating appliances or having the sink under the a window can add a lot of appeal.
There are many different projects that can be done around the home to increase the value in addition to the ones listed above. Take the time to come up with a plan, create a budget, obtain a few quotes and make sure not to over renovate as you may not get back what you put in.
If you have any questions feel free to get in touch in the form below. I can definitely assist with providing a few contacts to help guide your decision making as well as creating a plan and estimating the expense of the renovation(s) you are thinking of doing.
