4 Home Renovations That Will Increase Your Property Value

Written by  //  August 10, 2016  //  Home Remodeling  //  Comments Off on 4 Home Renovations That Will Increase Your Property Value

Whether you’re thinking of selling your home or just looking to get the most value out of your current property, it’s important to consider ways to increase your property’s value through home renovations. But beware— not all renovations recoup their cost. Before you start smashing down walls, take a look at the top four home renovations in terms of increasing your property’s overall value. This list will help you determine which renovations to go for and which to think twice about if your most important consideration is ROI.

Upgrade the Kitchen

The kitchen is the heart of the home, which is why it’s one of the most common renovation projects. But be careful. A full kitchen remodel can cost upwards of sixty thousand dollars and will only bring in about thirty-nine thousand in resale value, according to Remodeling Magazine’s 2016 “Cost Vs. Value Report.” A better option is a kitchen refresh that includes a fresh coat of paint, upgraded surfaces and new appliances. This more modest renovation will only cost around twenty-two thousand and could bring in up to twenty-three thousand in increased resale value.

Roof Replacement

Nothing tanks the value of your home faster than a worn, damaged, leaky roof. Even a roof that doesn’t leak but looks old can have a negative impact on potential buyers. It screams of disrepair and hidden dangers inside. When choosing your new roof, consider options that don’t require frequent maintenance; options like a metal roof. Companies like Chinook Roofing offer modern metal roofing designs that require very little cleaning and last years longer than traditional roofing materials, meaning your investment is protected whether you plan on selling now or later.

Add Finished Space

A full-on addition to your home might not be a realistic option financially, but turning an unused attic into a lofted office, making the basement a usable playroom or adding an additional bedroom can significantly increase the value of your home. Real estate sites like Zillow confirm that creating an additional bedroom can add up to $160,000 to the value of a home in high-demand markets like Los Angeles and San Francisco. The gains might be more modest in your area; however, adding additional space is one of the most valuable renovations you can undertake.

Energy Efficiency

It’s not the most glamorous upgrade, but one of the most valuable ways to upgrade your home is to make it energy efficient. Adding insulation to the attic alone can provide a whopping 142% ROI according to Remodeling Magazine. Other energy efficient projects that not only decrease your energy costs but also increase the overall value of your home include replacing old windows and doors, updating the HVAC system, installing smart thermostats and replacing all incandescent lightbulbs.

Remodeling your home is a big decision. It’s important to not only choose a project that will increase your home’s value, but also one that will make you happy. Don’t forget that remodeling your home is about more than just dollar signs. You want your house to feel comfortable, welcoming and ultimately yours. And of course it won’t hurt if that means more dollars in your pocket when it comes time to sell.

About the Author

View all posts by

Comments are closed.