12 Nov Best Renovations That Add Value To Your Home

A home is most people’s biggest investment and also their most significant expense. A lot of homeowners take enormous risks and make huge sacrifices to buy the house they live in. They do it because, for many citizens, one of their primary life goals is to own the home they live in.

But even after homeowners pay for a home and start living in it, their spending does not necessarily become smaller. The house keeps taking money out of their pocket because the owner feels a need to regularly update the property to maintain its value.

Homeowners don’t do this because they want to. Instead, they are compelled by the fact that the housing trends favored by buyers are constantly changing. In response, as T.E. Johnson & Sons in Winston-Salem explains, homeowners have to renovate their homes to reflect those changes and protect their property’s values.

As a result, when an owner upgrades their home; he or she wants to be sure the project will be worth the money they spend on it. They expect an increase in the home’s value, as well as their enjoyment of it. Homeowners are always on a lookout for renovations that meet these criteria.

In response to this need, we have compiled a list of the projects that add the most value to the home. These projects score high with buyers and will also make the home more comfortable for the owners.

Adding or reinvent a room

Increasing the living space of the home by expanding its square footage will add more function and improve the value of the property. Buyers pay higher for a home if it has more floor space. A new room can serve various purposes; guest room, master bedroom, children’s room, living room or grandparent’s quarters. But room additions can be expensive, with projects starting from around $15,000.

Yet the addition will also recoup as much as 50%-83% of the project’s cost. If adding a new room is not an option, an existing space – basement or attic – can be reinvented to serve as a room.

Remodel the kitchen

The kitchen is the room which has the most influence on buyer’s decision to buy a home, so it should be given priority when remodeling the house. At the same time, there are so many parts of a kitchen that can be remodeled that is easy for costs to go overboard.

Furthermore, the amount of money spent on a renovation is not an indication of how valuable the project will deliver. Kitchen projects will return between 60% and 120% of the initial cost, depending on the type of remodeling. The kitchen renovations with the highest ROI are:

• Repainting the kitchen in modern colors
• Replacing or refacing cabinets
• Replacing cabinet hardware and plumbing fixtures
• Upgrading the kitchen sink and backsplash
• Installing new energy-efficient appliances
• Replacing the flooring

Bathroom renovation and addition

After kitchens, bathrooms are next in importance. And the most profitable bathroom project is adding a new bathroom. Buyers usually expect a home to have, at least, one modern shower and a bathtub.

Adding a new bathroom makes a home more attractive to buyers, and the project will recoup 80%-130% of what is spent on it. But if it is not possible to add a new bathroom or if the home has enough bathrooms already, existing bathrooms can benefit from a modern touch.

There are many upgrades homeowners can implement in their bathroom to improve the home’s value. Examples are:

• Improved lighting to give an illusion of space
• Replacing the faucet & sink, and updating countertops
• Repainting the bathroom in luxurious colors
• Replacing or refacing the vanity and changing its hardware
• Installing a walk-in shower with rain showerhead and a glass enclosure
• Changing bathroom flooring and installing heated floors

Outdoor/exterior renovations and additions

In addition to improving the value and function of a home, outdoor projects increase the property’s curb appeal. Outdoor projects vary by type, cost and ROI. The following are the outdoor or exterior projects that are valued most by buyers.

• Outdoor fire feature; a fire feature makes it possible to use the yard during the colder months.
• Deck additions; adding a deck is costly but will often return 65%-90% of what owners spend.
• Fence addition; a fence improves privacy and safety, as well as the property’s curb appeal.
• Garage door replacement: the cost of replacing a garage is under $4,000, but the ROI is over 90%.
• Siding replacement; replacing the homes siding with fiber-cement or vinyl will yield a return of 77.6% and 77.4% respectively.

Other exterior improvement projects include repainting the exterior of the home in trending colors and improving the landscaping by adding a water feature or implementing hardscaping ideas.

Improving energy efficiency

Projects that target improving the home’s energy efficiency include:

• Installing Energy Star-rated windows; this renovation returns 60%-90% of the initial cost
• Replacing critical components of the HVAC system. This project will return 85% of the cost
• Improving the home’s lighting by installing energy-efficient lighting

In closing, when deciding on the best renovations to carry out, homeowners should prioritize comfort and function. If they find the new feature usable, then buyers are also more likely to value the upgrade.

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