If you plan to sell your home someday, the first step is to find out which types of renovations will increase a home’s value.
Here is our list of renovation and upgrading ideas that could pay off down the road when you put your home on the market.
What Type of Home Renovations Increase A Home’s Value?
Home renovations are a great way to increase the value of your home. But if you’re planning on selling one day, then you need to know what renovations will be worth your time and money.
The question is, which home renovations are worth the cost and effort? Which will increase a home’s value? And which renovations should be left off of your list?
In fact, according to real estate website Zillow, some home improvements can add as much as $100,000 in value to a house.
But before you go out and start your renovations, here are five remodelling ideas that are the most likely to be worth your time and money.
1. Bathroom renovations
The best and most natural place to start your bathroom remodel is by updating paint colors. Just remember that well-chosen colors can make a bathroom feel more inviting. Colours that are neutral are best to use because they make a room feel larger and airier.
Then consider replacing your outdated vanity, old plumbing and lighting fixtures. Then maybe adding a new tile floor. This will guarantee the most bang for your buck and give your bath an updated, modern look.
2. Kitchen upgrades
Renovating the kitchen is another popular improvement project among homeowners looking to increase their home’s value. A kitchen renovation can include anything from installing new cabinets and countertops, to replacing appliances or even adding an island in the center of the room.
The average homeowner spends about $10,000 on this type of renovation, but it can add as much as 50 percent or more to the overall value of your home.
3. Add an Additional Room.
Adding on to your house is another great way to increase its value over time, especially if you’re lucky enough to have enough space on your property for expansion! This type of home renovation can pay off in the end.
Consider building an addition to add major value to your home and increase square footage. Something like an extra bedroom or office, or even a dual use room that can function as both an office and a bedroom.
Adding additional rooms will give buyers more options and may make them feel more comfortable with their purchase decision too.
4. Update Your Home’s HVAC.
Although it might be considered a basic piece of equipment, an HVAC system doesn’t bring a higher return on investment like a newly-remodeled bathroom. However, a potential home buyer is usually deterred by a malfunctioning or old HVAC system.
This is because your home’s heating, ventilation, and air conditioning (HVAC) are the components that keep everything operating. These are some of the most critical items to maintain. In addition, realtors estimate that homeowners can recover 85% of the cost of a HVAC replacement If they sell their home.
5. Upgrade Your Backyard Space
Backyard improvements not only increase your entertaining square footage, but they can increase the value of your home. While not technically part of your home’s livable square feet, backyard ‘living rooms’ are certainly a great addition.
Consider a tiered or multi-level deck to add to the backyard experience. Or maybe an outdoor kitchen. A fabulous, fully-functional outdoor kitchen can really make a home stand out to potential buyers.
So if you’re looking to someday sell your home, or if you’re just thinking about selling your current home and want to get the highest possible price for it, it’s important that you know the type of renovations to increase a home’s value. That’s where we can help.
Strongwood Construction Inc. is Medicine Hat’s premier home renovation specialists. Just contact us and let’s discuss where you should be investing in renovations to increase the value of your home.