Adding Value to a Property With Home Renovations
Even when you have plans to stay in your home for several more years, there are actually great ways that you can add a good bit of value for when you are ready to sell. It isn’t just about resell value after all. Homes with higher value have more refinancing options and they make better collateral. A house, no matter the size, is a big and important investment. It is for that reason that you should take good care of it.
The most common method for improving a home’s value is by investing in various home improvement projects. Of course, it takes planning and careful consideration to choose the best projects. But not any project is right for every home, since not every project will substantially increase the value of every home.
Below are projects that have withstood time for owners who would like to have a higher value for your there, regardless of their location.
Add More Rooms
If you’re interested increasing your home’s value very quickly, there’s an easy answer: put in another bathroom or bedroom. Simply add an extra bedroom or even a bath. Picture two otherwise identical houses, but one is a 2 bedroom, 1 bathroom home and the other has 3 bedrooms and 2 bathrooms. Which one is worth more? Homes become more valuable as they gain the ability to comfortably accommodate more people.
One way to achieve this feat is to add the rooms as extensions to your existing home. However, if there is not enough room to extend the house, you could alternatively convert a large room into two smaller rooms. In the majority of cases this is still a value-adding renovation.
Upgrade Your Kitchen and Bathrooms
Potential buyers will often want to buy a home right away or not buy it at all upon looking at the kitchen and bathrooms. Potential buyers love wide open kitchens, beautiful granite counter tops, stainless steel appliances, and fancy new cabinets. Of course, a kitchen makeover is an expensive project, but it makes a home much more valuable and appealing to buyers.
Bathrooms are another place where buyers want to see updates. Most people shopping for a home look at how much space is available in the bathroom and for specialized plumbing, such as jet powered showers. Having a beautiful bathroom increases enjoyment for the present owner as well, of course. When it comes down to it, the bathroom is the one place inside your home where you can enjoy the quiet and just relax.
Plumbing and Heating Upgrades
You may not think it’s something that you can benefit from because it doesn’t show, but that’s not true. Overhauling plumbing and heating equipment is a great way to increase the value of a property and also reduce the likelihood of leaks and other disasters occurring in the future. If you still currently rely on old forms of heating or pipes, then this will be especially true. For homes that still have illegal copper pipes, your municipality may offer funding to pay for replacements.
There are a number of other changes you can make, both major and minor. You can replace your windows or your roof. You can work on your landscaping, or put in new gutters. Having said all that, there are a number of other things you could do to improve your home’s value, but the 3 main suggestions talked about above will give you the biggest increases. Adding rooms, renovating the kitchen or bathrooms, or updating the utilities will add value and enjoyment in a home for years to come.
Best wishes on your home improvement projects, and hopefully they will allow you to make your home even more valuable.