Remodels can add substantial value to a property. Renovations undertaken for refinancing purposes or simply to enhance quality of life can significantly boost its worth and value.
Remodeling, the renowned contracting industry trade publication/platform, annually analyzes cost vs return of various remodeling projects across markets.
Curb Appeal
The exterior of your home is one of the first things potential buyers will see and it plays a critical role in their decision to view its interior. Enhancing curb appeal is one of the easiest and cost-effective ways to increase its value without spending a lot. A quick paint job can transform it instantly, as can adding new front door.
A well-designed walkway can add tremendous curb appeal and warmth to the entrance of your home, creating an inviting welcome. For maximum impact, consider replacing an uninviting concrete path with one made of natural stones or bricks; alternatively you could apply colored concrete resurfacer and edge it with paver bricks as more subtle improvements.
Your home’s curb appeal can be greatly enhanced by adding eye-catching planters and flower beds to the front yard. Planters should frame your home while complementing its style; select colors that blend in seamlessly with the rest of your landscaping scheme for optimal results. Window shutters are another effective way to draw the eye toward its unique features and increase curb appeal.
According to a recent survey, 75 percent of homeowners desire their home’s exterior to look perfect. Therefore, it’s essential that homeowners maintain their curb appeal if they plan on selling their home in the future and especially since young generations such as generation Z and millennials tend to purchase homes solely on appearance.
However, it’s important to remember that the return on these projects varies based on both location and market factors. When making upgrades that greatly exceed those seen elsewhere in your neighborhood, consider how long you plan on staying before undertaking any costly renovations; otherwise you could find yourself needing cash-out refinancing or personal loans to pay for these renovations later.
Functionality
Renovating your home is often an effective way of improving both quality of life and property value, though you must be wary not to invest in projects that won’t deliver a return when selling time comes around.
Though home improvement projects seen on HGTV may make it seem as though any improvement project will increase your sale price exponentially, this may not always be true. Even high-end upgrades may prove costly without necessarily adding to its value unless they provide functionality for prospective buyers to appreciate.
Remodeling magazine reports that home improvements with an expected 70% return offer the greatest return, providing most of your investment back when selling the property. Top projects for this type of investment are kitchen remodeling, adding an additional bathroom, finishing basement space and replacing garage door openers.
Additions or bedroom/bathroom expansion are also worthwhile investments if you intend on staying put for some time; a major renovation like a master suite update would likely not justify such expenses, however.
Installing a new roof is one of the best investments you can make for your home, as it not only protects from weather elements but can also add curb appeal and upgrade its appearance, which could attract prospective buyers. Instead of opting for dull 3-tab shingles, consider more attractive styles that appeal to modern homeowners.
Addition of an additional bedroom may not provide a high return on your investment unless it can fit seamlessly into your current floorplan and the extra space can be sold as a bedroom/bathroom combination. Other projects that don’t add much value include luxury upgrades, aesthetic-only projects or ones out of line with what would typically be seen in their neighborhood.
Aesthetics
Home renovations that the Roj.house website offers can give you a chance to express your personal style and aesthetic preferences, yet it’s essential that when making decisions during renovation process you consider how design choices could affect resale value of your property. If you plan on selling soon after renovation, opt for neutral design schemes which appeal to a range of buyers.
If the renovation will become your forever home, however, you can afford to take more risks and choose an aesthetic that reflects your unique personality. For instance, if cooking is something you enjoy doing often then perhaps renovating your kitchen with high-end appliances and modern features might make sense – which could improve both quality of life and overall value of the property in the long run.
Consider when selecting an aesthetic that trends can change over time. Therefore, trendy options could become obsolete by the time it’s time to sell your home; for example, farmhouse-style kitchens could be popular now but may no longer fit with current tastes in 20 years’ time.
Before making your decision on renovation projects, it’s also important to carefully consider the level of work involved. Large-scale renovations can be disruptive to daily routines and may lead to dust, noise and limited access in certain parts of your home. If this renovation will be particularly disruptive, you might wish to temporarily move out during its remodeling process; although this might prove expensive and disruptive. Doing so could save headaches caused by construction workers invading your living space and potentially saving a great deal of stress for both you and construction workers.
Renovations offer an impressive return on investment (ROI), but it’s essential that you evaluate your budget, motives and intentions regarding your home before determining the extent of renovation work needed and spending amount. By taking time during this process to make wise decisions regarding its scope and budget allocation, you can ensure your renovation will add the value and comfort that you desire from it.
Value
Renovation can be an excellent way to update and increase the value of your home, yet still improve its comfort level and functionality while simultaneously increasing its worth. To maximize this process’ value when selling later on, choose projects which appeal to potential buyers while simultaneously improving living spaces within.
Before investing in any home renovations, it’s essential to assess how long you plan on living in your house before determining which renovation projects are worth the investment. Certain upgrades, like installing a wood deck or kitchen/bathroom upgrades can offer significant returns if completed prior to selling your house; on the other hand, projects reliant upon design trends may make future selling harder.
As part of your budget planning for any home renovation, be sure to include costs related to labor or professional fees such as asbestos testing or purchasing a new water heater. Furthermore, if financing your renovation via mortgage or home equity loan you must also factor in monthly interest payments into your plan.
If you need guidance to identify which home renovation projects will provide the highest return on your investment, consult an expert or consult cost vs value reports from remodeling websites such as Remodeling Magazine or Investopedia. These reports examine major home improvement costs alongside their projected resale values to help homeowners optimize financial gains from renovation investments that make sense.