Posted by Tim on July 12, 2016
Most homeowners and families tend to avoid major renovations simply because they aren't willing to spend the money. Depending on the particular project, renovations can range from free to tens of thousands of dollars. However, there are some which are known to add vale to the home. Performing these value-adding renovations will prove to be a smart investment that pays off when you sell your home. In this post, we're going to cover 4 value-adding home renovations.
#1 – Flooring
Upgrading the flooring is arguably one of the easiest and most cost-effective ways to add value to your home. If your home currently has carpet, then perhaps you can install laminate, bamboo or hardwood floors. The new floors will give your home a fresh new look while adding to its value. Just remember to carefully choose a type of flooring that's best for your particular needs. Authentic hardwood is the most expensive and aesthetically pleasing, but it also stains and damages more easily than laminate.
#2 – Kitchen
Potential home buyers always scout the kitchen to see whether or not it meets their needs. You can add value to your home by upgrading the kitchen with new appliances, counter tops and cabinets. Be warned, though, remodeling a kitchen is both time-consuming and expensive. The cost of a new refrigerator, oven and dishwasher alone will run you several thousand dollars. The good news is that all of this money will be returned once you get ready to sell your home, so think of it as an investment and not an impulse buy.
#3 – Bathroom
Of course, the bathroom is another area that's directly related to the value of a home. Even if your bathroom looks clean and up to date, chances are there improvements that will add value. Perhaps you can replace the vanity with a larger, more accommodating model. The additional storage space offered by a large vanity will prove to be useful for stashing towels, soap, tissue and other toiletries. Upgrading the bathtub is another simple and effective way to add value to your home.
#4 – Railing
For multistory homes, a new railing system is a smart renovation that will add more value. When guests walk into your home, they will immediately notice the new railing system. Rails are also quite easy to install and typically don't require professional contractors. With a few basic tools and a little bit of work, most homeowners will have no problem installing a new railing system.
These are just a few renovations that will add value to your home. It's important to note, however, that not all renovations will boost your home's selling value. In fact, some of them can have the opposite effect by lowering it. Swimming pools, for instance, are known to lower a home's value, especially in neighborhoods where few houses have them. Avoid extravagant renovations that require constant maintenance and care, as these will typically lower your home's value.