A lot of people ask if home renovations are worth it. As real estate experts weigh out, some home renovations are exceptionally worth it as they can add major value to your home. You can end up with a higher ROI than you expected.
A simple renovation can make your house sellable in no time. Even if you do not want to sell it now, you will still get a good ROI when you plan to do so. However, you need to be very particular when going for renovation. Always calculate the cost and value of a renovation project before you start out. You need to make sure that the renovation does not only fulfill your needs but enhances your home value too.
Here are the top 7 home renovations that are worth your time, effort, and money:
1: Build an Addition
A little more space is always a good addition. Building an extra part caters to the needs of a growing family. Now that your children have grown up, they need personal rooms. You can add a new bedroom or expand your living room. A lot of people go for loft conversions and such to increase the square footage of their home while adding more space to live in.
Building an addition adds value and character only when you pick the right materials. This includes windows, doors, flooring, furniture, and appliances. Size matters, and it increases the value; in contemporary times, so does the furnishing!
2: Remodel Your Kitchen
The kitchen is the most important part of your home. One might survive without a living room, but it is impossible to go without a kitchen. A functional kitchen is all that buyers look forward to. Remodeling your kitchen increases the value largely. Renovate your kitchen in a way that caters to your needs and desires.
How about creating a separate baking counter? Or, what do you say about adding a wine counter? Adding dishwashers, commercial ranges, and built-in hidden outlets are some other great things to do.
According to real estate experts, most of the homeowners can recover 52% of their kitchen renovation costs upon selling.
3: Install New Flooring
Flooring plays a great role in determining the outlook of your home. You need not settle for the traditional flooring with a lot of new and cost-efficient materials out there. Get your hardwood flooring scraped off and replace it with fine marble. Granite is our favorite option, though.
However, if that seems to be quite expensive, you can go for laminate flooring. It adds great value to your home, as it is durable and highly cost-effective.
When choosing the flooring material, make sure you pick the one that is easy to clean and maintain. You will not want to clean your flooring twice every day. It adds up to vacuum use and electricity costs.
4: Redo Your Bathroom
The bathroom is another great renovation project to put your hands on. Big and lavish bathrooms are becoming a new trend. If you can add more space to your bathroom, go ahead!
Install some unique and trendy tiles. The surface should be easy to maintain and clean. When homeowners sell their home, they can recover 57% of their bathroom renovation cost per well-reputed relators.
Accessories such as lights, bathroom cabinets, showerheads, and bathtubs now come in exceptionally modern and breathtaking designs. Going for something rich and unique can largely add to the value of your bathroom and your home overall.
5: Install or Update HVAC
Heating, Ventilation, and Air Conditioning (HVAC) have become a central need of every household. Your home needs to have an updated and efficient HVAC system to make sure it does not chill out in winters or suffocate in summers. Going for HVAC installation is always a great idea.
If your house already has HVAC installed, you can update it to a better one. Whenever a buyer comes for a visit, the first thing he will look into is your HVAC system. A good HVAC system will increase the value of your home in no time.
According to the National Association of Remodeling Industry report, homeowners can recover 85% of their HVAC installation and upgrading cost. What else do you need?
As long as you live in the same house, it will ensure fresh air and a healthy indoor environment. When you plan to sell, it offers a good enough ROI.
6: Enhance Outdoor Space
Outdoor spaces are becoming increasingly popular. Buyers pay special attention to the outdoor space of your home and how well you have maintained it. Renovating your patio, porch, or backyard can make a great difference in your home’s outlook and value.
Outdoors allow you to create added living space. No matter how small your budget is, there are hundreds of ways to redo your outdoor space. If you want to go the extra mile, consider adding an outdoor kitchen with a built-in grill. It is the best thing you can do for family and friends to get together. Also, you can set up a mini bar on your patio. There are endless ideas to consider and utilize the space!
7: Install Energy-Efficient Insulation and Appliances
The world is moving towards efficient energy use. While most people still think if they should do so, it is best to move to energy-efficient insulation and to install energy-efficient appliances.
In years to come, all that people are going to look for is energy-efficient homes. It will not only add to the value but make your home and appliances environmentally friendly. Energy-efficient appliances consume less water and save on electricity. As energy-efficiency is a relatively new trend, you can earn a profitable ROI.
When you decide to renovate your home completely or partially, it is important to find out what can add major value. In these uncertain economic times, going for a renovation without calculating cost and benefit is the most pathetic thing to do. Renovation and remodeling mean investing in your home. You need to make sure it returns well.
With the 7 home mentioned above renovation ideas, you will end up with nothing but value and benefits. So what are you waiting for? Invest rightly!