With the real estate market falling upon hard times, a lot of people are deciding to renovate as opposed to selling. Choosing to upgrade or update your current property can prove to be a very wise investment, although sometimes quite a challenging and quite often daunting task. Making your home more comfortable, more suitable and more modern can improve your quality of life and enjoyment of your home for you and your family and friends for many years to come.
When it comes time to do some home renovating it can be quite confusing, like which house renovations were you thinking of undertaking, and which renovations are going to add the most value to your home. A lot of home improvements add little or no value to the overall price of your home, while others can add value far beyond the initial expense of the renovation itself.
So what are the renovations that will add to your property’s value and which are those that will detract? Here is a small but simple list of some of the things that you might consider doing if you wish to add value to your home without spending a fortune.
1. Adding an extra bathroom.
This is such a great idea for most families, as you can never have too many bathrooms. Whether it be for your family or for when entertaining guests, an extra bathroom addition is always a welcome one. Some estimates put the recoup value at up to 130% of whatever your bathroom expenses are. From simply adding an extra toilet to adding a full blown bathroom complete with shower and bathtub, the property market is always more welcome to properties with additional bathrooms. Make sure you do your research on any contractor that you may want to hire to ensure that you get a quality job for your money.
2. Remodel your existing kitchen.
With the kitchen being the heart of the home renovations are almost always time and money well spent. A well styled and energy efficient kitchen is always looked upon as a huge bonus for prospective buyers and as such adds tremendous value to the overall price of your property. Make certain that your renovations keep in the same style as the rest of your house otherwise this can detract from the value. Investing in energy efficient appliances is also a wise choice. Not only does this investment pay off for your immediate use, but it also adds to the overall resale value of your home.
3. Renovate your existing space.
Adding on a whole new room can be a hugely expensive venture, however “renovating an existing room can be not only a fun and exciting project but also a very profitable one.” according to a number of renovators in Vancouver. Depending on the style of your home, you may choose to turn some unused attic space into an extra bedroom or even convert or remodel a basement to include a home office or entertainment area. Whatever you decide to do, it is certain to add value to your home should you ever wish to sell.
4. Outdoor Entertainment.
Adding an outdoor deck or entertainment area is always a much-loved addition to any home. Not only does it add extra value to your property but an outdoor decking or entertainment area will also provide you with an extra space you and your friends and family can enjoy. Be certain when undertaking such a project that you have researched your contractor thoroughly if choosing to hire one, if not and you choose to undertake the work yourself, make sure you are prepared, well-informed, equipped and skilled enough to finish the job to a high enough standard fully.
5. Making your appliances more Eco-friendly.
Installing energy efficient appliances can be very rewarding, and it allows the homeowner to reap the benefits almost instantly. Daily running costs of everyday appliances add up as we all know, and any help with these costs is a welcome one. Prospective buyers are always pleased to see a home that is more eco-friendly and will obviously pay accordingly. From your dishwasher and refrigerator all the way through to your garage door, buyers are impressed with modern and eco-friendly homes and appliances.
6. Install energy efficient windows.
The addition of energy efficient windows to your home can dramatically reduce your winter heating costs as well as your summer cooling costs. With this in mind, you can see why the installation of energy efficient windows is a wise one. Some estimates put the savings at around $500 per year and depending on state and individual utility companies; homeowners can even be eligible for tax rebates as well as other incentives. Homeowners who install energy-efficient windows can expect to see a 60-90% return on their investment.
7. Modern Insulation.
If your home is an older one, the then chances are that it could do with some re-insulation. From replacing the old insulation with more modern and practical insulation to the addition of insulation in new places to maximize your home’s eco-friendliness, it always makes sense to keep your home as draught free and cozy as possible. There are many tiny places that air can escape from, even in a modern home. Check all windows, doors, electrical sockets and ducting for any air leaks, and insulate as necessary. Insulating your home properly can increase your home’s value as well as decrease your home’s energy bills, which is always welcome with prospective buyers.
Having a good look at what suits you and your individual needs before you begin anything is always wise. There are so many how-to guides and reality television programs about renovating these days; it is easy to get carried away with yourself and wind up in a whole lot of trouble. Sometimes a simple freshen up with a few coats of paint or installing CFL light bulbs, can also change a prospective buyers outlook on your property.
Modern water heaters and programmable thermostats are also easy to have installed, and the benefits are almost instant for the current homeowner. Remember that eco-friendliness is always a very popular choice, and for a good reason. With all this in mind, it should be easy to find a project, whether big or small, to undertake to increase the value of your property.