You cannot always recoup the money you spend on home renovations when it’s time to sell the house. Many homeowners want to get value for their home renovations, but there are essential things you need to be aware of.
Before you settle on a home renovation, weigh the value versus the cost, and decide if the renovation is a valuable investment. Eventually, your objective is to improve the home and ensure that you sell the house fast at a higher price.
Consider the following renovation ideas to boost the value of your home:
1. Increase Space and Light
In real estate, cramped dark rooms are unattractive. Opening up the house space is one thing you can do to enhance natural light and create more flow. This can be done by knocking down a few walls to lighten up space. A home can also feel larger with an open floor plan; it also makes entertaining easier.
Another idea that serves to create an illusion of extra space is vaulted ceilings. You can also install skylights to flood the house in natural light. Natural light can also be enhanced by having more windows, especially in areas without trees to block the natural light.
2. Spruce Up the Kitchen
Remodeling the kitchen can add instant value to the home, but be careful not to spend too much on it. Consider the cost of the materials to use versus the expected value to the home. Compare this against the cost of the home about other similar houses and the market value.
If you install marble or countertops, is the rise in value going to match the market value for similar homes in the area? You can instead update kitchen appliances or install a window over the sink to add to the appeal.
3. Add a Bathroom
If you only have one bathroom in your home, you can recover a significant amount of your investment by installing another bathroom. The estimated value is 80%-130% of the total cost of adding a new bathroom.
When choosing a place to add the extra bathroom, consider underutilized spaces or unused extra rooms. Look at other spaces such as under the stairs or closets. A half-bath needs about 18 square feet while a full bath with a stand-up shower requires at least 30 square feet, a bathtub needs 35 square feet.
The cost of installing a bathroom is dependent on the cost of accessories and additions you intend to use. You can save money on these by being on the lookout for discounts on items such as toilets and sinks.
4. Curb and Landscape Appeal
The exterior appeal of your property is vital if you intend to sell house fast. Potential buyers have a first impression of the house from its outside look. Experts in real estate opine that a good first impression can add to the value of the home by up to five percent.
Ensure that exterior details and paint are up to par. Proper paving of the driveway should be done and lawn spaces well maintained. If you are not a gardening enthusiast, have drought-tolerant plants and add nice furniture on the deck, or create a beautiful garden if you have extra space.
5. Add Energy-Efficient Windows
Nowadays, energy-efficient windows are the trend. Single-pane windows no longer appeal to homebuyers. Energy Star-rated windows save up to €500 annually in cooling and heating costs as they enhance energy efficiency in the home.
If you invest in energy-efficient windows, you can recover 60%-90% of your investment. The move can also earn you a 10% green energy tax credit if your windows are Energy Star-rated. Your state or utility company can also give you additional credits.
6. Add a Deck
Add a deck to your home and increase its value. More people now appreciate outdoor living spaces, especially when they are on a staycation. An appealing backyard and a deck make the entire property attractive to prospective buyers.
You can recover 65%-90% of your investment if you add a deck.
The strategies above will go a long way in adding value to your space. Remember to use materials and accessories that will not make the house unaffordable to your target market.