If you plan on eventually selling your home and are treating it as an investment property, then it’s important to know how to renovate strategically. This means focusing first on the areas of your home that create value, and ensuring they are done to a desirable standard. Let’s learn about the five home renovations that will increase your property value:
Kitchen
Did you know that kitchens have the most significant impact on the value of a house? It makes sense – the kitchen is the area where everyone congregates, makes food, and guests stay to chat. In addition, modern cabinetry, under-cabinet lighting and new appliances can significantly increase your home’s value.
Bathroom
Next to the kitchen, and certainly, one of the most used areas, is the bathroom. Did you know that adding a three-piece bathroom to a home with only one full bathroom can increase your home’s value dramatically? As a realtor I would not recommend comprising the space of your bedroom for the bathroom, try if you can incorporate it into the bedroom itself. Tip: adding glass around the shower will help a small bathroom feel more spacious.
Fixtures
Old fixtures in kitchens and bathrooms will make them feel dated and perceivably “low-quality.” Replacing old cabinet fixtures, hardware, lighting, countertops and faucets will instantly increase the value of your home. Tip: pot lights are popular with an open-style house.
Flooring
Flooring is too important to be ignored and adds immediate value to your home with the proper renovations. Adding hardwood flooring, for example, is a great way to upgrade and get an immediate boost. For bathroom spaces, tiled flooring will always be the way to go, and it retains value exceptionally well.
Basement
Although basement renovations do not have to be too extensive, a finished basement will no doubt add extra value to your home. A good tip is to renovate areas that will save future homeowners money later on, for example, adding protection from flooding to the floors, walls and drainage considerations.
Remember that renovations are key to maximizing your investment, especially if you own an older home. While it can be costly at times, with the right strategy you will yield results far beyond your expenditure.