Buying a property is undoubtedly one of the best investments but adding value to a property by remodelling and upgrading is another valuable investment that often benefits the residents and the house price.
When we talk about home improvements there is an endless list of options and it’s very easy to lose yourself in a sea of ideas and dreams but one needs to evaluate which pursuits come with the highest return on investment (ROI). One has to be intelligent enough to understand that any improvement you are bringing to your space is not only for you and your family but for potential buyers in the future as well.
From a new coat of paint to an entire kitchen remodel, there are a number of improvements that can help to increase your property’s value while adding convenience and comfort to your life as a homeowner. Let’s dig deep and discuss a couple of improvements that are worth considering.
1. Kitchen Remodels
Whether you believe it or not, the kitchen is the heart of the home. No one can deny that the kitchen is a hub of activity because the fondest memories are made when gathered around the table. Kitchen remodelling, whether major or minor, is a tremendous way to increase the value of your home.
Kitchen upgrades may include minor upgrades such as:
● Refinishing cabinets
● Updating light fixtures
● Increasing storage space
● Changing faucets
And major renovations like:
● New countertops and cabinetry
● Installing new flooring
● Upgrading windows, doors, etc.
● Replacing old appliances with high-end new appliances
● Expanding dining, storage, or cooking space
One tip is to stick within your remodelling budget whenever remodelling your kitchen and keep the space relevant to the rest of the home.
2. Bathroom Renovation
Bathroom remodels are another promising way to boost your property’s value and make it more attractive to future homebuyers.
There can be a variety of potential projects depending on your upgrade budget. You may consider:
● Installing a new bathtub, sink, shower cabin, or toilet
● Retiling, painting, and reflooring
● Expanding storage space
● Adding a vanity or mirror
● Improving lighting
You may also consider adding a new bathroom to your home since homes with multiple bathrooms are considered attractive property in the real estate market.
3. Transforming an Unused Space
If your home has an extra, unfinished space such as attics, basements, or any bonus room that is waiting to be utilized, it can be a great opportunity to increase your home value.
Making the most of such unused space not only increases your living space without investing in additional floors but also makes your property desirable to potential homebuyers.
You can turn your unused space into a:
● Home office
● Guest room
● Home gym
● Separate suite
● Library or study
4. Improving Outdoor Space
Open space and gardens have become the most demanded attribute in a home, especially amidst pandemics. More functional and accessible outdoor space increases home value, offering as high an ROI as 64%.
You can either install a new deck or pressure wash and refinish the old one. Fresh paint, replacing rotting boards or broken paving can improve the overall look significantly.
5. Keeping the Home Up to Code
If your property is old enough, you might consider carrying out some home improvement projects to bring it up-to-date in terms of residential building codes.
Such projects include upgrading:
● Plumbing
● Electrical wiring
● Insulation
● Windows
● HVAC systems
● Hot water heaters
● Roofing
This kind of renovation can be pricey, yet it is worth it because it adds value to your property and makes it more comfortable and safer for you — and future buyers — to live in.
In addition to the above-mentioned improvements you may also consider:
● Installing solar panels
● Replace old appliances with solar star appliances
● Improve insulation
● Insulating an attic
● Upgrade the interior design
● Increase curb appeal by improving landscaping
● Installing smart home devices
It is difficult to budget and prioritises home improvement projects, which is why it’s crucial to choose the ones that come with the most advantages and better ROI. Thoughtful remodelling and renovation boost your home value when you sell it at some point down the road.
