Home Renovations That Increase Property Value
If you talk to any Real Estate Agent, they can tell you that not all home improvements are created equal. Some homeowners spend thousands of dollars on renovations that don’t add value to their homes. Others devote a fraction of that and get a considerable return on their investment.
So what home renovations increase property value? Here are a few of the best:
- Kitchen and bathroom updates. These are two of the most essential rooms in your home, so it’s no surprise that they’re also the most valuable to update. A new kitchen or bathroom can add significant value to your home, especially if it’s outdated or in poor condition.
- Curb appeal. First impressions of your home are what they see from the street. That’s why it’s crucial to ensure your curb appeal is good. Keeping your lawn and landscaping neat, painting your front door fresh, and adding new exterior lighting will help.
- HVAC upgrades. Suppose your HVAC system needs to be updated or more efficient. In that case, it’s not only costing you money in energy bills, but it’s also a turnoff to potential buyers. A new HVAC can save money and make your home more attractive to buyers.
- New windows and doors. Old, drafty windows and doors can make your home uncomfortable and inefficient. New windows and doors can improve your home’s energy efficiency, reduce noise pollution, and add curb appeal.
- Adding square footage. If your home is smaller, adding square footage can significantly increase its value. This could involve adding a new bedroom, bathroom, or living space.
It’s important to note that not all home renovations are created equal. Some upgrades, such as a home theater or hot tub, may not add value to your home or even decrease its value.
So before you start any home improvement project, do your research and ensure it will add value to your home.
Renovations That Aren’t Worth the Money
Here are a few home renovations that aren’t worth the money, especially if you’re planning on selling your home soon:
- Outdoor kitchens. They can be expensive to install and maintain and are only sometimes a big selling point for buyers.
- Swimming pools. Swimming pools are another expensive amenity that may add little value to your home. They can be a liability, and they require a lot of maintenance.
- Home theaters. Home theaters are a great way to relax and enjoy a movie, but they’re not always a big selling point for buyers. They can be expensive to install and take up a lot of space.
- Hot tubs. Hot tubs are another popular amenity but are not always a good investment for home sellers. They can be expensive to install and maintain, and they can be a liability.
If you’re considering making home improvements, it’s important to weigh the costs and benefits carefully. Make sure the renovations you choose add value to your home and will appeal to buyers.