Deciding what home renovations are worth your money isn’t always easy.
You could invest $15,000 on a sunroom that no one ever uses, and that will only lose money in the long run (sadly, this expensive project adds little to your home’s overall value).
The good news? We have put together a list of the five best renovations that will make your house a nicer place to live, and boost your property’s overall value:
1. Renovating the Kitchen
The kitchen is often described as the “heart of the home.” It’s no surprise, then, that most new homeowners care a great deal about a kitchen’s finishes. This means that, if done right, remodeling a kitchen really pays off.
The trick to remodeling a kitchen and having a return on investment is keeping your renovations relatively simple while avoiding overly personal decisions. A fresh coat of paint in modern colors, energy-efficient appliances, and cosmetic updates are the way to go. If your home is small, such as a two-bedroom bungalow, it’s unlikely you’ll recoup on the resale value if you splurge on high-end appliances like an oven. However, with bigger properties, it may be worth it to upgrade your kitchen appliances.
Looking for appliances with good resale value? This article may help: Appliances with the Best Resale Value.
2. Building a Deck
Decks are great home additions. Plus, with the recent rise of staycations and holidays at home, decks are increasing in desirability. A deck can significantly boost the property’s value and provide a great place for family barbecues. If you already have a deck, you can also consider updating it. According to experts, natural rustic wood is best.
The cost of building a deck or renovating an existing deck varies hugely. A lot of it comes down to whether you choose to do any of the renovations yourself. However, bearing in mind that deck construction is a difficult undertaking that requires a lot of tools, you may choose to hire a contractor. If you choose to go with a contractor, we advise that you seek at least three quotes before making a final decision.
“The average homeowner spends $2,200 to build a 10x10 foot deck, $6,160 to build a 14x20 deck and $8,800 to build a 20x20 deck. The cost to build a deck with pressure-treated wood, hardwood, or composite is about $25 per square foot, for both materials and installation. The final cost depends on the materials used, size, level built on, and any extra options.” (Homeguide.com)
3. Adding a Fresh Coat of Paint
The power of repainting a house is, possibly, the most underrated home improvement. Why? Well, you get dramatic results with little investment.
When it comes to colors, it’s totally up to you and your taste. However, it can help to speak to a professional who specializes in home paint colors to find a palette that will boost your property’s value. According to Gerri Willis, author of Home Rich, pale yellow homes tend to sell faster and for more money.
4. A Bathroom Renovation
Who doesn’t want a beautiful bathroom? Well, the good news is that if your bathroom renovations are done right, your return is anywhere between 57% and 64%. Similar to kitchens, you want your bathroom to have modern finishes while avoiding anything too fancy.
A cost-efficient way of revamping your bathroom is by hiring a surface-restoration company to get your ceramics, porcelain, or fiberglass fixtures looking shiny and new again.
5. Adding Insulation
A well-insulated home prevents it from becoming overly hot or overly cold. If your house is drafty or doesn’t have proper insulation, this is one of the best home improvements you can make this spring.
The benefits here are two-fold. For one, by spending just $200 or less on insulation for your attic, you can save thousands in energy bills in just a year. When it comes to resale, a badly-insulated house is included in a home inspector’s report. This means investing in insulation will boost your property’s resale value.
There are lots of other ways you can improve your home while cutting down on power usage, such as using energy-saving light bulbs, installing a programmable thermostat, or purchasing a high-efficiency water heater.
Do you have any questions about home improvements or investing in real estate?
If so, it might be time to give us a call! At Regalway, we help people passively invest in real estate. If you’d like to learn more about this or could use some real estate help in another way, we invite you to book a consultation with us today! We’d be delighted to take a look at your wishlist and determine how you can find the best possible match for your new home or investment!
Regalway Homes | info@regalwayhomes.com | +1 844-977-2679