For a homeowner, you might be confused about where to start if you want to add value to your home. This is because there is a range of different of renovations that you could potentially do.
When it comes to home renovations however, it’s vital that you recoup most of your initial investment. As such, choosing the right renovations is key.
Here are renovation ideas that will boost your home’s value. These are based on the Cost vs. Value Analysis for the best ROI.
1. Create more storage space.
Most home buyers are looking for homes with more storage space. If you are short on space, you can get creative by utilizing the space above sinks and cabinets, unused walls, the ends of the hallways or under the stairs to create more storage options.
2. Give the interior a fresh coat of paint.
Paint works wonders. It’s the cheapest yet one of the most effective renovation ideas. A can of paint only costs about $25.
To make sure you are decreasing toxins and harmful gases, buy low VOC paint and primer. Additionally, you’ll also want to select a neutral color pallet when it comes to getting a home ready for buyers. Neutral colors are restful, uncomplicated, and versatile.
3. Opt for energy-efficient appliances.
Energy efficient appliances are becoming increasingly popular. They help us save energy, money, and the environment. According to a study conducted by the National Association of Realtors, 40% of buyers said heating and cooling costs are their greatest concerns. Around 90% of buyers also said that they would choose a highly energy-efficient home with lower utility bills.
4. Replace ceilings fans and lighting fixtures.
This tip is courtesy of Young Management. They regularly work with real estate investors and let us know that you can greatly change the feel of your house just by swapping out the ceiling fans and lighting fixtures. New ceilings fans are eco-friendly and cost-effective. They are no longer the ugly, wobbly versions you grew up with.
5. Consider adding a bathroom.
Adding a bathroom is a great renovation idea. However, unlike others, it’s a huge undertaking. If you aren’t operating on a budget, it can without a doubt be a practical solution to the problem of too-few bathrooms in your house.
According to home renovation experts, adding a bathroom can provide 53.9% ROI.
6. Consider building a patio.
Building a patio can be a great way to add value to your home. Aside from increasing the value of your home, patios have many other benefits. Patios provide an excellent place to unwind.
7. Finish the basement.
This is one renovation idea with the highest return on investment. For the most returns, turn the basement into an entertainment area or an open-concept family room. You could also turn it into an office or bedroom.
Repainting, nice lighting, and installing carpet are some renovation ideas.
8. Build a wood porch.
A porch is a great place to take in a view, observe weather changes, watch your neighbors, or just keep an eye on the outside world. Porches are available in a variety of different styles and shapes.
When choosing a design, make sure it seamlessly integrates into the existing building. That is, build one where it makes the most sense with your floorplan.
9. Replace the windows.
The benefits of high quality windows can’t be overlooked. They can potentially save you hundreds of dollars every year in energy costs. But more importantly, they have the potential to boost your home’s value.
Energy Star rated windows are an excellent investment. In fact, Energy Star-rated windows are likely to be part of new homes this year, according to the National Association of Home Builders.
10. Renovate the kitchen.
Small kitchen renovations can yield big returns. The kitchen is where buyers spend most of their time during a walk through. Thus, pay attention to all the nitty gritty details that will have the biggest impact.
Renovation ideas include purchasing a moderately priced double sink, upgrading drawer handles, and replacing the cabinet doors with raised panel wood options. You could also update the flooring, backsplash and countertops.
11. Install fiberglass insulation in the attic.
Installing fiberglass insulation has many benefits. One, it prevents long-term damage from moisture. Two, it helps protect the environment. And three, because of the significantly reduced heat loss, it saves a lot on energy costs.
12. Replace the flooring.
Replacing the floor can transform the look and feel of any room. However, picking new flooring can be a daunting task because of the many different materials available. Experts recommend using ceramic tile, hardwood flooring, laminate flooring or marble tiles.
There you have it, 12 renovation ideas that’ll boost your home’s value. Use these tried and tested home renovation ideas to get the most bang for your buck.