Some homeowners think that doing renovations can instantly boost the value of their homes. So they spend a fortune sprucing up their space, thinking that it will skyrocket the price.
There are different types of home renovation projects, and while some of them can indeed increase your home’s value, some homeowners won’t pay for certain renovations. We’ll talk about the different types of home renovations in this article and what can boost the value of your home.
These are the things that potential homebuyers look for before buying a home: non-leaky roof, reliable HVAC system and plumbing, good insulation, and other basic home functionalities. It may also include more bedrooms, bathrooms or even a laundry room. There is no need to upgrade everything; focus on things that can add value, such as having a dry basement. Also, ensure that the plumbing and HVAC systems are working — the furnace is reliable, or there are no problems in the plumbing.
The curb appeal is the attractiveness of your home when viewed from the outside. It’s important as that’s the first impression that the homebuyer has on your property. Keep in mind that first impressions sometimes last especially when it comes to buying or selling real properties. A well-manicured lawn can tell buyers that you care about your property. When renovating, you can start with the driveway. You can make it more appealing by giving your asphalt an improved look. Also, consider adding frames to your windows or doors to make them more appealing.
Investing in state-of-the-art appliances, energy-saving windows or roofs, refurbished decks, and smart plumbing are examples of value-added renovations. To boost value, ensure that the renovation adds both attractiveness and also functionality to your home. Upgrading to a smart home can increase the value of your home.
Be careful about adding an amenity to your home, as that may not really boost its value. For example, installing a swimming pool may only appear to those homebuyers who want a luxurious home while others think of it as high-maintenance. Other amenities include an entertainment room, game rooms, tennis courts and wine cellars. While these are good additions, some homeowners may not pay a premium for them, especially when they don’t really need them.
When doing renovations, keep in mind that there are different types of property buyers. There are first-time buyers, luxury buyers, retail buyers, fix-and-flip investors, or young millennial buyers. For first-time homebuyers, curb appeal and value-added can definitely boost value. These types of homeowners will look for more functionality in homes. They may not really pay a premium for a swimming pool. Unless you’re targeting luxury buyers, extra amenities may not always add value.
Always focus on improving the functionality of your home. Having energy-efficient windows or tankless water heaters can help homeowners save more on energy. These improvements can boost the value of your home. For other renovations — it may depend on the type of property buyer you are trying to attract.
Do you need help renovating your home? Let us know! We specialize in renovations and also storm restoration. Our team of home experts can help you create a beautiful and functional home. Contact us directly or let us know the details of your project so we can give you our best recommendations.