Renovating your home is one of the best ways of adding value to it. Its value-addition power works in different monetary and non-monetary ways.
This post examines practical ways renovations add value to your home. Remain on board to learn and benefit more from your next home renovation project.
7 Benefits of Renovating Your Home
Renovating your property has many advantages. Here are the top seven benefits of remodeling your home.
1. It Saves You Money
Renovation saves you money in the long term. For instance, you can upgrade from the low-quality paint you use on your walls and use high-quality paint. This upgrade has long-term cost savings because you won’t need to keep repainting your home annually or bi-annually.
2. It Improves Home Value
Renovating your home increases its resale value. Depending on your renovation, you can recover between 10% and 70% of your renovation expenses.
3. Improved Home Functionality
Renovating your property customizes it to meet your current needs and preferences. It updates your aging home installations and fixtures to enhance their functionality. An upgraded kitchen with the latest kitchen appliances and designs functions better.
4. Reduced Utilities
Upgrading your home’s installations and fixtures reduces your utility bills. For instance, you can replace your energy appliances with newer energy-efficient ones. Additionally, upgrading to eco-friendly windows reduces power consumption by letting in more natural light and conserving heat.
5. Increased Space
You can increase your home’s functional space through renovation. For example, you can exploit your basement’s latent potential by renovating it to create more functional space. A perfectly renovated basement can serve as a guest room.
6. Increased Comfort
Home must be cozy for it to be called a great home. Perfect renovations increase your home’s coziness and make it more enjoyable to live in.
7. Enhanced Curb Appeal
Exterior renovations give your home a coveted curb appeal. They make your home attractive to guests and potential buyers who can’t resist its first impressions.
Top 10 Home Renovations and How Much They Pay
Now, here comes our discussion’s crux. This section examines the top ten renovations you can make in your home and their value.
1. Bathroom
An upgraded bathroom is a critical selling point in all homes. You can boost its value by incorporating sleek surfaces to make it easy to clean. Most realtors estimate that a home seller can recover up to 57% of the money they invested in a bathroom renovation.
2. Bedroom
Bedroom renovations are another area where you can scoop most of your expenses. Averagely, you can recover between 50% and 70% of your investment here.
3. Kitchen
The kitchen is without a doubt one of the most important rooms in your home. Investing in it through a remodel significantly adds to your home’s value. An average $26,214 renovation has a resale value of $18,927, amounting to a 72.2% recovery. Besides, the renovation makes cooking, eating and entertaining guests enjoyable.
4. Updated HVAC
Updating your HVAC keeps your home comfortable throughout the year. Averagely, you can recoup up to 85% of your investment in a complete HVAC overhaul when you sell your home.
5. Single Garage
A garage is an invaluable storage facility in new homes with limited in-house storage space. If you build a modern garage, you are likely to add 7% to your property’s resale value. If you decide to rent your home, an excellent garage increases its renting price by up to 4%.
6. Decorating
Decorating adds value to your home and makes it more attractive. If you do it well, you might increase your home’s sale or resale value by up to 3%.
7. Landscaping
Landscaping your garden increases your home’s value. It enhances its overall curb appeal and esthetic value. Additionally, landscaping makes it more beautiful to enjoy your outdoors. When done well, it boosts your property’s value by up to 3%.
8. Garage Door Replacement
You can boost your property’s overall value by replacing your garage door. Investing in a $3,907-door gives you a resale value of $3,663, giving you a 93.8% cost recovery. Also, this door boosts your home’s curb appeal.
9. Vinyl Siding
Add value to your home by replacing its vinyl siding to refresh its exterior. Vinyl siding is fiber-siding’s cost-effective replacement. Averagely, you’ll invest $16,576 to replace 1,250 square feet with the new siding. You can recover up to 68% of this cost upon resale.
10. Vinyl Windows
Lastly, installing energy-saving vinyl windows at an average cost of $19,385 adds value to your property. You can recover up to 68.6% of your investment from an average resale of $13,297.
Factors to Consider Before Renovating Your Home
So, what should you consider before renovating your home? Below are five factors to consider before undertaking property renovations.
1. Location
Renovate your home with your locality’s average asking price in mind. Otherwise, you may not recover your money because most buyers won’t blindly pay for a home beyond its neighborhood’s asking price.
2. Potential ROI
Factor in your renovation’s potential return on investment (ROI) should you sell the property. If you feel the ROI isn’t worth it, think twice.
3. Your Lifestyle
Don’t forget your home’s lifestyle and who will benefit from the renovations. For instance, an all-marble bathroom with a massive soaker tub, surround sound, and a crystal chandelier is a big miss for a busy family!
4. The Season
Consider seasons because some renovations are season-sensitive. For instance, adding a deck or other outdoor spaces requires you to consider the weather and undertake them during warmer weather. Otherwise, cold weather will delay your project.
5. Space Availability
Consider your home’s available space before renovating, especially when the projects require additions.
6. Your Home’s Design
Your home’s design style is a critical consideration. Your design instinct should determine if you want the renovation to match the rest of the home or stand out. For instance, adding a contemporary room to a rustic and traditionally designed home makes it awkwardly stand out.
7. Budget
Last but most importantly, factor in your current budget that enables you to fund the project without hurting your finances.
Let’s Help You Renovate Your Home Today
There you go, with all you need to learn about how renovation adds to your home’s value. Do you have any renovation plans for the near future? Don’t hesitate to contact us to help you fulfill them. Call us today for a free estimate and consultation.
