When looking to renovate a home, an increase in home value is a common factor in determining which projects to undertake. It is normal to expect a return on investment in home value when remodeling a space. While most projects will increase the appeal or value of a home, it is true that some are more rewarding in return than others. Before investing in a renovation project, consider what might make the most sense for maximizing home value.
Wood Deck Addition
When looking at additions to make to a home through renovation, a deck is an excellent place to start. Adding a deck to the exterior of your home can increase its value, with up to an 85% recovery in cost. When adding a new deck during renovation, the material does matter as a factor for determining potential return on investment. Wood is a great material for deck installations, as it is cheaper to install and offers an expected increase in home value.
The kitchen is a space that many homeowners value and place a great importance on when looking for a new home. By undergoing a small or large kitchen renovation, the value of a home is very likely to increase as a result. From replacing countertops and cabinets to adding new appliances and repainting, there are a number of ways that a kitchen space can be renovated to improve its overall look and function
Because siding is one of the first parts of a home that is visible to the outside eye, it plays a key role in shaping a first impression and alluding to home value. Replacing and renovating the siding of a home can be an excellent way to make it appear more valuable and increase return on investment as a result. Both vinyl and fiber-cement are recommended materials for a siding replacement, due to cost of goods and quality.
Homeowners rely on a functional bathroom space to get ready for the day and unwind after a long one. For these reasons, many people value a quality bathroom and remodeling one can increase the value of a home to potential buyers. From upgrading storage space with new cabinets to installing a walk in shower with heated flooring, bathroom renovations range among a number of different projects. Consider updating the bathroom space in a home to increase a return on investment when it comes time to resell or revalue.
Upgrading and renovating a home is an excellent way to increase its value. To see a return on project investment, it is important to be mindful of the type of projects and materials being selected during a renovation. If home value is the biggest concern, consider projects that are known to increase home appeal and resell cost. Not only is a renovation project an excellent way to increase home value, but it creates a space that is often more functional and enjoyable to those within the home at the time of completion. Improving a living space is always a worthwhile project and if done correctly, and one that can pay off well into the future.