When it comes to renovating your home, you can do many things that will almost always increase its value. These include updating the kitchen and bathrooms, adding a deck or patio, and installing new flooring and windows. However, several renovations can hurt the value of your property instead. So before you start remodeling, be sure to do your research and find out what will and won’t give you a return on your investment.
Renovations that Can Increase the Value of Your Property
1. Kitchens renovations
Updating your kitchen is always a good idea, as this is the room that potential buyers look at first. Adding new cabinets, countertops, and appliances will make your home look more modern and attractive. However, make sure that you don’t go too overboard with the renovations. A $10,000 kitchen renovation may increase your home’s value by $20,000, but a $20,000 renovation may only increase it by $10,000.
2. Bathroom renovations
Like kitchens, bathrooms are also a significant selling point for a home. Renovating your bathroom can be a relatively cheap way to increase your home’s value. You can choose to add a new tub, shower, sink, and toilet that will make it look like a brand new room. Just make sure that you don’t go too crazy with the renovations, as some potential buyers may not want to deal with a completely new bathroom. Try to keep the renovations within a reasonable budget.
3. Garage renovations
Adding a garage to your property can be a great way to increase its value. It provides extra storage space, but it can also be turned into a home office, playroom, or man cave. Just make sure that the garage is in good condition by getting repairs for the garage door, the roof, and the windows. You also want to ensure that there is enough space for parking and that the driveway is in good condition.
4. Deck or patio renovations
Another great way to increase the value of your home is to add a deck or patio. This will give potential buyers another place to relax and enjoy the outdoors. When creating a deck or patio, use high-quality materials and choose a timeless design. Different materials and designs can add or subtract from the value of your home so make sure to choose carefully.
5. Flooring and window renovations
Installing new flooring or windows is a great way to increase the value of your home without breaking the bank. New flooring can add a touch of luxury to any room and new windows can make your home more energy-efficient. Be sure to choose a style and color that will appeal to a wide range of buyers.
Renovations that Can Hurt the Value of Your Property
1. Swimming pool additions
While a swimming pool can be a great addition to your home, it can also decrease its value. This is because not everyone wants or needs a pool, and it can be challenging to find a buyer who is willing to pay for one. If you do decide to add a pool, make sure that you have a good plan for how to market it to potential buyers.
2. Home theaters
Adding a home theater can be a great way to entertain guests, but it’s not always the best investment. Home theaters can be quite expensive to install, and many potential buyers may not be interested in one. Additionally, home theaters can also decrease the value of your home if they’re not in good condition.
3. Luxury bathroom and kitchen renovations
While adding luxurious features to your bathroom or kitchen can make them more appealing, it can also decrease the value of your home. Buyers want to be able to see themselves in a home, and they may not be interested in paying extra for features that they can’t afford. Try to keep your renovations within a reasonable budget so that more people will be interested in buying your home.
4. Adding extra bedrooms and bathrooms
Adding extra rooms to your home can backfire if not done correctly. Too many extra bedrooms and bathrooms can make your home feel cramped and overcrowded. Try to find a balance between adding enough rooms to make your home appealing and not adding so many that it becomes cluttered.
5. DIY home renovation projects
Lastly, avoid doing any major DIY home renovation projects before putting your home on the market. These projects can be costly, time-consuming, and often result in a disaster that will put off potential buyers. Instead, focus on more straightforward projects that add value to your home without taking up too much of your time.
When it comes to home renovations, it’s important to find the right balance between adding value and staying within a reasonable budget. Remember that not all renovations are created equal and some can actually decrease the value of your home. If you’re unsure about which renovations to make, consult with a professional real estate agent. They will be able to help you choose the right projects and market your home to a wider range of buyers.