How Can A Home Renovation Improve Your Home's Value

Written by Posted On Thursday, 03 October 2019 01:10

Money always matters when it comes to home renovation or remodeling. That's why when you decide to renovate your home, it's a wise move to invest in high-quality home improvement solutions to ensure that the value of your home increases even with time.

It's a good idea to weigh the cost and the value of a home renovation. Before proceeding with the project, ask yourself if the value of your home resulting from the remodeling would outweigh the expenses you’ve shelled out for the renovation. Moreover, consider the demands of homebuyers in the market and forecasts. The last thing you’d want to do is to waste your money in an expensive home remodeling project without adding value to your home in the long run.

That said, below are some ways how renovations can improve the value of your home:

Installing the Most Sought-After Home Fixtures Increases Your Home's Value

You can enjoy the benefits of updating your home, and increasing your home's value or return on investment (ROI) in the future by working with one of the most trusted and reputable home renovation contractors. This way, you'll get the best payback estimates depending on the fundamentals of the residential real estate market and the average construction cost.

Here are the most common home renovation projects that provide the greatest ROI:

  • Wood Deck Addition: Homeowners with pressure-treated wooden decks (16 x 20 feet) have recouped about 85.4 percent of the project's total cost. Based on statistics, a deck amounting to $10,347 to be constructed added about $8,835 to the home's value when it was sold.
  • Bathroom Remodel: One good example is updating your bathroom to a “wet room.” Wet rooms are stylish and create a contemporary look, thereby increasing your home's value. It's recommended for small bathrooms because a wet room involves removing the bath, which creates more space. Also, wet rooms are easier to clean than traditional bathrooms.
  • Garage Addition: This addition increases your equity and helps boost your ROI by 81 percent when selling your property.
  • Major Kitchen Remodel: A kitchen remodel replacing old appliances can increase your home's value because most home buyers who are looking for fully furnished properties want modern appliances, which are energy-efficient and have multiple purposes.
  • Window Replacement: You can boost the value of your home by replacing your old windows. This home improvement solution can definitely make your property stand out from the rest. Most home buyers are shopping for properties with energy-efficient windows that can provide up to $500 savings in heating and cooling every year.
  • Other remodeling projects that boost your home's value also include basement remodeling, attic bedroom remodeling, a two-story addition, and siding replacement.

Strengthening Your Home Security Increases Your Home's Value

Aside from enhancing your home's overall security, strengthening your home security by remodeling your home or installing security features increases the value of your home over time. Installing state-of-the-art alarm systems, CCTV camera and surveillance systems, strong doors, and deadbolt locks provide homeowners peace of mind.

Homebuyers and homeowners greatly value security and privacy, so upgrading your home security is a wise investment. Realtors or real estate agents who want to flip a property would quickly emphasize the importance of installing home security features.

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Here are some home security tips when renovating your home:

  • Change locks and tumblers when moving into a new house.
  • Conceal all wiring for a more effective alarm system.
  • Install window and door shutters to increase home security and privacy.
  • Install appropriate window treatments that increase privacy and security.

Providing Mobility Options Increases Your Home's Value

Elevator and wheelchair lifts are just some good examples of mobility options you might want to consider installing in your home. Homebuyers who have aging parents or disabled family members find homes with mobility options highly beneficial, thus increasing the value of your property.

When you're planning to renovate your home, improving the mobility inside and even outside the home can be a wise move. There are many options available when it comes to the type, size, and mechanism of home elevators. Hire a reliable elevator installer or contractor to know how much you'll need to invest in labor and the cost of materials.

Here are some benefits of installing a residential elevator that can add value to your home:

  • Easily transport people and objects from one floor to another
  • Improve everyone's mobility from floor to floor
  • Make your home more attractive to retirees or senior home buyers

Conclusion

When you're contemplating any home renovation project, you should consider not only the aesthetic value the project will offer in the long run, but also the ROI should you sell your property in the future. Even simple upgrades such as replacing your old windows can mean great improvements and add value to your home.  

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