Home improvement renovations are a great way for you to increase the value of your home, while also making it a better place to live. While market forces will ultimately dictate value, a well-maintained home with updated improvements will always be worth more than a similar home that has not been upgraded. Home renovations are not all created equally, however, with some adding more to your bottom line than others. It’s important to work smart!
Are Small or Large Renovations Right for Me?
Before deciding which home renovations make sense for you, it’s important to consider your short and long term plans.
While most well-executed renovations will increase the value of your home, larger investments may not be recouped in full. If you plan on living in your home for a while, you’ll be able to enjoy the renovations yourself. When it’s time to sell, you’ll get most, if not all, of your investment back. Overall this is a win.
If you intend to sell your home in the near future, it may make sense to focus on more practical matters.
Patching drywall holes, cleaning windows and maintaining your yard are no brainers.
To increase curb appeal consider pressure washing your sidewalk, top coating your driveway, and replacing rickety mailboxes or house numbers.
New doorknobs, faucets, and lighting fixtures will help you class up the interior without breaking the bank. An internal or external paint job can also be a difference maker. Staging plays an important role as well.
While investments in bathroom renovations may not be recovered in full, your shiny bathroom is likely to hold some appeal to prospective buyers. Flooring, vanities, showers, tubs, toilets, tiling, and accent walls are all great ways to upgrade this important room.
Single bathroom homes will eliminate some buyers, so adding a second bathroom, if possible, will open up the market considerably.
The price tag for your bathroom renovation will depend in part upon the materials you choose. The sky’s the limit and the more you invest, the nicer your finished product will be.
The Takeaway: It’s important to remember that many factors will determine the value of your home. If size, location, or other factors place your home in a certain tier, upscale materials will move your home to the top of that tier, but won’t necessarily allow you to transcend it.
Capturing Value with Kitchen Renovations
The kitchen is the heart of the home. Prospective homebuyers will imagine their lives taking place in this room, so upgrades can have a psychological impact. Counters, cabinets, backsplashes, and appliances will all add to the appeal.
Consistency of quality is important. Upgrading to high end cabinetry will have only a marginal impact on home value if other elements of the kitchen are in poor condition.
Creating Space: Finished Basements and Office Space
Space is highly desired by most homebuyers, so if your basement is being underutilized it may be time for some basement renovations. No matter how uninviting it may currently seem, your basement is pure potential waiting to be unlocked. It’s amazing what some lighting and interior decorating can accomplish.
Man caves, entertainment spaces, and second bathrooms are good uses for your lower level. Some basements can even be suited, providing additional income, or a living space for an extended family member.
With so many people working from home, office space is highly prized. Unused basement space may be perfect for this purpose. Some homeowners have even converted closets to serve as work stations.
Another great way to extend living space is by making proper usage of the yard. Interlocking stone driveways and walkways add prestige. Firepits, outdoor kitchens, pavilions, pergolas, patios, outdoor oasis, and cabanas can provide a ‘wow factor’.
Once again it’s difficult to assess whether investments in these renovations will be recouped in full. Patios have broad appeal and are likely to pay for themselves. The ROI for a pool is more speculative (but they’re lots of fun in the meantime!)
Other Forms of Home Improvements
There are many ways to add value to a home. Upgrading to high end flooring may or may not pay for itself, but replacing damaged or substandard flooring is important. New windows and roofing are expensive, but if yours are dated or damaged, most buyers will factor this into their value assessments anyway. Taking steps to ensure that your home is accessible and energy efficient will broaden its appeal.
Investing in home improvements has an immediate positive impact on quality of life. The financial investment will be recouped, at least in large part, upon selling of the home.
Davel Construction is Georgetown’s experienced, professional renovation contractor, providing quality renovations and landscaping both inside and outside the home.
Our 3D design process allows you to experience the impacts of renovations on your home before work even gets underway.
Contact Davel Construction today for your free consultation and allow us to unlock the value of your home.