Homeowners who decide to make renovations may be shocked to find out which remodeling projects provide the best resale value.
The Kitchen
The kitchen for instance is a great area to begin remodeling. Although this type of arrangement can be pricey, it is one of the best investments you can make when it comes to owning a home. A modernized kitchen is the way to go according to many real-estate ads today. When deciding to remodel your kitchen, it is important to weigh factors like how long you will be staying and where the home is located. In a more upscale neighborhood, a homeowner can find themselves receiving 100% return on their $30,000 investment. However, a $30,000 kitchen remodel in a lower priced home may not be the best economic solution.
The Bathrooms
Bathroom remodeling also realizes a great return on investment. An aging bathroom can be a major turn-off for a potential buyer. It is important to note that the more tattered a bathroom appears, the more likely someone will assume that the plumbing and pipes are also old and worn down.
The Exterior
Outdoor improvements can also be very beneficial when raising the value of your home. Most of the time, an individual will not even consider viewing the inside of a home unless the outside is aesthetically pleasing to the eye. Returns of about 30-75% come from just giving the home fresh paint or new siding. Enhancements such as landscaping and general maintenance play a huge role on first impressions. This reflects how well you maintain the rest of the property. Expensive improvements like roofs and windows can also be extremely beneficial for a homeowner because the buyer expects these items to be in good repair. Also, the addition of a deck can add a considerable appeal to a home and raise the value notably.
The Floors
Flooring that appears dingy and worn, or even just outdated, can depreciate the potential sales price of a home. That is why it is important to take flooring into consideration when making renovations and repairs before selling. Generally, hardwood floors are regarded more highly and have a greater resale value than carpeting or even tile.
Room Additions
Room additions also increase resale value. Adding a room can be a more economical alternative to moving when more space is desired or essential. Enclosing a lanai, or finishing a garage is also a great option for home owners because the structure already exists.
The Pool
Generally, pools provide one of the worst returns on investment. The cost of a new pool is usually at least twice as expensive as the return you might receive when you sell. Depending upon how long you intend to keep your property, the enjoyment your family gains from having a pool may make the investment worthwhile. If you plan to sell in the very near future a pool may not be your best investment. However, if you already have a pool, giving it a facelift or enhancing the landscaping around the pool can have a very positive impact on the sale-ability of your home and the ultimate sales price.
For answers to all of your questions regarding the cost of your remodel, including which remodeling projects provide the best resale value, contact the remodeling experts at OneRestore. They can help you establish a plan and advise you – whatever type of remodel you have in mind.
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