Real Estate How-To

Renovation Costs: How To Invest Wisely

Renovation Costs: How To Invest Wisely

Renovating your home can be an exciting way to make your home a more beautiful, useful space while increasing its overall value. Getting new appliances and countertops can completely change an old kitchen into a space you are proud of and that functions infinitely better than it did before. When it comes to value, however, not all home improvements are created equal. Some projects might be fun, but ultimately cost more than they add to the resale vale of your home.

Here is a quick guide to some of the best renovation investments you can make in your home, and how they can help you sell your home more quickly and at the best price.

Kitchen Renovations

There is a great deal of truth in the adage that the kitchen in the heart of the house. People have incredibly positive associations with their kitchens as a place to cook, eat, and gather with friends and family. How many parties have you been to where everyone drifts from the living room cushions to perch on stools or stand in the kitchen? Kitchens are often cited by potential buyers as the most influential room in the house when it came to making their purchasing decisions. While they can be expensive, kitchen renovations tend to have extremely good returns when it comes to what they add to the overall value of the home. Open concept kitchens with tons of counter space and large cabinets tend to be the most sought-after, as are those with new appliances, but anything that makes a kitchen more organized, increases storage space, and keeps the space bright and clean is a good investment.

Bathroom Renovations

A close second to kitchen renovations, bathroom renovations also add considerably to the value of a home. Bathrooms also have a great influence on potential home-buyers. Bathrooms should conjure images of privacy and relaxation, and sleek, clean, uncluttered bathrooms are much in demand. In contrast, a bathroom that is dated, inefficient, or simply ugly can really turn a potential buyer off. Even small changes like new fixtures and fresh caulking can make a world of difference.

Creating New Spaces

Another great way to add value to your home is to take any unused or under-used spaces and make them into new, functional rooms. Finishing a basement or an attic, for example, can be a great way to take a space that only collects clutter or is used for storage and turn it into a lovely home office or other functional space. Creating new spaces can also add a great deal of value to you home my making it more energy efficient, as basements, attics and other under-used spaces are often drafty energy wasters.

Whenever you are considering a home renovation, be sure to always keep in mind how the improvements will add to the value of your home. Also remember than even the simplest changes can bring new life to a space and make it seem new!