Introduction
Your home is your most valuable asset. The more valuable it is, the better off you will be. If you want to increase the value of your home, there are a few specific renovations that can help. In this article, we will go over those renovations and how much they can increase the value of your home.
How much value do renovations increase?
The value of home renovations depends on many factors, including the location of your home and how much you've spent on the renovation. According to research by The National Association of REALTORS®, a $1,000 increase in remodeling expenditures is worth about $37 more per square foot in resale value.
If you want to renovate your house with an eye toward appealing to potential buyers, consider having a professional conduct an inspection prior to starting any work. This will help ensure that any projects don't end up costing more than they're worth. Additionally, make sure all materials used are durable and low-maintenance enough that they won't need regular maintenance after completion (and thus cost extra money down the road).
How much Value does a Kitchen add?
The kitchen is the most important room in the house. It’s where we make our meals, entertain guests and spend most of our time. The kitchen is also the most popular renovation project, accounting for more than half of all home renovations in this country.
Kitchen renovations are expensive because they require a lot of work – cabinets need to be removed, walls need to be opened up, electrical outlets need to be moved and new appliances installed. This means that you will pay an average of $50,000 - $200,000 on a full kitchen remodel (not including appliances). But if you want your home to increase in value by at least 15%, then it’s worth the cost!
How much Value do Bathrooms add?
Bathroom renovations are the most effective way to increase the value of your home, according to a survey of 2,000 homeowners by Black+Decker. They're also the most popular renovation in British Columbia, as well as one of the most cost-effective ways to give your home an instant facelift.
Bathroom renovations boost resale value by an average of 30%.
One-third of homeowners said they planned on renovating their bathrooms in 2019.
How much value do Additions add?
Additions and other additional features can also be a great way to increase the value of your home. The addition of a garden and patio will give you more space to enjoy time outdoors, and it can also help you sell the property or create an additional area for renting out. You could also add a driveway, garage or even a stunning outdoor kitchen with an outdoor fireplace, shower or sauna. If you’re looking for something really special here, think about investing in an outdoor hot tub or pool! They’re not cheap but they are worth every penny if they increase your home’s value by thousands at resale time. A tennis court may not be everyone's cup of tea but it's certainly one way that you can make yourself stand out from the crowd when selling up - particularly if there aren't many other properties nearby with such facilities on offer!
Specific renovations will increase the value of your home.
When it comes to the value of your home, there are many factors. But some renovations can increase the value of your home more than others. Generally, the more specific a renovation is, the higher its potential increase in value will be.
In other words: if you're looking to sell your house and want to maximize its resale value, do some research on which renovations would be most beneficial for you based on location and type of property (house vs townhome vs condo).
Conclusion
It’s important to remember that renovations aren't just about making your home more valuable. Renovations can also add value to your life and help you live a better life. For example, if you're thinking about adding an extra bathroom or renovating your kitchen, then it may be worth it just because the process is enjoyable and will improve the quality of your life!