The Top 5 Renovations That Increase Home Value

August 2, 2016

Have you been thinking about doing a bit of remodeling around your home? Maybe you’re embarrassed by your ugly kitchen countertops, or simply need a bit more space for your growing family. Or, maybe you’re thinking of selling your home in the near future and you’d like to increase its value before listing it on the market. Before you start ripping up flooring or knocking down walls, there are a few things to consider when it comes to the home renovations that will get you the biggest bang for your buck.

Home Renovations: What to Consider

When it comes to increasing your home’s value by completing some remodeling projects, the cost of some home renovations can be better recouped than others. So, which projects can help add significant value to your home? Here is a list of just a few:

  • Start from the outside. You know the phrase- “don’t judge a book by its cover”? Well, when it comes to your home, that statement doesn’t ring entirely true. The outside of your home is what people see first, and keeping a tidy yard, clean siding and gutters, and a having nice outdoor living space like a front porch, patio or deck will add a lot of value to your home. Studies show that even simple projects like replacing your front door or garage door can provide a return on investment upwards of 85 percent.
  • The kitchen is king. The kitchen is often the hub of the home, where families and friends not only gather to eat, but also to converse, play games, finish homework, and much more. Of course, a kitchen remodel can also be a costly renovation, especially if you’re creating an entirely new floor plan. However, you can expect to recoup around 60-120 percent on a kitchen remodel done right by adding features like upgraded cabinets and countertops or energy efficient appliances.
  • Spruce up the bathrooms. A little paint can go a long way a bathroom! Install some new fixtures, replace the tile in the shower, or add crown molding to instantly increase the value of your home.
  • Reinvent under-used spaces. Even though adding an addition to your home provides around a 50 percent return on investment, this type of project obviously can be a huge expense. Instead, consider finishing the basement or attic to increase your living space- and your home’s value! Basements are perfect for playrooms, living rooms, or an additional bedroom, and attics can work well as a craft room, game room or bedroom retreat.
  • Add more lighting. If some of the rooms in your home seem dark and gloomy, letting the light in is a great way to enhance your home’s appeal. Recessed lighting, sun tubes, skylights, or even just adding dimmer switches can drastically change the feel of any room.

Choose the home renovations that will work best for your budget as well as your own particular taste and style. It’s important to love your home, and increasing its value can be a nice added bonus.

If you have any questions about how home renovations will affect your current homeowner’s insurance policy, contact Machor Sage today!