Ways to Remodel Your Home to Improve your Property Value

Ways to Remodel Your Home to Improve your Property Value

The best ways to remodel your home to improve your property value will depend on your local market as well as your home’s current condition. Here are a few tips for identifying the home improvement projects that will yield the highest return on the investment.

Compare Your Home to the Local Standard

Do you live in an area dominated by three bedroom, two bathroom homes? Then adding a second full bathroom will increase your home’s value by roughly a hundred percent of the renovation’s cost. This is because you’re bringing the property up to customer expectations. Adding a third bathroom in such a community would have a 50 to 70 percent ROI. Avoid home remodeling projects that reduce your official bedroom count, because that hurts your home’s value. For example, you should remove a closet before you remove a bedroom if you want to put in a spa-like master bathroom.

Upgrading a dated kitchen to a modern one can have up to an 80 percent return on the investment, depending on how the kitchen looked. For example, replacing all the old appliances with modern ones can approach a hundred percent ROI. People will subtract the cost of repairing or replacing an old refrigerator and difficult to use oven from the value of your home.

Fix What Needs to Be Fixed

If you have a limited budget, invest in repairs before you add on. Before you build a new deck, check the condition of your roof. Have the furnace, air conditioner and other HVAC equipment inspected. Add insulation and energy efficient windows to a drafting home before you build an addition. Fix the odd-looking DIY projects you previously attempted. Replace the dented or cracked front door. That alone has more than a hundred percent ROI if the door has advanced anti-theft features and an insulated core. This type of home remodeling isn’t sexy, but it will improve your home’s value by eliminating things that will hurt you when the home inspector wanders through with their checklist.

Find the Affordable, Practical Fix

Home remodeling rarely requires a large budget. The home improvement projects with the highest return on the investment are often the most affordable. Replace worn kitchen hardware and leaky faucets instead of revamping the entire kitchen. Consider replacing cabinet doors or refinishing cabinets before you literally rip it all out. Consider fixing the loose boards in the deck and repainting instead of replacing the entire deck. Fix the holes in the drywall and repaint the main rooms in two-tone paint.

If You Go Big, Do It Right

Sometimes your only option is a big home remodeling project. If you go big, have it done right. Add two more bedrooms and a bathroom by adding on an extension instead of converting a garage into bedrooms. Bring in the pros to install a basement bathroom after making the space habitable.

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