Before you embark on a renovation, you need to do some research to learn what types of renovations and additions will actually add value to your home, if that’s important to you. In this post, we’re going to give you 4 options of renovations and additions that will almost definitely increase home value. Let’s get started!
Your home is the place where you feel most comfortable. It’s where you host dinners and curl up on the couch to watch a movie. It’s where you spend a large amount of your time with your family and friends.
It’s also likely the biggest investment you’ve ever made.
If you want to take on a renovation project in order to add value to that large investment, you’re not alone. One 2018 study showed that 58% of homeowners are either definitely or probably going to renovate or add something to their home in the next 12 months.
Before you embark on a renovation, you need to do some research to learn what types of renovations and additions will actually add value to your home, if that’s important to you. In this post, we’re going to give you 4 options of renovations and additions that will almost definitely increase home value.
Let’s get started!
Bathroom remodels are a bit more costly compared to landscaping, but they’re much more profitable in the long run in terms of adding value.
On average, a bathroom remodel costs 18,000 dollars. While that seems pretty steep, it’s estimated that you can recoup about 66% of that investment when you sell your home later on.
Now, you don’t have to remodel the entire bathroom to see some returns. You can pick and choose a few things to update and still see a great return on investment (ROI).
Some examples are:
Depending on whether you’re remodeling a small or a master bath, you could also consider expanding the space to add more square footage, which can increase value greatly.
Curb appeal is defined as the visual attractiveness of a property, usually a home, when viewed from the street. Curb appeal is one of the most important factors when determining a home’s value.
Imagine a home with a yard full of dead plants, a door that’s rotting away, unmowed grass, and a broken fence that also has an immaculate inside that’s been fully updated and renovated.
Most potential buyers are going to be instantly turned off by the decrepit view the see right away and not even wait to see the inside. No matter how great the inside of the home is, without a great outside, the value is going to be quite low.
That being said, one of the best ways to increase your home’s value is to simply pay a bit of attention to your landscaping. Make sure you keep up with lawn maintenance, add in some trees, put in a flower bed, install pathways, etc. You can get creative here!
A bonus of this option is that this can fit into almost any budget. Those on small budgets can focus on lawn maintenance and perhaps planting some flowers. Those with larger budgets can go wild: add in a pond, fruit trees, hire a garden designer, etc.
Another bonus: adding in large trees that shade your home can reduce your energy costs up to 50%!
3. Add a FireplaceFireplaces add an element of cozy homeyness that not much else can create in the same way. They don’t only add warmth to your home though: they can add up to 12,000 dollars in value!
But don’t think that a fireplace installation is that easy. You’ll need to decide on a wood vs an electric and the size. You’ll also need to follow all building laws and restrictions in your area.
Besides that, you might need to rearrange and adjust your flooring that’s in front of the fireplace by adding in brick, glass and metal tile instead of wood or other flooring materials.
Another bonus? Using the fireplace for heat in the winter could cut down on your bills during the winter, especially if you live in a colder climate.
4. Add in Some TechnologyAn estimated 64% of millennials are interested in having smart technology in their homes. This is important to know, considering that millennials are currently the largest generational demographic looking to buy a home.
Not only will adding technology to your home attract buyers, but it can also add value to your home.
One of the best, and cheapest, options for adding a bit of value to your home is installing a smart thermostat. These thermostats cost a little more than 200 dollars, but they can add that same value to the home.
Not only that, but it’s also been shown that smart thermostats can decrease yearly energy bills by hundreds of dollars by keeping heating/cooling both exact and efficient.
Another option that can add value and cut down on some bills (which doubles its attractiveness!) is a smart smoke detector. These only cost about 100 dollars, but they can cut insurance premiums by 5%.
Those are some smaller options, but if you’re willing to invest in your home’s value, you should consider adding solar panels. Adding solar panels to your home’s value by as much as $15,000. You can also get federal tax credits to offset the cost of installing the panels by up to 30%, which makes that added value a more lucrative investment.
Remember, these are just a few of your options. Do your research to see what will add value to both your home’s price point and to your life while you’re living there!
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