Most increases to a home?s value occur over time. The housing market increases as the value of the dollar increase. While you continue to make payments to your mortgage, you are also adding equity and value to your home. What if you want a quicker method to adding value? Housing renovations and upgrades are also very effective in increasing a home?s value, if you complete the right types of upgrades. The following housing projects have the best chances of quickly increasing your overall value.
Kitchens are one of the most important parts of the house. Many real estate professionals and investors would even say that the kitchen is what sells the house. Buyers want a kitchen that is updated and laid out effectively. If your kitchen is outdated or the layout does not make much sense, upgrading it can drastically improve the value of your house. General contractors are a great resource for whole kitchen upgrades, providing you recommendations on the best type of flooring, appliances, and cabinets to get the most value.
Many homeowners are not aware of how important the bathroom is to the value of their home. Bathrooms are expected to be updated and to provide a sense of comfort and relaxation. A well designed and modern bathroom can also sell a house. Another important aspect of the bathroom remodel is in making necessary plumbing repairs. Most general contractors will make these repairs during the remodel. However, if you are doing a DIY remodel, you will want to make this an important part of your project. Approximately 10% of homes have leaks that waste 90 gallons or more per day. Fixing these easily corrected household water leaks can save homeowners about 10% on their water bills.
Whole home renovations
Renovating an entire home sounds like an overwhelming project. However, many homeowners find that it is sometimes easier to upgrade the entire house at one time, rather than room by room. You can purchase materials in bulk and you already have the residential construction company at your house. Some general contractors may even offer discounts or added incentives for such a large project. You are also likely to find that the value of the house significantly increases after a whole home renovation.
Current modern times call for open spaces with sprawling hardwood floors. In fact, over half (54%) of future buyers are willing to pay more for a home with hardwood floors. Hardwood floors offer many benefits to homeowners. They can be stained to match current wall colors and furniture and are highly durable. Depending on the size and age of the house, installing hardwood floors can result in large returns, sometimes covering the entire cost of the installation and residential construction costs.
Potential buyers make quick decisions about a house, usually based on its curb appeal. This decision may be made while viewing the house online, or it might be formed as they first arrive at the house. Upgrading the exterior of the house can make a buyer excited about the property, before they ever enter the house. Exterior updates include professional landscaping, updated siding, newer windows, roof repairs, and fencing. Some renovation projects may have little room for exterior upgrades, such as with condo remodeling, but a little landscaping can go a long way.
Home warranties and water proofing services can also increase the desired value of a house. When a homeowner has general contractors install water proofing in a flooding prone area, the value of the house increases. The risk of water damage in the basement and the rest of the house are reduced. With water damage being so common and so expensive, a water proofed basement is a highly valuable addition.
Housing renovation and updating projects can be expensive. However, they can increase the comfort of the home, and most importantly, the value of the house. By completing projects that also increase value, you are making very cost effective upgrades. Although you are putting money into the house now, you are likely to see large returns when it comes time to sell it.