Just about every home owner dreams of renovation. Whether it is to improve the living space for their family or for the purpose of increasing resale value, renovation is pretty much always a good idea. Of course, choosing to renovate is the easy part, setting about doing it is another thing entirely.
One thing you should know, first of all, is that there are 3 basic types of home renovation. All can add value, but how much depends on the type of project.
When people look to buy a home they have a certain base set of expectations. You had these expectations when you bought your home. These expectations include things like a functioning heating system, solid walls and foundation, functioning gutters and downspouts, a roof that doesn’t leak, working toilet and shower, functioning electricity, etc.
In an upscale property, a buyer might also expect things like air conditioning or central air, more bedrooms, additional garages, and other amenities that might common to the surrounding neighborhood.
It is important to note that adding or repairing these things do not necessarily add value but they will restore that could be lost with age. However, if you upgrade these basics, you may get a little more bang for the buck.
The term “curb appeal” pertains to the physical aesthetics of your home, typically what passersby will see on the street. Of course, then, this includes painting the outside walls, replacing shutters or molding, adding and maintaining quality landscaping ideas, etc. It could also include interior things like new carpet or hardwood. If it is pleasing to the eye, it might make a prospective buyer more likely to buy (even if the renovation projects do not add too much overall value).
Now, if you really want to get the most for the resale of your home, you will need to perform projects that add value. Specifically, then, you want to focus on Renovco kitchen renovations, bedroom renovations, and bathroom renovations. The kitchen is the most communally-used room in the home. It is also happens to be the project that adds the most value to a home in terms of investment dollars and time. According to the National Association of Realtors, siding, windows, and kitchen renovations can recoup at least 80 percent of a home’s resale value.