5 Rooms to Renovate to Increase the Value of Your Home
If you want to substantially increase the value of your home, consider performing some renovations. Renovating certain rooms of a house are associated with value increases. Should you decide to sell your house, the cost of your renovations may actually pay for themselves when factored into your sale price. When evaluating which rooms of your home are ideal for remodeling and updating, be sure to think about the following.
1. Kitchen
The state of your kitchen can make or break a home sale with potential buyers. Many potential buyers will scrutinize the kitchen if it has outdated appliances, lighting, and an aged look to it. A woefully out-of-date kitchen can turn off prospective buyers who are often looking for move-in-ready homes. A kitchen renovation that features high-quality materials can increase the value of your home and make it more marketable when listed for sale. You can upgrade the cabinets, appliances, install an island if there is room, upgrade countertops, sinks, and faucets, and of course the kitchen flooring.
2. Bathrooms
If your home’s bathrooms are in dire need of updating, you’ll want to think about renovating them or even just your master bathroom to maintain and increase your home’s value. The average sale-time return for a major bathroom renovation is 93%. However, the cost of your renovation depends on the condition of your current flooring, fixtures, and decor. Work with a trusted contractor to help you design a renovation plan that suits your style and budget. It’s wise for many to start with the master bathroom, and then work their way into the guest bathrooms after.
3. Master Bedroom
You might not expect a bedroom to provide a hefty home value increase, but it all depends on the space in question. For instance, renovating your master bedroom so that it includes walk-in closets, a master bathroom suite, and updated features like new windows and the right tile flooring can boost your home’s value and add to its appeal to prospective buyers. Consider adding eco-friendly or high-tech features to entice more house hunters to consider making an offer.
4. The Loft
Many two-story homes are built with an open loft area near the top of the stairs, this would be a perfect area for a few walls to be put up, painted, and some trim on the bottom to add an additional ‘bedroom’ on any future MLS tags if you’re thinking of selling your home someday in the future. Rule of thumb – if a room doesn’t have a closet, it’s not considered a bedroom. So, if there is enough space in the loft with the new walls up, (or even before you start to build), make room for a closet to make it a true bedroom addition. While the foundation and bones of the structure may not change, putting a few walls up to create another room should upgrade the buyer’s appeal for the home.
5. Basement Recreation Room
A basement can be so much more than a space for storage and laundry. You can renovate part of your basement, transforming it into a recreational space. Features such as a built-in wet bar or wine cellar can boost your home’s value while increasing its marketability in the housing market. A fully remodeled or finished basement can create more living space for your household, enhancing your enjoyment of your home and the total square foot that is counted into the sale of your home.
Bonus: Attic Room Conversion
If your home has an attic that you currently use for storage or don’t use at all, consider renovating this space to transform it into a bedroom or even a home office. An extra bedroom can translate into improved home value. Plus, it provides your household with more space. You can add a dormer or work with the current space to make your attic transformation. The average return sale time in the United States for this type of project is nearly 94%. Depending on where you are in the country, you can actually make a profit by adding an attic bedroom to your house.
Use these tips as you think about what parts of your home to renovate for increased home value. Talk to your trusted architect or general contractor to get some ideas about design, materials, and overall project cost. In these cases, you can typically expect, on average, to recoup most of your investment, if not considerably more.
