The renovation business is booming. With an increased amount of homeowners undertaking projects that add value to their home, the question of how much value these renovations truly will add is left to ponder?
Renovations increase the profit of your home, but the next question you need to ask is why you are doing them. The majority of homeowners renovate for profit, this can be seen as a mistake because often they spend their budget on things like finishes and décor and the focus is then taken off the structure of the home.
Here are some upgrades you can do to your home that will hold up to their value:
The first thing to focus on is the entrance of the home, since this is the first thing a prospective buyer will notice. By replacing a main entry door or adding in a new deck to the front of the house, you can expect to get back three-quarters of the money invested.
Kitchen improvements increase the value of your house more than most renovations. Since the majority of time is spent in the kitchen and is seen as the heart of a home, most buyers appreciate a renovated kitchen. Even small things such as replacing countertops will go a long way.
Adding living space, either by finishing an unfinished basement or putting an addition onto your home can add a lot of value to your home.
Foundation and exterior projects are smart and best to invest in for the long term. These can include jobs like roofing, patio installation, fencing, exterior painting, driveway work. Unfortunately a lot of homeowners don’t get that excited about these important projects when they can really benefit a sale.
Overall I think the best reason to renovate your home is to enjoy it. If you are do renovations to sell, use quality materials and hire professional people to make sure the job is done right.