Which Home Renovation Projects Actually Pay Off?
Planning a home renovation project in order to make your home more comfortable and livable for you and your family can make it a worthwhile investment, as long as you continue to own your home. However, not all home renovations actually increase the home's value or make it more sellable when on the real estate market.
If you think that you might sell your home sometime down the road, note a few factors to consider about home renovation projects that actually pay off:
1. Upgrading the kitchen
Upgrading a kitchen is often expensive and time-consuming, which is why homebuyers are typically more willing to pay for a home that already has an upgraded kitchen than one whose kitchen needs work. Consider adding energy-efficient appliances, hardwood floors that last and which are easy to clean, and extra storage.
One word of caution about upgrading the kitchen; don't assume that overly expensive materials will automatically increase the home's overall value. Marble countertops, slate floors, and mahogany cabinets may not be as desirable as you expect from homebuyers, so make the kitchen energy-efficient, welcoming, and easy for food prep, but use caution when investing in high-end materials.
2. Adding a second bathroom
Expanding a bathroom can add storage and make it easy to get ready in the morning, but it may not actually increase a home's value or its desirability for potential homebuyers. Adding a second bathroom can often be the better choice; even a lavatory with just a toilet and sink can mean allowing guests to use this space rather than the homeowner's personal bath, and keep children from forming a line outside another bathroom.
3. Home maintenance
Renovations that often pay off are those that make standard home maintenance easier on a new homebuyer. This might include copper plumbing pipes that are less likely to rust and leak, a tankless hot water heater that doesn't allow sediment to form and which has far fewer moving parts that will need maintenance and repair, or a metal roof that should last longer than standard asphalt shingles. Installing hardwood floors can also mean less maintenance than carpeting, as hardwood doesn't hold the same dust and dirt and won't show wear as quickly as the fibers of standard carpeting.
If considering home renovations that pay off, remember that your home's value and appeal to homebuyers is about more than how it looks. How easy it is to live in that home and the price of expected maintenance will also affect its value, so keep these changes in mind. Contact professionals like Edward Homes to learn more.