Introduction
Are you a homeowner looking to increase your property value? Renovating your home can be the perfect way to add equity and boost its resale value. However, not all renovation projects are created equal when it comes to increasing your home’s worth. To help guide you on which improvements will yield the highest return on investment, we’ve compiled a list of the best renovation projects for adding equity to your home. From kitchen updates to bathroom remodels, read on for our top tips on how to enhance both function and aesthetics while gaining significant returns upon resale.
Kitchen Remodels
According to a 2019 report from Remodeling magazine, kitchen remodels are one of the best ways to add equity to your home. The report found that, on average, a kitchen remodel will recoup about 62% of its cost when the home is sold.
If you’re considering a kitchen remodel, there are a few things to keep in mind. First, it’s important to create a design that will appeal to buyers. This means avoiding trends that will quickly look dated and opting for classic, timeless finishes.
Second, you’ll want to make sure your kitchen is functional. This means creating ample storage and workspace and ensuring that the layout is logical and easy to use.
Finally, it’s important to stay within your budget. Don’t overspend on high-end materials or appliances – remember, you’re aiming for a return on investment, not 100% perfection.
By following these tips, you can create a kitchen remodel that will add equity to your home and make it more appealing to buyers.
Bathroom Remodels
When it comes to home renovations that add equity, bathroom remodels are always a solid investment. A well-done bathroom renovation can add thousands of dollars to your home’s resale value, and even a modestly priced remodel can give your bath a fresh, new look.
If you’re planning to sell your home in the near future, consider completing a full or partial bathroom remodel. Focus on updating fixtures, painting walls and cabinets, and adding new flooring or tile work. These simple updates can give your bathroom an entirely new look – one that buyers will be willing to pay top dollar for.
If you have a bit more time and money to invest in your bathroom renovation, consider adding luxurious touches like heated floors, a rainfall shower head, or a freestanding soaking tub. These high-end features will definitely impress potential buyers and help you fetch top dollar when it comes time to sell.
Flooring
There are a number of home renovation projects that can help increase resale value, but not all of them are created equal. Some offer more bang for your buck than others, and some are more likely to appeal to buyers than others. If you’re looking to add equity to your home before putting it on the market, here are a few flooring projects worth considering:
1. Refinishing hardwood floors: Hardwood floors are a major selling point for many buyers, so if your home has them, it’s definitely worth considering refinishing them before listing. This project requires some time and effort (or money if you hire someone to do it), but the results can be very impressive and add real value to your home.
2. Laying new tile: Tile is another popular flooring material that can really make a difference in how your home looks and feels. If your current tile is outdated or damaged, replacing it with new tile can give your home an instant face-lift. It’s also a relatively inexpensive project, making it a great option for budget-conscious homeowners.
3. Adding/refinishing carpet: Carpet is often seen as somewhat of a dated flooring option, but that doesn’t mean it can’t add value to your home. If your carpets are in good condition, simply adding or refinishing them can give your home a fresh look and feel that buyers will appreciate. However, if your carpets are heavily stained or
Painting
When it comes to home renovations that offer the best return on investment (ROI), painting is often at the top of the list. A fresh coat of paint can go a long way in making your home look more updated and well-maintained – two attributes that are highly valued by potential buyers.
While you may be tempted to choose trendy or bold colors, it’s usually best to stick with neutral hues that will appeal to a wider range of buyers. If you do opt for a more unique color scheme, be sure to use subtle accent colors that can easily be changed if necessary.
In terms of which rooms to paint, bedrooms and bathrooms are always good choices as they are typically smaller spaces that can be quickly and cheaply transformed. The kitchen is another popular option, but keep in mind that this is a more expensive project so you may not see as much of a return.
Landscaping
When it comes to home renovations that add equity, landscaping is often overlooked. But first impressions matter, and your home’s curb appeal is the first thing potential buyers will see. Investing in some quality landscaping can go a long way in boosting your home’s value.
Think about adding some perennials that will bloom each year, or planting some shrubs and bushes to create a more private space in your yard. If you have the space, consider adding a small water feature like a fountain or fish pond. These kinds of touches can really make your home stand out from the competition.
Conclusion
Investing in remodeling projects to increase your home’s resale value is a great way to add equity and make the most of your money. By taking into account the current market trends and local preferences, you can create an appealing look that will attract potential buyers and get you more for your home when it comes time to sell. Whether you want to take on small cosmetic changes or major structural renovations, there are many renovation projects that can help you add equity to your home.
