Real estate is one of the most popular investment sectors in the world. Whether you are looking to move or invest in property, renovation is always an essential part of it. You must ensure that the time and money spent are worth it and offer excellent resale returns. Knowing which renovations will produce the most significant profits is essential as it will help you make the right decisions. Ultimately, you will add considerable value to your home with these improvements, no matter how small. So when you are deciding if the renovation is worth it, you can differentiate between the expense and added value. Here are the top 7 renovations offering high resale value to your homes.
Updated HVAC (Heating, Ventilation and Air Conditioning)
Your home’s Heating, Ventilation, and Air Conditioning should continuously be updated. They are essential operating tools for every house and require proper maintenance. One of the first things that prospective buyers check in a home is the HVAC system, as it should always be functioning correctly. Buyers are often unhappy when the central operating unit is not working well, or the ventilation is poor. They may back out of buying the house entirely even if the HVAC system is not up to date or requires extensive work. New windows are also appreciated if the current ones become dirty. Poor and old mechanics are least appreciated even if the seller offers a replacement warranty.
A house should be accessible to a diverse demographic and based on universal design rules. People of all sizes, ages, and mobility should be able to live in it. When planning your house design, take all of these things into account for creating the most inclusive living space ever. Making your house more accessible makes it available to a broader audience, providing a warm environment and increasing resale prospects. You can easily do this by creating little ramps next to stairs and adding wider front doors and back entrances. With a house like this, you can also age in peace without worrying about extra work.
As an owner, you should always sort out a house's electric system before putting it up for sale. If that porch light is flickering, make sure to get it checked by an electrician at your earliest. A bad or loose wire can cause short circuits and pose a threat to the safety of your home. Lighting always adds excellent value to the resale value of your house, and well-lit hallways can provide a comforting touch to your visitors. Always consider your light fixture placement and design when planning. Good lighting can set your property apart from the other listings and get you a good return on investment.
Renovate Kitchen Space
As the central hub of the house, the kitchen functioning properly is of utmost importance. When a kitchen remodel is planned to match your requirements and preferences, it usually gives a sense of fulfilment and excitement. It’s predicted that owners can recoup up to 52% of the price of a kitchen rebuild when they sell their house, according to a report from the association of remodelling industry.
Upgrading the kitchen with new materials might seem inconsequential, but it’s a requirement. There’s a lot of kitchen rebuilding and upgrades which include microwaves, outlets, and dishwashers that are unique, along with fancy-looking stoves and refrigerators. Every family home consists of a cozy and practical kitchen space.
Expand Existing Space
Adding extra space to your real estate is always a plus point. Whether it is a new room, an extended garden, or a yard area, expansion is always appreciated. The bigger the space, the better the resale amount. Building additions enhance not only the square footage but also the monetary value of your property. You can incentivize this investment by choosing the best materials and using fine contractors. The result is always visible and vastly affects your home's selling price. Size always matters in real estate, so you can permanently enlarge your current space in more ways than one.
Upgrade Bathroom Space
A beautiful and upgraded bathroom is a big win when selling a house. According to the national association of remodelling industry, realtors have estimated that owners can recover around 57% of the price of a bathroom rebuild when they sell their house.
If a house only has one or one and a half bathrooms, installing a proper shower to a half bath or adding just half a washroom to the lounge for visitors improves the house's value very fast. You can enhance your bathroom by installing the latest sink designs, oversized mirrors, and warm lighting.
Comfortable Outdoor Area
There is nothing better than having a party outside. An outdoor living area will significantly increase the value of your property and turn it into a tranquil meet up spot. There are numerous ways to upgrade your garden, porch, or backyard, regardless of your budget.
Sales experts advise using the outdoors as an additional living space. In the past, almost every homeowner had a screened-in area to escape the heat, and these traditional methods are still in demand today. A screened-in porch or patio is an excellent addition to your entertainment space, especially if it has a mini fridge and a grill.
You can upgrade your house and its resale price easily by doing any of these renovations. They don’t only add value to the price but also to your memories and family time.
About the author
Michaela Green is a licensed real estate agent with half a decade of experience representing investors for buying and selling property in the Greater Houston area. Through her extensive knowledge of the marketplace, Michaela is able to represent investors in finding properties that produce the highest return on investment. Michaela founded 'The Green Collective' in 2022, a company that aligns with her core values with her passion for real estate. Michaela has with National Assistants Ministers (NAM) to help survivors of Hurricane Harvey start fresh by selling their distressed properties and help find a new home. She is also an active member of Houston Millennial's.