Most Americans would rather remodel their home than purchase a new one, according to the Zillow Housing Aspirations Report. This is probably why channels like HGTV reach more than 86 million households in the nation. While home renovations look great on T.V., they can be challenging if you do not know what you are doing.
The key to not wasting money is knowing how to increase your home’s value through remodeling. Whether you’re looking to sell soon or just want to make smart investments for the future, there are several renovations that can help boost your home’s equity. In this blog, we’ll explore 8 renovations that will increase property value and help you get the most out of your investment.
- Kitchen Remodel
- Bathroom Remodel
- Energy-Efficient Upgrades
- Outdoor Living Space
- Flooring Upgrades
- Painting And Wall Finishes
- Smart Home Upgrades
- Basement Finishing
1. Kitchen Remodel
It is often said that kitchens sell houses. A kitchen remodel is a fail-safe way to increase the value of your home, and for good reason. According to Zillow, a minor kitchen remodel could yield an ROI of up to 81.1%.
If you want to increase your home’s value, approach your renovations strategically. Focus on updates that appeal to a broad range of potential buyers. This includes replacing outdated cabinetry and countertops, adding new lighting fixtures, and installing modern appliances.
2. Bathroom Remodel
Just like the kitchen, a bathroom remodel is another way to boost your home’s equity. Whether you opt for a minor refresh or a full gut job, a well-designed bathroom is one of 8 renovations that will increase the property value of your home. Consider updating your shower and bathtub, installing new tiles and lighting fixtures, and upgrading to high-end fixtures and hardware. These small changes can make a big impact on the overall look and feel of your bathroom.
3. Energy-Efficient Upgrades
Energy-efficient upgrades are a smart investment if you’re a homeowner who wants to know how to raise your home’s value. Not only do they help lower your energy bills, but they also increase the equity in your property. Consider installing new windows and doors, adding insulation, and upgrading your HVAC system. These changes will not only make your home more comfortable, but they will also appeal to environmentally conscious buyers.
4. Outdoor Living Space
Of all the 8 renovations that will increase your property value, outdoor upgrades are a great balance of functionality and beauty. Adding a deck, patio, or outdoor kitchen can provide a great place to entertain guests and enjoy the outdoors. Landscaping will also improve the appearance of your home’s exterior and increase its curb appeal.
5. Flooring Upgrades
Upgrading your flooring is another one of the 8 renovations that will increase your property value. Consider replacing old and worn-out carpets with hardwood, tile, or laminate flooring. Not only will these materials add some sophistication to your home, but they are durable and low maintenance.
6. Painting and Wall Finishing
Compared to all of the other 8 renovations that will increase your property value, painting and wall finishings can probably make one of the biggest impacts on the look and feel of your home. Consider giving your home a fresh coat of paint, both inside and out. If you are wondering how to increase your home’s value through painting and wall finishing, you can do something as simple as updating your wall finishes with new textures and patterns.
7. Smart Home Upgrades
Technology is continuing to advance our world and should be considered when you’re thinking about how to increase your home’s value. Smart home technology is becoming increasingly popular. Think about installing a smart home system with features like automated lighting and temperature control, security systems, and smart locks.
8. Basement Finishing
If you have an unfinished basement, consider finishing it to increase the value of your home. A finished basement can add a significant amount of living space to your home, making it more functional and appealing to potential buyers. It can also function as an additional revenue stream! Renting out your basement is a great way to generate cash flow. That extra income can go toward your mortgage or savings for an investment property.
These 8 renovations will help increase the value of your home and boost your equity. Whether you’re looking to sell soon or just want to make smart investments for the future, these renovations will help you get the most out of your investment. Remember to consider the needs of potential buyers, and choose renovations that will appeal to a broad range of people.
It’s also important to consider your budget and ensure you don’t over-invest in renovations that won’t bring a significant return on your investment. Before starting any renovation project, it’s a good idea to get a professional home appraisal to determine the current value of your home.
If you want to learn more about renovating your home or investing in fix and flip properties, listen to this podcast titled, “5 Practical Steps For Success With Fix and Flips.”