7 Home Renovations That Add Value to Your Home
Home renovations don’t just make your home more enjoyable to live in, but they also increase your home's value – just in case you want to sell in the future. Investing in your home now with a few renovations could help you secure a future sale with a buyer (and for a higher price).
There are many types of renovations that can help you increase your home’s sale value, but knowing which ones are the right ones for you can be difficult to figure out.
Luckily for you, we’ve put together this list of 7 home renovations that are pretty much guaranteed to add value to your home.
1. Deck out your outdoor living area
Outdoor living areas are becoming increasingly popular and desirable over the last few years. With the recent lockdowns (thanks COVID-19), people are investing in making their outdoor space as enjoyable as possible. When we can’t leave home, it’s essential to be able to relax outside in the comfort of our own yards.
A great way to create comfort and that home-vacation feeling is by adding decking to your home. It's not only a great way to improve your house while you're living there, but it's also the perfect way to increase your home's value for future sales.
The cost of adding decking to your home can vary depending on what you want to put onto it. Whether you want a built-in seating area or if you'd like steps and stairs built-in, the size of the decking can all affect the price.
Decks can cost anywhere between $1,200 to $10,000 or more, but it really does depend on the size and the types of materials used.
2. Give your bathroom a boost
Having an updated bathroom is a major selling point for any house. People love a nice, modern, and spacious bathroom – and giving yours a fresh remodel is the ideal way to improve the sale price of your house.
Giving your bathroom a fresh new look will not only create more comfort for you and your family, but the National Association of the Remodeling Industry reports that you can get back 57% of the cost you paid for the project when you sell.
3. Remodel your attic or basement
Adding an extension onto your home can often be quite expensive and go over your intended budget. Why spend money on creating a brand new section of your home when you can renovate the space you already have?
- Turn your attic into a brand new bedroom or a workout space.
- Transform your basement into a family or games room.
- Create a man-cave
- Go all-out and make your very own at-home cinema
The more versatile you make these rooms, the more they’ll interest potential buyers in the future.
4. Improve your energy efficiency
If your home currently lacks good insulation (or your home hasn’t been modified with the latest energy efficiency tech), then you might have trouble selling your home. Home inspectors working with potential buyers will note any old, drafty doors and record anything that could make your home more expensive.
Updating your home’s energy efficiency doesn’t have to be expensive, and it’ll make it a lot more appealing to potential buyers. You’ll also be able to save money on your heating and electricity throughout the year.
Your energy efficiency improvements don’t have to be too complex. Simply getting better insulation in your attic or sealing any cracks near windows and doors can significantly impact your bill.
The areas in your home that might need more insulation or could be letting the heat out are:
- Doors and windows
- Near electrical sockets and light switches
- Around an attic hatch
- In the basement
- Anywhere ducts or wires lead outside
5. Upgrade your kitchen
The kitchen is one of the most-used spaces in your entire home, so it's only natural that you should focus some of your efforts on renovating.
Remodeling and renovating your kitchen can be an exciting adventure – especially if you’re getting the kitchen of your dreams. Your kitchen remodel won’t only make your living experience a lot better, it’ll also entice potential buyers to make a purchase in the future.
Update your kitchen with brand new energy-efficient appliances, new flooring, cupboards, and maybe even an island. Even giving your kitchen a new coat of paint in a modern color can help you achieve a fresh new look.
All of this will help encourage potential buyers to purchase your house in the future. The price for a kitchen remodel can run anywhere from $5,000 to $75,000, but homeowners can also recover about 52% of the cost of a kitchen remodel if they sell their homes later on.
6. Update your HVAC system
Your home’s HVAC unit is what helps keep your family comfortable, no matter what. When it’s hot, you have breezy air to cool you down, and when it’s cold, you can turn up the heat to keep you toasty through the winter nights.
It's an essential part of any home – which is why updating your HVAC system to a newer, more efficient model is a great way to increase your home's value.
It’s estimated that you’ll be able to earn back 85% of the money spent on an HVAC replacement if you decide to sell your home in the future. Want to know more about when you should replace your HVAC system? Check out this blog post!
7. Update your light fixtures
One of the simplest home renovations is to update your light fixtures. You’ll be blown away with what a well-placed light fixture can do for your home. A modern light fixture can create a completely different ambiance in any room. It can make it seem warmer and more inviting to guests, and it’ll also improve the value to any future potential buyers.
For more help on how you should update your lighting fixtures check out our blog post on how to choose the right lighting for your home.
At Nichols & Phipps, we’re here to make sure your home is in the best shape of its life – whether that’s for you or a potential buyer.