Home Renovations That Catapult Your Home Value
Just because a project is expensive does not mean that it will pay off in returned value, and those who want to add some real value to their home are going to need to do some serious planning and budgeting. When it comes to major renovations, here is a look at five of the leading options to increase the value of your property as well as to make it more efficient and comfortable.
1. Update Major Systems
Before ever undergoing any major restorations, most specialists suggest that homeowners update and fix all major systems in the home first. This includes the climate control system which often uses more than half of all energy brought into the home. Other major systems to take a look at include faulty wiring, old water pipes, water heaters, ducts, and insulation.
2. Green Energy Source
Depending on how long the current owners plan on living in a home, installing a green energy source could add a tremendous amount of value to a home. With additions such as solar panels, these systems will generally pay for themselves within seven years, and installing green energy devices may also provide owners with a number of tax benefits and credits as well.
3. Add a Deck
There is the option to add a smaller deck or patio with minimal structural changes to the home itself, but families that want to add serious value to their home may need to think bigger when it comes to outdoor living spaces. Generally, adding decks to a home is about 75 percent cheaper per foot when compared to adding indoor footage and will often increase the value at a similar rate.
4. Create a Luxury Bathroom
Turning at least one bathroom into a luxurious getaway is often a huge appeal for buyers depending on the location and style of the home. Typically, current owners who are looking to upgrade one bathroom should focus on the master bedroom’s bathroom and include options such as updated cabinets, granite countertops, heated floors, and stylish fixtures. Regardless of whether you are looking into major renovations in Toronto or California, consider enlisting the aid of a professional contractor to minimize the chance of starting a project you don’t have the expertise to finish alone.
5. An Attic Bedroom
An owner adding an extra bedroom to a listing is almost always going to increase the property’s value, but an attic bedroom may bring in more than a converted basement or study. Attic bedrooms are ideal for those who frequently have guests, or even for a multi-generational family that is looking to have a completely separate living area.
Re-investing assets back into one’s home is a great idea in every economic climate. Any of these five options is the perfect place to start when it comes to adding major value to any property.