Homeowners are always looking for ways to increase the property value. It is no secret that renovations are a way to add significant value to your home. However, if you pick the wrong project, you’ll end up spending money without getting a substantial return on your investment. Adding square footage with additions, remodeling your bathroom, and updating your kitchen are some of the ways you can add value without breaking the bank.
Increasing square footage almost always increases the value of your home. When thinking about adding on to your existing home, think about what type of space will make your home most marketable. If your home only has one bathroom, adding a second is a logical choice. Also, depending on your lot size and the existing layout of your home, think about whether it makes the most sense to build out or to build up. For smaller lots, building up can maintain your outdoor space while giving the inside of the home a roomier feel.
If increasing square footage through additions isn’t your primary concern, a bathroom remodel may be a better choice. However, be careful that your renovation cost does not outweigh the value added. Even a few simple upgrades like adding a second sink, updating the fixtures, or retiling the floor can make a big difference in the look of your bathroom, which can translate to an increase in value.
Another popular room to renovate when you want to increase value is a kitchen remodel. There are numerous ways you can update your kitchen, including new floors, upgraded appliances, and high end cabinets. Again, it’s important to choose cost effective projects to avoid losing more money than you gain in added value.
Additions, bathroom upgrades, and kitchen renovations can all add value to your home. When you consider what makes the most sense for your space and weigh the cost and benefit of the changes, you’re on the road to recouping big profits when it’s time to sell.