When you decide to embark on a remodeling project, you can build valuable equity and boost your property's retail price. Certain renovations can enhance your home and have more buyers interested in investing should you decide to list your house.
Knowing the best renovations with a valuable return on investment can help direct your remodeling projects.
Most affordable and simple projects
According to Bankrate, there are a number of ways you can give your home a facelift without sacrificing your budget.
Additionally, you can improve the appearance of your bathroom with a few small tweaks.
"Even simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install, and they make a big difference in the look of the bath," said Gwen Moran, co-author of "Build Your Own Home on a Shoestring.
You can enhance the appearance of your kitchen by refinishing your cabinets, switching out lighting and faucet fixtures and fixing up the space with a fresh coat of paint.
"Many companies can remove cabinet doors and drawers, refinish the cabinet boxes, then add brand-new doors and drawers," noted Moran. "With a fresh coat of paint over the whole set, your cabinets will look like new."
A great way to increase the value of your home is by turning an extra room, such as a den, into a bedroom by installing a closet. According to Bankrate, a custom closet system and drywall can cost less than $1,500.
Pumping up the curb appeal is another way to increase the value of your home without spending a ton of money. Paint your front door, add a new knob or knocker, stain your deck and even consider hiring a landscaper to really make your home pop from the street view. These small enhancements can provide the facelift your property needs.
Moderate renovations for your home
Do a property inspection to make sure you can add a deck to your home. Home Guides recommended adding an outdoor space to add value to your property. This is an efficient and effective way to add square footage to your home and increase the appeal of your house. Hire a contractor or recruit the help of an experienced friend or family member to create a fun and enjoyable outdoor space.
Energy efficient improvements also serve as a great way to add value to your home and may qualify you for a tax credit and can claim 30 percent of the cost when filing your taxes.
Expensive yet rewarding upgrades
If you are willing to spend more money on home improvements, consider an entire kitchen or bathroom renovation. Watching fifteen minutes of any show on HGTV lets you know most people looking for new homes want a chef's kitchen and bathroom that allows them to get ready without bumping into those they share the space with.
While the kitchen and bathroom are important, having a roof that doesn't leak and a furnace that works properly is important, according to HGTV.com.
"If the roof is leaking, buyers won't get beyond that," says Ron Phipps with Phipps Realty. "I don't care how awesome the kitchen is."
Ensuring you gain the most equity after renovations
To make sure you get the most bang for your buck, Realty Times suggested doing some parts of your home improvement projects yourself. Doing some of the work yourself can wind up saving you a great deal on labor and increase the value added to your home.
Always be prepared to do the work and know how to properly complete all tasks. If necessary you may want to enlist the help of friends and family members who have adequate experience with remodeling homes or completing projects like the ones you decide to do.
Additionally, you should make sure you do enough research and are up to date on all zoning and building codes in your neighborhood. You do not want to have to have to remove or tear down any additions or upgrades you have completed because they are not in line with the current codes. Consider calling a home inspection company to evaluate your projects to ensure you can move forward with them.
Realty Times also recommended using quality supplies for your projects. Not doing this may cheapen the value of your renovation and leave you with less money when you try to sell your home.
Before you start, set goals for yourself. Know how much you can spend and what you want to make sure you improve and finish.
A renovation can help you build equity in your home and get more bang for your buck when you decide to sell. Make sure you make the proper investments when deciding to remodel before embarking on the journey.