Investing in real estate is an excellent way of getting value for your money. Only if you can manage the property and increase its resale value over time. Most homeowners rely on home renovations in specific areas in the home to achieve this.
The onset of the Covid-19 pandemic impacted the number of home renovations taking place within American households. According to studies by the Harvard Joint Centre for Housing Studies, the total amount of costs Americans spend on renovations will rise from $332 Billion to $337 Billion by the second half of 2021.
Well-calculated home renovations can go a long way in sprucing up your curb appeal and increasing your home’s value. For a worthwhile investment in your remodeling project, consider the following areas for a better return on investment.
4 Top Home Renovations
Make Use of Unused Space
Basements and attics can significantly increase the value of your home. However, the basement and attic are prone to damage from water or weather-related incidents due to their locations. Therefore, a considerable investment you can undertake is the waterproofing of your basement and attic as well to prevent any instance of water damage.
Since water can quickly accumulate in these areas, it paves the way for the growth of molds. If you’re facing this challenge, it is advisable to contact any mold remediation service for its immediate removal.
Making use of unused space will ultimately attract the attention of homebuyers since it adds to the unique qualities of your home.
Major and Minor Kitchen Upgrades
The kitchen is the heart of any home. If you are an avid user of your kitchen, then this is one place you should invest in remodeling. A kitchen can include purchasing new appliances to give your kitchen a modern appeal or simply replacing the cabinets and a few furnishings.
It is, however, essential to consider your home’s functional space when planning for an upgrade. For example, instead of converting your kitchen to a modern style in a house with an old-fashioned charm, you can consider minor changes such as adding an island or changing the lighting for a natural blend.
You can consider some major kitchen renovations: changing the flooring, installing new countertops and cabinets, or including high-end appliances.
One of the best home renovations you can make is an upgrade to your bathroom. A bathroom upgrade will also significantly contribute to your home’s increase in resale value. According to a report by Cost vs. Value, a return on investment for a bathroom upgrade stands at 60.1%.
You don’t have to include expensive upgrades when upgrading your wash area. Painting the bathroom, changing the lighting fixtures, or adding a new mirror are inexpensive options that will attract potential buyers to your home.
Add a Deck
Unbeknown to most homeowners, including a deck in your home is an inexpensive way of increasing your living area. The return on investment with a deck recoups 63.2% of the costs, according to a report by Cost Vs. Value. A deck is one of the easiest home renovations you can do to increase the value of your home.
In some states, home renovations will require permit applications before embarking on the process. As a result of this, hiring a professional contractor will help provide insight into the intricacies of the home renovation process. In addition, a reputable contractor will also offer professional advice on the value upgrades you can make within your