Home Renovations That Add Value and Comfort

Posted On Thursday, 21 October 2021 20:13

Renovating a home before listing is a common way to improve the sale value of a house. But the renovations you target are likely different if you’re the homeowner thinking about a sale a few years down the road than if you’re a real estate investor. Homeowners often prioritize their own wants and needs, hoping that they’ll pay off down the road. Investors tend to focus on those high ROI upgrades that will appeal to a more widespread audience.

As an investor, you’re looking at renovations that will pay off immediately. That doesn’t mean that they won’t make life more comfortable for the future owner, but there’s a fine distinction between the best-paying home renovations and renovations that are more personal.

These are some of the home renovations that new investors can expect the best ROI from. Whether you’re selling an income property, getting a personal residence or inherited property ready for sale, or a professional house flipper, you won’t likely go wrong making these upgrades to a property.

#1 Kitchen Remodeling

Whether you’re going for a minor or major kitchen remodel, it’s the room with the highest potential returns. A minor remodel has some of the highest returns, and it mitigates risk in case the market doesn’t respond as much as you’d hoped to the upgrades you make. These include things like:

  • Refinishing cabinets
  • New faucets
  • Improving lighting
  • Adding a kitchen island

 

Major kitchen renovations may be necessary if the home is older or poorly maintained, or even if the style is out of date. If you want to attract higher bids, a major kitchen renovation may include new appliances, new cabinetry, and additional seating or storage space.

Two of the most visually effective changes you can make are the flooring and the countertops. A newer material that’s gaining popularity for both is porcelain. Porcelain is a great choice for kitchens for either the countertop or the floor for anyone who loves to use their kitchen. It’s low-maintenance, heat-resistant, and easy to clean. It gives kitchens a luxury feel without sacrificing functionality. Get in touch with a porcelain fabricator for more information on the material.

#2 Finishing the Basement

A finished basement is one of the top investments you can make to attract high-income buyers, especially in colder climates. It’s because you’re adding heated square footage, bringing the home up into a new price range.

With many people today moving because they’re seeking out more space, finishing the basement is going to attract more prospective buyers with more money to spend. It can make a huge difference if you’re trying to improve a home’s price.

While the cost of creating a basement apartment will be higher than just finishing it, it’s a move that could also bump up the price of the home. With an investment unit attached, buyers will have more leeway with their mortgage lender.

#3 Bathroom Remodels

Bathroom remodels are one of the priciest renovations you can make, so it’s important to stick to a remodel budget. There are a few rules to follow when you want to keep your bathroom remodel on a budget:

  • Don’t change the footprint of the room.
  • Avoid making changes to the walls, wiring, or plumbing if not needed.
  • Use cost-effective materials that elevate the feel of the room, like porcelain for the vanity or shower,

 

The best materials to use in the bathroom are easy to clean and disinfect without doing any damage to the surface. It works wonders in areas that see a lot of usage and water.

#4 Roof Upgrades

If your goal is raising home values, it doesn’t matter what you do to the interior if the roof is leaking. Once a roof is 10 to 15 years old, it’s worth thinking about replacing it. It doesn’t hurt that the average ROI for a roof replacement is 107% of the cost, making it one of the better investments you can make.

A brand-new roof is going to make your home much more valuable than one with the same floor plan in the same area. If it’s old enough that prospective buyers might have to replace it soon, they may look elsewhere first to avoid the hassle. A big part of renovating before the sale is attracting buyers who don’t want to have to worry about remodeling before they move in.

#5 Landscaping

A little can go a long way when it comes to landscaping. Tidying up the front and back outdoor spaces of a home can make it seem more inviting while also creating more usable, socializing space out back. Removing dead trees and brushes, replacing old mulch, resodding the lawn, and adding flower beds or planters will make the property feel more like a home and present much better at showings.

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