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Tuesday, 12 November 2019
Agent Resource Center
Agent Resource Center

TOP 5 RENOVATIONS TO INCREASE YOUR ASKING PRICE

Written by Posted On Thursday, 13 July 2017 06:44

Renovations can enhance the value of your house and therefore increase your listing price when you go to sell your home. Some renovations can have a higher return on investment than others. Here are the top 5 renovations you can do to add value to your home!

FLOORING

Flooring is a great place to allocate some of your investment budget. People have seen an immediate rise in value with the installation of hardwood. Other people have simply refinished their existing hardwood floors as this is less expensive. Hardwood is the most in demand material than any other flooring materials. For the bathroom, tile will always be in demand and does not depreciate as much compared with other materials.

FIXTURES

Simply adding or updating fixtures such as taps, faucets, and handles can add a tremendous amount of value to your home. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will lead to an immediate rise in a home’s value because they are things often used and noticed the most.

BATHROOM

The Bathroom is the second most important room to renovate. By adding a three-piece bathroom to a home with only one full bathroom will cause a rise in the market value of your home. It is something used often and noticed during an open house.

KITCHEN

The kitchen is the single most important place to invest in to get the most value from your sale. The kitchen is the heart of the home. People eat, cook, and hang out here.It makes senseto spend most of your renovation budget here. Due to current consumer demand, you should invest in having a modern, fresh, and desirable kitchen. This includes modern cabinetry, under cabinet lighting, and new appliances such as a fridge, stove, and microwave.

INCOME SUITE

Besides the kitchen, rental units make the largest impact on a home’s value. To add extra income, simply add a suite to your property by converting the basement or simply renting out a spare room in your home. Imagine having an extra $500 per month of passive income! Income suites have the largest impact on a home’s value since it adds cash in your pocket on a periodic basis. It covers the portion of the mortgage payments (could even fully cover the payment), resulting in the home being cash flow positive. This is real wealth that can supplement your income. Having that cash flow coming in will increase the value of your home.

FINAL NOTE:

It is crucial to keep in mind that not all renovations will actually increase the value of your home. There are a number of factors that needs to be considered. Look for consumer demand, the right contractor, and the right designer. Making the wrong decision on implementing the renovation could result in a botched job that actually decreases the value of your home. A real estate agent can provide you with the necessary market information to help you determine where you spend your renovation budget.

Listing Additional Info

  • State: New York
  • Address: house no. 39
  • City: Newyork
  • Zipcode: 10001
  • SOLD: no
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