Many homeowners make renovations to their homes to add value to the home. Some of these projects have long-term value while others may be more purely cosmetic. For example, adding a new bed or bath may increase the long-term value of the home. However, cosmetic upgrades like a new kitchen or bathroom may become outdated in a decade or two. Alternatively, a farmhouse kitchen renovation can increase the value of your home during a hot market.
Refinishing hardwood floors
There are many benefits to refinishing hardwood floors. First, the cost of hiring a professional is much less than reinstalling them from scratch. Another benefit is that refinishing requires less mess than a new installation. You also won’t have to purchase any new materials. This means that refinishing will have a higher ROI than a new installation, which means that you can profit from the project.
Second, hardwood floors are in high demand in today’s housing market. They are desirable to younger generations who want to live in a house with beautiful hardwood floors. Having these floors refinished will increase the value of your home. It will also give your home a new feel.
Replacing old carpeting
Replacing old carpeting can make a big difference in the overall appearance of your home. Buyers tend to walk away from homes that have stained and worn carpeting. Choosing new flooring will also help you increase the value of your home. In fact, 80% of homebuyers prefer to buy homes that are move-in-ready.
A new carpet adds instant appeal to your home. It allows you to play around with color schemes and improves the overall appearance. Moreover, replacing old carpeting is an affordable way to increase your home’s value. Home buyers like to buy homes that need no repairs, so new carpeting is an important investment.
Replacing vinyl siding
Replacing your siding can increase your home’s appeal and resale value. Buyers will prefer a home with vinyl siding over one with another material. Its waterproof properties are another major selling point. Water damage is the number one reason house hunters will pass over a property.
Replacing your siding can have many benefits, but the most obvious is improved appearance. In addition to making a home feel more comfortable, vinyl siding can lower utility bills. Lower utility bills are important for prospective home buyers and will add substantial value to a home. It’s also a great way to increase curb appeal. Curb appeal is one of the biggest determining factors for a home’s value.
Adding livable square footage
In many cases, overestimating the square footage of your home can actually hurt its value, especially if you are planning on selling it in the future. Before adding square footage to your home, it is important to study the zoning laws for your area. These laws determine the maximum square footage you can add to your home.
Another way to add livable square footage to your home is by adding a bathroom. Not having a bathroom in your home will negatively affect resale value. Most people don’t like bathrooms locked up, so a bathroom can help you sell your home for more. You can build a bathroom by either bumping out an existing room or adding another room. Adding a bathroom can add about 35 square feet of additional livable space to your home.