The real estate market continues to rebound, and home values gradually increase, making this a prime time to follow the trend and consider some simple renovations and repairs that will increase the value of your home. However, not all renovations and repairs are created equal, so you first need to identify the home improvements that are proven to increase a home’s value in any market. Here are a few tried and true home improvements that will add value to your home.
1. Adding an Additional Bathroom
If you plan on selling or renting your home at some point in the future and have multiple bedrooms with only one bathroom, you should consider adding an additional bathroom. Homes with only one bathroom are harder to sell or rent. With only one bath, you narrow your market of potential buyers or renters since larger families usually don’t consider homes with only one bathroom. By adding an additional bathroom using underutilized space in your home, you can expand your market of potential buyers and increase the value of your home at the same time. According to HGTV, you can recover up to 53 percent of the costs you incur to add an additional bathroom.
2. Deck Additions
There are two excellent reasons why you should consider adding a deck to your home. The first is that a deck addition increases your living space, and the second is it generates one of the highest returns on your investment of any other renovation project. Consider this — the national average cost of a home remodel is $85 per square foot while a wood deck addition averages $35 per square foot nationally. You can recover up to 90 percent of your investment on a deck addition, according to HGTV.
3. Kitchen Upgrades
The key to a healthy ROI on a kitchen upgrade is to match the value of the kitchen to the value of your home. Most novice real estate investors tend to place a huge emphasis on the kitchen since it is the heart of the home. However, if you overdo it when you’re remodeling your kitchen, it may not match the charm and appeal of your home. Make sure that the style of your kitchen matches the rest of your house’s design and feel.
NeaMaya can take care of ALL of these renovation projects for you. Talk to our experts today to learn more about adding value to your resale! And don't forget to visit our brand new showroom and explore our wide range of home improvement options.