With the current real estate boom, many homeowners are choosing to renovate their homes rather than relocate. A renovation can give you what you desire in your home while increasing its value. So, you may be wondering “what features add the most value to my house?” Well, we’ve outlined several of the top upgrades that increase the value of your home.
Open Floor Plan
Open floor plans are inviting, spacious and high on potential buyers wish lists. Knocking down the right walls to create better flow and a more open space will drastically change your home. The open concept floor plan typically turns the main living area into one unified space. This results in creating the illusion of more space, fostering more family togetherness and better flow for entertaining. An open floor plan renovation is on top as the best renovation project to add value to your home.
Curb appeal is a major selling point for a lot of homebuyers on the market, so much so that many won’t even stop to look at your open house if they don’t like the exterior appearance. Therefore, a very highly valued renovation is to update your exterior with attractive landscaping and a little stonework. Adding a premanufactured stonework veneer is cost effective and adds color and texture. By simply replacing the bottom third of your exterior siding with a stone veneer, you can increase the value of your home, and potentially recoup nearly 95% of your renovation costs. This average estimate is based on the installation of 36 linear feet of sills, 40 ft of corners, and one address block, including water resistant barriers and rust resistant fasteners.
Kitchen remodels can run the gamut from low budget facelifts to high budget full remodels, but they always add value to a home. The best way to approach a kitchen remodel, if you’re looking to maximize resale profits, is to simply give it an upgrade and a facelift. A kitchen is the centerpiece of a home, and many families spend most of their time in or around their kitchens, so it’s not much of a stretch to assume that home buyers would be very interested in a house with an updated kitchen. The best remodel for recouping your investment is one that involves updating appliances, installing new countertops, new flooring, fresh paint, and installing new fixtures. Be careful not to make your kitchen fancier than the rest of your home, or your neighborhood.
A simple bathroom remodel will add value to your home. An outdated bathroom can be a deterrent for potential buyers and keep your property from reaching its highest valuation. As with a kitchen remodel, a bathroom remodel can range greatly in price depending on the materials you select. A midrange remodel with new flooring, new paint and updated fixtures will deliver a higher return on investment versus the upscale bathroom remodel with designer fixtures and high-end materials.
There are many options to consider when undergoing a home renovation in Tampa. The primary consideration is whether you are renovating for resale or personal use. Renovating purely for resale is a very different proposition to renovating for personal use, as the renovator is focusing on updates that will result in the most value for the least amount of effort and cost. If you’re renovating for your personal use it may make sense to spend a bit more money on the high-end upgrades that make you happy.
Either way, adding beauty through a home renovation can increase your home value. Let us know which home renovation projects you’d like to undertake this year –we’d love to help.