How to renovate your home to best improve its value
Posted by Sinks on 27th Jun 2017
As the property market has slowed in recent years, many homeowners have considered a remodel to increase the value of their home. However, some property renovations are more likely to give you a better return on your investment than others. Before you embark on a remodelling project, it is important to consider what you want to achieve and evaluate your best options. So what are the best rooms to concentrate on first? Major Kitchen Remodel If you are willing to remodel your kitchen, you will likely see a fairly decent return. However, a major kitchen remodel can be expensive. On average, you are likely to recoup around 70 percent of your investment on the resale of your home. Minor Kitchen Remodel If your budget does not allow for a major kitchen remodel, this could actually benefit you in the long run. A budget-conscious remodel, such as replacement of your sink, kitchen cupboard doors and drawers and dcor, will pay for itself when you come to sell your property. Basement Remodel A basement remodel will likely be more expensive than a major kitchen remodel but you could see a good result and recoup more than 70 percent of the cost when you sell your property. Window Replacement Replacement windows do increase a propertys value and, again, you could recoup around 70 percent of the cost. Attic Bedroom Are you willing to turn your attic into a bedroom? If so, you could see a return of 72.9 per cent. It is worth noting that your renovated attic could provide you with a better return if you are willing to rent it out to a lodger. However, it is important to be aware that there are also some renovation projects that will not give you such a good return. A home office remodel will likely only give you a 43.6 percent return and, with the addition of a sunroom or conservatory, you can expect to recoup 46.5 percent. A master bedroom upgrade will likely recoup 52.1 percent and a bathroom addition 54.8 percent.