Have you ever heard about the method of renovating then flipping? People will renovate a bedroom or a portion of their house and then flip it onto the real estate market. You may think: why go through the home remodeling process only to sell? The answer: increase home value. The more updates you put into your home, the more your property value goes up. Due to this, people intentionally renovate their home to make more money from the sale.
Importance of Home Renovations in Boosting Property Value
Even though you invest money into your home with house remodeling, you can make more money down the road. When you renovate your house, you’re adding improvements and modernism, which is what homeowners are looking for.
With new additions, not only are you adding aesthetic value to your home, but financial value too. The best ROI renovations can give people an ROI of up to 70%.
Home Remodeling Ideas with the Kitchen
The kitchen is where people spend most of their time, so people should love the space. By switching out outdated appliances and cabinets and adding a fresh coat of paint, you can transform your home’s value.
Handles, faucets, and floors should be updated too, and the layout should cater to flow and functionality. While the average cost of a complete kitchen reno is $20,000 to $50,000, you can get an 80% ROI from your efforts.
Bathrooms are the second-most-used rooms in a home and are vital to everyday human functions. When you make improvements to your bathroom, anticipate an ROI of 75%.
Renovations include updating plumbing, counters, fixtures, flooring, and potentially even the shower or tub.
Energy Efficiency Improvements
Any time you do a home renovation or get new appliances, they should be with sustainability in mind. After all, they save you money in the long run.
If you need a new fridge or stove, there are now appliances with energy saving modes, as well as faucets. Or it is as simple as switching your incandescent bulbs to LEDs. LEDs use 75% less energy than regular bulbs.
When people have more usable space in a home, that automatically bumps up a home’s value. While the job requires several permits and can cost $50 to $90 per square foot, your ROI will be around 75%.
A bonus is you can do the bare minimum of the walls and flooring. You do not need to furnish the space.
Maximizing Storage Space
People live in houses for years to come and accumulate items over time, so extra storage is always a bonus.
Some ideas include adding an island to your kitchen or building a custom cabinet. Additionally, get a bathroom vanity with lots of shelves or cupboards.
Is House Remodeling Worth It?
At the end, house remodeling is worth it. Although these best roi renovations mentioned above can be costly upfront, it will be worth it in the end when you see an increase in your home value. If you need to help renovating your home to sell, contact Renotec to get a free consultation.