Renovations that Increase Value and Marketability of Your Home

A house isn't just a building, it's a home, and most importantly a major financial asset. Whether you want to increase the value of your home to sell it or to grow your net worth, you may want to consider some essential renovations that are sure to increase the value of your house. This is especially true if you are trying to sell your home now, seeing as how houses are selling for far less than what they are actually worth. Furthermore, in this tough housing market, certain renovations will definitely increase the marketability of your property.

While there are several renovations that one could make, the real money makers lie in renovations that increase comfort, convenience, and luxury. And while renovations can cost you a pretty penny, it all depends on the return of the investment. The fact of that matter is that homes that have been renovated sell at a much higher price than homes that need work simply because people don't want the hassle.

The ideal scenario would be renovating an old home that has character and is located in an established neighborhood. However, even if this is not your case, there are several renovations you can make to increase the value of your property.

Upgrade Kitchens and Bathrooms

Upgrading the kitchens and bathrooms can add some serious dollars to the market value of your home. However, make sure not to go overboard with the initial investment because kitchens and bathrooms alone won't necessarily pay for themselves. In other words, don't replace cabinets if you don't absolutely have to. Instead, stick to the necessary upgrades like energy efficiency and water conservancy or key upgrades like replacing countertops.

Upgrade Architectural Elements

Upgrading windows, doors, porches, and even the landscaping can help boost the value of your home in subtle ways.

Increase Convenience

People don't want hassles, they want quick convenience. Adding a laundry room and extra storage can significantly help in selling your home.

Make your home luxurious.

By adding lifestyle elements to your home you not only increase it's market value, you also have some serious edge in the market. Renovations like a whirlpool tub or a fireplace are a great place to start.

Like with any investment, the amount of money you spend depends on how big of a risk you are willing to take, however some of the aforementioned renovations are a good place to start.

Sources:
Wo-Built Inc. - Top Renovations that Increase Home Value
Lending Tree - Home Renovations that Pay for Themselves