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Solid Renovation Investments


Although home renovation improves the quality of life within a home right away, for many homeowners, the real question is: will this renovation improve the selling price of my house? Resale value on homes is a big deal to most American homeowners, and completing renovations is one of the best ways to boost that number.

But which remodeling projects have the best chances of boosting your home’s resale value? Below is some information about which projects have the best potential to be a great return on investment.

Kitchen Update

With many homes changing hands from original owners to new, young owners who want modern fixtures and appliances, an updated kitchen is the first thing that potential home buyers look at. Many real estate agents advise that if you can only pick one area in the home to remodel, it should be the kitchen. “A beautiful bedroom is nothing if you have an outdated kitchen,” says one real estate agent in the New Jersey area.

The costs associated with remodeling the kitchen vary depending on the level of updating that needs to occur. And assuming that the kitchen isn’t in disrepair, it may not be necessary to totally gut the room and start over. Upgrading appliances and putting in new floors and cabinets may do the trick of giving the kitchen a more updated appeal without totally changing its layout.

The biggest thing to be wary about is that you don’t spend so much on your kitchen remodel that you price your home out of the range of similar homes in the neighborhood.

Average return on investment for a kitchen remodel: 66%.

Bathroom

Modern homebuyers are drawn to master baths, and they desire the luxury of two sinks and beautifully done showers and bathtubs. Lighting is also important in the bathroom. When it comes to the bathroom remodel, it’s go big or go home. It will be evident to a would-be homebuyer that minimal work has been put in, so if you are going to remodel the bathroom, do it as well as possible.

Average return on investment for the bathroom: 62%.

Attic Conversion

If your home has large available space in the attic, converting that area into a bedroom can bring a big return on investment. Because it adds square footage to the livable space of the home, adding an extra bedroom can definitely drive up the selling price of the home.

Converting the attic to a bedroom can be a big undertaking, especially depending on the level of insulation, heating, and plumbing that currently runs to the attic.

Average return on investment for the attic bedroom conversion: 72%.

 

Other Tips

The exterior of the home is also a big deal for would-be homebuyers. Replacing siding and spending time on landscaping – even as simple as trimming bushes and pulling weeds – can have a big impact on how a potential buyer perceives your home. It’s a always a good idea to have your hope in tip-top shape when you are preparing to sell.