Renovations That Will Increase Your Home's Value

If you have considered renovating your home with the intention to sell in the near future, or just for your family, there are a few things you may want to consider. If you are looking for a renovation that will increase your home's value, there are two ways to go about the process. Getting one or two major renovations completed, such as finishing a basement or adding an extra living space to the existing home is one tactic. Opting to tackle a handful of small projects and fixes is the second option. Whichever you decide to do, here are some remodeling projects than can add more value to your home.

Kitchen Upgrades

These days, potential buyers typically seek a spacious, updated kitchen. Simple upgrades like replacing old appliances and adding new countertops or cabinets can easily add up in cost. Consider these bigger renovations that are worth the investment:

• Adding an island
• Adding a breakfast nook
• Adding new ceramic flooring
• Adding accent lighting

Removing Walls

Open floor plans are the first to catch the eye of many. Knocking down unnecessary walls is a great way to open up any space with little hassle. Be sure to use a professional contractor for a safe and completed job!

Room Additions

Contrary to popular belief, adding a new room to your existing home is not as expensive as one may assume and is a great way to increase your home's value. Think about converting your attic to a study area or adding another room addition to your house. This will increase your square footage while pushing up your asking price.   

Outdoor Living Space

People crave an outdoor space for relaxation during the warmer months. This could mean building a back deck or slate patio. Make your outdoor space a mini oasis by adding path lights, plants, shrubs, and trees.

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Remodeling a home can be stressful whether it includes a room or a full addition. Five distinct stages exist which a homeowner experiences while remodeling: planning, budgeting, demolition, construction and cleanup. If a homeowner stays focused on the goals of a remodel, it is possible to feel less anxious and more excited as each step progresses closer to the end goal.

Planning

The main goal when starting out is to stay organized. Remodeling projects and home additions are challenging depending on the size and budget of a project. Start by listing 'must-haves' and stick to the product list to stay on budget and schedule. A minor change can cause delays.

Budgeting

Receive written estimates from licensed contractors, architects and designers. Resist the temptation of going with the first referral. Ask friends, family and others to provide names of people who assisted with similar remodels or additions and what the people paid for the work. Unless cash is set aside, an individual may be looking to pull financing from the home in the form of a home equity loan or refinancing opportunity. Depending on current equity in the home and interest rates, refinancing may be a better option. The project may increase the value of the home by more than its cost.

Demolition

Remove walls, wiring, carpet and flooring to get started in the demo phase. This remodeling phase is tough, dirty and gritty work but if people do it without help it can save alot of money to go back into the project for other amenities. It may be the shortest phase of the remodeling process but can wreak havoc on the home if a person is ill prepared.

Construction

Large projects such as a kitchen remodel or new addition might require a family to move out of the home to complete. Sometimes electricity, heat or water must be turned off to complete projects for a few days. If this does not work, find family, friends or a hotel to stay at while things are completed.

Cleanup

Cleaning up the mess from remodeling can be labor-intensive but doing it without outside help can offset costs. If time is a factor, it may be more beneficial to hire outside contractors for clean up. Once all the dust and debris is removed, decoration can begin on the newly renovated and remodeled home.

Design Tips

It may make sense to consider energy-efficient and eco-friendly products during the remodeling process. Many products such as appliances, windows, HVAC, front entry and garage doors offer tax rebates and savings on utility bills. A wide range of high-quality and affordable products are available. Check efficiency ratings of appliances and light fixtures to see what can be done and consider it a long-term investment into the home.

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