High Impact Renovations

Renovating a house can be a challenging but rewarding experience. However, when it comes to the best way to spend your renovation dollars, consider what will have the most impact on your home value. Renovation will cost you a pretty penny, but if you do it right, they will bring you a significant return when you sell your home. 

Kitchen seem to have replaced living rooms and family room in the last decade as the heart of a home. It seems to have become “the place to be”.  Renovating a kitchen can range to changing the counter tops and fixtures to a full overall complete with new floors, cabinets and appliances. Because kitchen usually suffer the most wear and tear, they seem to become dated faster than any other room in the house. Any investment you make in your kitchen to make it appear modern and current will bring a great return on your investment. The average return on investment for a kitchen remodeling is 102%. 

Another great renovation project to consider is the remodeling of a dated bathroom. A bathroom that is up to date will make your home look like it’s been kept in good repair. While the average bathroom remodeling may put you back around $10,000, you will recoup all the money and more when you sell you home. However, if money is a little tight, consider just replacing the water fixtures and accessories for a fresh look. The average return on investment for a bathroom remodeling is around 100%. 

Buyers with families will tell you, one bathroom is not enough! Adding a second, or even third, bathroom to your home will have a very positive impact with potential home buyers. Is space is limited, consider adding a powder room. 

Outdoor living has regained popularity in the few years and the trend is to create outdoor rooms. Building or extending a deck will instantly increase the living space of your home and will only have required a small investment. It is estimated that the average home owner would recover about 85% of the cost of a new wood deck. 

Another high impact renovation project is finishing the basement. Adding extra living space to your home will greatly impress potential buyers, especially if your home is on the small side. Think of creating a family room, an office or an extra bedroom in the basement. This project will greatly impact the overall value of your home. 

Before placing your home on the market, a good overall freshening might be in order. Paint is an inexpensive way to brighten up any room and make it more current. Also consider replacing dated or broken door knobs and fixtures. Updating light fixtures for more modern ones will also quickly update your home without costing you a lot of money. 

A good rule of thumb when renovating is not to try to make your home the best on the block. To properly recover these home renovation investments, make sure you keep an eye on your neighborhood. No matter how spectacular the final results of your remodeling, if you try to push your home’s value beyond 25% of its current selling price, you probably will not get it. Remember that overspending on materials and finishes may end up hurting you in the end as you be overpricing your home. 



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