Important Home Renovations to Increase Value

Perhaps you have lived in your home for a while and are thinking about upgrading it to make it more comfortable. Maybe you are considering selling it and want to get the most money that you can from the sale. Perhaps you have made a ton of money on Bitcoin and want to put that money into something a little less volatile and you are seriously considering it being your home.

In any case, you have some extra money and want to spend it on your home. Doing renovations can be a smart decision first and foremost because it can make your home a nicer and more comfortable place to live. But another great reason is that the right renovations can add lots of value to your home. This will allow you to ask a higher price if you sell or position you to take money out against your home if needed.

The key is to do those things that really add value and sometimes the obvious things are not so obvious. Here is a list of the right things to consider.

Adding an additional bedroom

Many homes are small and only built for a couple and when the couple has kids, they see how quickly their cozy cottage turns into a tight squeeze. This can mean the need for another bedroom. Building an additional bedroom on a house is a pretty big job that takes a contractor and paperwork from the city. Get estimates from a contractor about the best way to proceed and if it sounds workable take the plunge. The great news is a bigger house with more square footage and bedrooms will both be more valuable and will likely sell quicker because there are more potential buyers.

Add an extra bathroom

These days, people are excited about having as many or more bathrooms in a house as bedrooms. If your home does not have the right ratio, then adding an additional bathroom can add real value to your home. Do you have space in the right area to build in a new bathroom? If so, this could be a great undertaking. However if you need to build an extra area onto the house, you may not be able to get the value out of the money you have to spend when you add in all of the additional plumbing that will be required.

Updating the kitchen

Usually the first place potential home buyers will go to when looking at a home is the kitchen. The kitchen today has become almost like the living room in homes today. It is where people like to hang out, and chat. This is both the family and when guests come over. As a result, kitchens have taken on different characteristics. They are typically larger and have at least one seating area. They might also be connected to a family room where people can have access to a television and music. When this is the goal, there may not be a wall between these rooms or if so, a half wall. If your home does not have this feature, spending the money to create it can be a worthwhile investment because it will definitely add value to the home when you wish to sell it. New homeowners will definitely gravitate to it. Also it is an area guests also look for, so your friends and your family will both be more comfortable and feel like your home has been modernized.

Be aware that any renovation can be an expensive undertaking. The cost for renovating even a small bathroom can begin at $5,000 and easily double if you want a Jacuzzi tub and premium fixtures. Map out what you want to get done and work with a talented and honest contractor. He will tell you if your ideas can be executed at reasonable cost and within the time you would like.