What Renovations Have the Biggest Impact on Housing Values?

When it comes to renovations some projects add value and some actually take away from the value of a home. When looking at spending money on home upgrades it is wise for consumers to consider the impact on resale value.

The top five renovations that build home values:

Updates kitchens. The kitchen is where the center of activity takes place in the home. Any improvements made to the kitchen will generally payoff. This can be as simple as cleaning the grout and replacing the door knobs on the cabinets. In the mid-range it could include updating appliances to stainless steel and putting in new countertops. Large renovations can include new cabinets or opening up the space to an open concept that is popular with buyers.

Bathrooms, like kitchens, are a great place to upgrade, update and renovate. Simple updates can include things like re-glazing the tub, updating light fixtures, or putting in a new sink or toilet. Larger renovations might include enlarging the shower, adding a separate tub, and re-tiling the shower area. All of these improvements will add value to the home.

Going green. Over the past decade green home improvements have added substantially to property values. Cost effective solutions include adding ceiling fans to each room or installing storm doors. More expensive but valued options can also include updating windows to double or triple pane providing a high level of energy efficiency. When upgrading appliances or HVAC systems, purchasing energy star appliances add value. Upgrades like solar water heaters, solar panels and other more expensive measures, homeowners should seek recommendations to consider resale value. These upgrades will add to the value of the home, and save money while the homeowner is in the home, however, the return might be lower than desired.

Adding curb appeal. Realtors often advise customers to provide good curb appeal. This means different things to different homeowners. Sometimes adding lots of flower beds and high maintenance gardening is actually a turn off for buyers. Adding a sprinkler system, a deck, or a sitting area with a hardscape can provide more value to a buyer. They are low maintenance options that provide entertainment without a lot of upkeep.

Technology. Buyers love technology as do most homeowners. Adding surround sound in the area where the television is, provides a great investment. Adding new programmable door locks, programmable thermostats and other advanced technology will add value to the home.

Top renovations don’ts would include adding a pool, over renovating a garage into something other than a garage. In general buyers want to be able to keep bedrooms as bedrooms, and garages as garages.

Homeowners should always be looking for ways to maintain their homes while they are living in it, not just when they are ready to sell. The better homeowners do this, the less must be done to attract buyers, when the time comes to sell the property. While homeowners want to be able to personal their space, it is always wise to consider the impact of renovations and improvements on potential buyers. Doing this will not only help the home sell faster, but will provide the highest resale possible.

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