Many, if not all real estate investors are always looking at ways to increase the value of their property. One of the most frequently asked questions is how much fixing a room could add value to a home. Let’s take a closer look at rooms that add value to a room. Fixing and improving these rooms is guaranteed to add some zeroes to your property price and increase its value.
Not all renovations, upgrades and home improvements will add value to your home. In fact, many will most likely lessen and reduce from the selling price of your property. The dilemma then becomes which home improvements you should invest in for their value addition, and which you should avoid. Below we have included some useful advice for home renovations that increase the value of your home.
Remodeling the kitchen
To start with, a kitchen remodel is one of the home value addition tasks. This is because most people view a kitchen at the heart and soul of the home. As such, any renovations, upgrades or remodeling activities are bound to pay dividend. However, a kitchen renovation can also be one of the most expensive undertakings. Experts generally agree that you should never spend above 5 percent of the value of your home on renovations. Keeping this in mind, you can expect to recoup anything from 60 percent to 120 percent of your investment on a kitchen remodel. However, this depends on the nature of the remodeling you are undertaking. In addition, you need to be strategic with your upgrades, as well as not go overboard. It is also important to keep the kitchen remodeling in line with the rest of the home’s aesthetics.
Much like the kitchen, a bathroom makeover can be undertaken within budget. However, this is dependent on the extent of luxury you want to add. Bathroom upgrades are also a great way to add value to your home as they have a guaranteed return on investment. Another important consideration is the addition of a second bathroom to a home with only one bathroom. Historically, you can recoup 80 percent to 130 percent of your investment in adding a bathroom. You can consider converting any extra room or unutilised space into a bathroom.
Moreover, you can add value to your home by adding another bedroom to your home. However, finding the space for such an undertaking will obviously be a challenge. But if you have two lounges or any underutilised space you can convert it into an extra bedroom. Essentially, you can reinvent the existing space in your home to save money. It is crucial that you keep a level head and not go overboard with the bedroom addition. If you can manage to keep your costs low, you could be in for hefty returns.
Finally, remember that you have various options for home renovation and improvement projects. Your main objective should be to focus on only those upgrades that will add the greatest value to your home. In addition, your decisions and actions should be guided by sound financial strategy.