Your home is not only a place to live comfortably in. It can also be an investment for when you decide to use it other than a home for you and your family. You may be planning to use it as a rental property to give temporary homes to others or sell it someday to move into a different house.
Whatever you decide to do, renovating your home in the present can help add value to it and increase returns when your plans are on the go. Being wise with your renovation plans can maximize the payoff that you will get. Consult with the appropriate people like your realtor, property appraiser, and even cost segregation advisors or service providers to ensure that the changes you’ll make will let you save and earn at the same time.
Extending your home is one of the best ways to increase the value of your property. You can build new structures that can be used for many purposes like living space for your family, parking for vehicles, or a separate work area or workshop. This will not only add value but also make your house less cramped especially if you have a larger household.
But you can opt to extend already existing rooms with just a few square feet of land to make any room more spacious. This can be more cost-effective in the present but will garner good returns in the future.
Patio / Deck
Some of the most luxurious homes have modern outdoor living spaces that overlook a spacious lawn or garden. So you can choose to have a patio or deck to attract buyers. This is probably one of the more expensive renovation ideas on this list but creating a space that caters to a popular aesthetic will definitely add value to your home. Some will even add a fire pit to make the patio more appealing. This can be used by your family to enjoy cooler nights out in the open beside a warm fire. Do consider adding a roof that will protect your outdoor furniture and structures from the climate.
Bathroom and kitchen renovation
A bathroom and kitchen renovation may just be the needed upgrades for your home. These spaces are becoming the focus of buyers who seek grandeur in open homes. Bathroom renovation can be as drastic as a complete redo of the materials and fixtures or a simple change of color scheme to exude more luxury. Kitchen renovations on the other hand should be more on the practical side where making food is as effortless and comfortable as ever with a few design choices to accentuate the entire cooking space.
Investing in smart home technology can help to make the home more secure. Because of the growing need for privacy and safety, technology is being utilized in many forms to fit the home setting. Surveillance systems with CCTVs, motion sensors, and alarms are a must for homes with higher property value. Advanced keyless entry for doorways can add an extra level of protection to every home.
Air and temperature controls using smart thermostats also prove to be more efficient as the automatic functions can help the occupants to save more energy, thus saving on utility costs. Other alarms and detectors are also good additions that can save lives when accidents take place in the home.
Smaller home improvements that aim to make the home more efficient, sustainable, or aesthetically pleasing can also add value to a property. Some will opt to replace windows with larger ones to let in more natural light. Others will create built-in shelves that can add a rustic effect to living rooms or bedrooms. Many minor other improvements like repaints and repairs can also make your house better in every aspect. Just know what suits the established aesthetic to maintain harmony in both the interiors and exteriors.
These home renovations will not only increase the value of your home but also make it more comfortable for you to live in it. Making these changes will improve your quality of living despite spending a bit of money. But if your main purpose for renovating is to add value, you need to do your research as not every improvement can be beneficial for your cause.
You have to look at the trends in real estate and be able to predict the demands for the following years to make a profit off of your renovations. Do try to enjoy your home with your family with your refurnishing efforts as the present will matter just as much as the future dealings for your home property.