The reasons why property owners implement renovations and other improvements in a home will vary from one another. Some simply want to update the functionality and aesthetic appeal of one area while there are those who look well ahead into the future and think about boosting the value of their entire properties. But which improvements actually increase the value of a property?
If you are looking for top home improvements to add the most value, consider remodeling the kitchen and bathroom, investing in outdoor improvements, and upgrading windows and roofs.
Here are a Few Reasons Why
Broadly speaking, updating the kitchen is one of the surefire ways to increase property value. Simply put, many home buyers are looking for modern conveniences in this part of the house.
After the kitchen, the bathroom is the second most renovated part of a home, and for very good reason – bathroom remodeling projects can help increase property values.
Improving the exterior of the property can also boost property values, especially improvements in the front yard which people often notice first.
Upgrades of windows and roofs may be costly and yield a marginal increase in property value. However, the state of a property’s windows and roofs can definitely impact the sale of a property and it is crucial to pay attention to these before selling a home.
On the converse side of the coin, there are some improvements and additions that do not add any value to a home. In fact, some of these can even adversely affect the property’s resale value.
These include the addition of swimming pools, garage conversions, the addition of rooms that do not match the overall floor plan, and luxury improvements.
Bear in mind that the more personal the improvements are, the less the returns will be. If you must have that upgrade, do push through, but do not expect returns from it or do not expect that a potential buyer will see that improvement as a must-have.
But apart from knowing which types of improvement actually increase property values, it is also worthwhile to know about other factors that may come into play.
Broadly speaking, the improvements that should be done on your home should conform to what your neighbors are doing. If you update one area in the home, make sure that you do not neglect other parts of the home. Do take note that improvements in a relatively new home will not make much of an impact compared to enhancements done to an older home.