4 Types of Home Renovation: Which Ones Enhance Value?by Vivek Choudhary Nice life
Many homeowners undertake major renovations to remodel their residences before selling them. After all, sprucing up the place will always send the sales price soaring, right?
There are four types of house renovation projects: basics curb appeal, value-added, and personal preference. Not all of them provide a high return on investment.
The basics include:
- A roof that doesn’t leak.
- Functioning gutters and downspouts.
- A dry basement.
- A reliable furnace.
- Solid floors.
- Walls that are in good repair.
- Retaining walls that work.
Curb appeal items include:
- A well-manicured lawn.
- Low-cost landscaping.
- Fresh paint inside and out.
- Cleaned carpets.
- New fixtures.
Value-added amenities include new siding, kitchen renovation, and new windows.
Personal preference projects include swimming pools, tennis courts, hot tubs, wine cellars, basement game rooms, and ponds.
The Difference between Investors and Owners
Updating an investment property is generally a sound strategy—if it’s done the right way. Successful advocates of the fix-it-and-flip-it philosophy are investors, with the investor’s mantra of “buy low, sell high.” So they purchase run-down homes at bargain prices and save money on the repairs by doing most of the work themselves. A little sweat equity goes a long way toward making a real estate investment profitable.
Home renovation is not simply an add-on to your loving home—it means a higher value for your property when it comes time to sell it. Now selling your house probably isn’t on your mind right now, but you always want to remember, “A House Is an Investment” so you have the opportunity to improve your investment as you renovate it. A renovated property devoid of smudge marks on the wall, broken shelves, and mold problems will fetch you a higher price when you sell it, right? Well, truly speaking, it depends. Suppose you are living and engaging the finest home remodeling service still. There is no guarantee that if you spent a fortune on renovating your house, you would end up getting a treasure in return. There is a strategic way of adding value to your house, and you need to understand what type of renovation will get you more rewards.
The Basics: The basics include basic features of a house that anybody and everybody will look for. Talk about properly functioning plumbing, non-leaky roofs, solid floors, and even a working HVAC system. All these can be maintained with small repair jobs, and you need not spend an excessive amount of money to increase the value because they might not get the returns.
Curb Appeal: As you work on them, these features don’t always get too much monetary value, but they help the selling process faster. As clear from the name itself, these features increase the property's appeal and help make the decision quicker for a prospective buyer. This type of renovation will include a well-maintained lawn, clean carpets, fresh paint, and even nice-looking fixtures.
Many homeowners add LED lights to make it more design-featured, and some very advanced gadgetry that turns the property into a smart home may also be included in this section.
Value Added: Value-added features or projects that give you maximum returns include kitchen renovations, new windows, and new siding. At the same time, if you have searched on Google for “bathroom renovation” and find somebody good to work on your bathroom, it will most likely give you good dividends, along with energy-saving features.
Created on Jan 25th 2022 05:34. Viewed 145 times.