6 Types of Home Renovations – What Works and What Doesn’t
by Mortgage Leads Get in touch with us for any kind of mortgage leadMost homeowners think of undertaking major remodeling projects before putting up their homes for sale. However, not all renovations are good enough to send the selling prices soaring.
The kind of renovations you do, to your home, depends on what you are expecting. If you are an investor you may be focused on buying low and selling high. You may be thinking of doing most of the repairs by yourself to cut down your costs. Before you go ahead, it is important that you assess the homes in and around the locality of your property and make sure you are not over-improving yours.
On the other hand, if you are an owner, you may be ready to spend more on your home renovation project. Nevertheless, if you overdo things, you may not even be able to cover your upgrade costs when you sell your home.
Elaborate upgrades to your home might seem satisfying to you. But it doesn’t necessarily mean they will appeal to your potential buyers when you list your property in the market. There may be a few small changes that you can make to improve the functionality of your home and increase its value.
Before you start acting on your goal, it is important to understand what kind of upgrades work and what does not. You need to learn about the different types of renovation projects and the kind of return on investment you can expect, from each of them.
There are basically four types of renovation projects
The Basic Renovation
This renovation project involves the quintessential things that a buyer would expect while purchasing your home. You need to make sure the plumbing and the HVAC systems are functional and there are no leakages in your roof. Solid floors, strong walls, a reliable furnace, functioning downspouts and gutters, and a dry basement should be on your list, if not anything else. These are usually the items that make it to the checklist of first-time home buyers.
If your property is an upscale property, you may want to add an extra bathroom or a bedroom, or even a second car garage, depending on the kind of features that are common in your neighborhood. However, your focus should be on regular maintenance and cheap improvements to make sure things are in working condition. Your goal should be to make sure your property matches well with the other homes in your locality, so that you can ask a competitive price.
The Basic renovation may not increase the monetary value of your home. However, it does help you ensure that your property meets the standards of the neighborhood.
The Curb Appeal Renovation
This kind of renovation is all about making the property look good when the prospective home-buyers arrive. Like the Basic renovation, Curb Appeal Renovation may not add much of monetary value. Nevertheless, it does help in selling your property faster.
Curb Appeal renovation includes good landscaping, a well-manicured lawn, freshly painted exteriors and interiors, clean carpets, adequate lighting, and maybe a few additional exterior fixtures. Making your home look bright and warm should be your goal here. Keep it simple but make sure it is tasteful enough to appeal to a larger audience. Contact a professional interior decorator for inexpensive ways of improving the curb appeal of your property.
The Best-Bang-for-your-Buck Renovation
These are upgrades that can give you the highest return on your investment. They include kitchen renovations, upgraded bathrooms, attic or basement conversions, new or refinished wood flooring, refurbished decks, and may be even energy upgrades like adding solar panels on your roof. You can get in touch with any of the solar system installers in your area through solar live transfer leads.
The Passion Project Renovation
If you are likely to stay in your home for a very long time you can think of the Passion Project Renovation. Here you will be trying to accommodate some of the activities that you love, irrespective of how much it may cost. For instance, you may want to get a hot tub or a wine cellar installed. You can even have a game room, a pond, or even a swimming pool. You may even wish to get a tennis court done. Nevertheless, you will be spending quite a lot of money on these renovations without knowing if the prospective buyer would agree to pay for them.
Home Additions
Constructing an additional structure either beside the house or atop the house comes under home additions. Whether temporary or permanent, this structure will ultimately become a part of the main house by blending seamlessly.
Removing Walls To Make More Space
Sometimes it may be quite tempting to remove walls to enlarge your space. However, it is wiser to ahead only if it is going to work out practically. For instance, you may benefit by removing the wall between your kitchen and dining room as it might create the essential flow. But transforming your bedroom into a studio might not seem that practical, considering the kind of efforts you may have to put in.
The Bottom Line
Your primary residence is your home. You are living there and going to probably lead the rest of your life there too. So remodeling your home is not just about increasing the resale value of your home. It is about adding the amenities that you need and improving the quality of your life. Nevertheless, once you have made up your mind to sell your house, you can always do some basic renovation and then add in a little bit of curb appeal to make sure your property is comparable with the other properties in your neighborhood.
Budget is also a very important factor to consider while renovating your home. Make sure you create a budget before starting your renovation project and stick to it, at all times. Also, it is important to ensure whatever price you are selling your home for will cover the amount that you spend on renovating your home.
Sponsor Ads
Created on Nov 6th 2022 00:01. Viewed 155 times.