Home Renovations That Pay Off

Home Renovations That Pay Off

There are dozens of reasons homeowners decide to renovate a space in their home, but for those of you who are renovating a house with resale in mind, this is for you. Since the average cost of a home renovation is just about $42,000, you want to make sure you're getting your money's worth. Let's take a look at the home renovations with the biggest ROI.

No Surprise Here – the Kitchen

It's not like this is news to anybody, but USA Today statistics show that kitchen remodels are the most popular. As a Realtor, I can tell you with 100% certainty that kitchens sell homes. When a client is debating between two homes, the one with the better kitchen usually wins. Focusing on high-quality materials for your counters, cabinets, and floors will go a

long way when you sell your home.

Homeowners are also impressed by high-tech appliances. So, spending a little bit more on a smart refrigerator is something you should consider. You could also include more minor details like warming drawers and an over-the-stove pot filler. While these aren't necessary, they will make your house stand out when it comes to sell.

Room Addition

When it comes to renovating for resale, a room addition is pretty much a no=brainer since the additional square footage will immediately increase your home's value. This means you could just make a small room or bathroom larger or add an entirely new room to your home with the peace of mind that you will recoup a large percentage of the cost when you sell your home.

If you're considering adding on to your home, one of the best ways to do so is by creating a flex space. This is a space that can be used in a number of ways – it could be an office, a playroom, a workout space – whatever you need it to be. These types of spaces are very appealing to home buyers and will be very marketable while your home is listed for sale.

Renovate Your Bathroom

Don't underestimate the power of a luxurious, spa-like bathroom. Whether you upgrade your master bathroom or modernize a guest bathroom, this is another renovation that will add value to your home. Home designers suggest using light blue paint in the bathroom because statistics show that using that color can add as much as $5,000 to your home's value!

If you're looking to maximize your ROI on a bathroom renovation, make sure to include accessible features. These would be features like grab bars, easy-to-operate faucets, and a zero-grade entry shower with a bench. Each of those items will be very desirable by buyers who are looking for a home where they can age in place.

Get In Touch With the NM Home Team

If you have any questions about renovating your home with resale in mind, feel free to contact us. We can let you know what features help and which might turn homebuyers off from your home.