If you are looking to increase your home’s property value, say no more! Here are five of the best renovations you can do to your home to increase property value. These five renovations can have a return on investment of up to 5-6x what they cost. Now that sounds like a good investment!
Flooring is one of the most important aspects of your house. You will see an immediate rise in your property value with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore. They are also in higher demand than new flooring materials.
Kitchens can look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops, and faucets will result in an immediate increase in your home’s value. This doesn’t have to cost a fortune – check the home renovations stores for sales and discontinued items. This small and effective upgrade will revitalize the entire home.
The bathroom is the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. If you can’t add a bathroom, make sure your bathroom shows beautifully. Update fixtures and change out the countertop to give it a nice refresh. Renovations in the bathroom will be well worth your time and money.
Kitchens are the most important room relating to valuation. The. Single. Most. Important. Room. It is crucial that you invest in having a modern, fresh and desirable kitchen. Modern cabinetry, under cabinet lighting and new appliances, will all significantly increase the value of your home on the market.
#1 An Income Suite – Renovations with Huge Impact
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting your basement into a rental, or another floor in the home, an income property will increase your home’s worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive – which creates real wealth that can supplement your income.
Whether you are looking at increasing your home’s value with these five renovations or refinancing your mortgage, it is best to talk to your local mortgage professional. Here at Clinton Wilkins Mortgage Team, we will help you with renovating your home!