When you’re planning any home renovation project, there are several factors to consider. One of the most important considerations to keep in mind is the potential effects the renovation will have on the value of your home. It’s worth noting that not all home upgrades will boost your home’s value. In fact, certain home enhancements—such as swimming pools—may actually detract from the value of your home. As such, choosing your renovation wisely is paramount if you want your efforts to pay off when you eventually sell the home. To ensure your home improvement project will prove to be a good investment, consider focusing on these best areas of the home to renovate for improved value.
The heart of the home
The kitchen is the center of any home. It’s where people gather, eat, and spend a considerable amount of their time. For these reasons, many homebuyers consider it one of the most important areas in the home, so it has a large impact on your property’s value.
When renovating your kitchen, try not to go overboard with luxury upgrades if your goal is to add the most value possible to your house. Smaller renovations such as updated cabinets or increased counter space will likely yield a larger payoff than investing in wildly expensive marble countertops or other upscale renovations.
Few areas of the home get more use than the bathroom. If your bathrooms are outdated, potential buyers will definitely notice—this will reflect in the value of your home. As such, you should consider prioritizing your home’s lavatory in your next home renovation project. Just like the kitchen, you don’t need to invest in super-expensive or fancy enhancements to boost the value of your bathroom. Modest remodels such as updated fixtures and amenities will likely recoup more of their cost when it comes time to sell.
If your basement is currently a desolate wasteland that serves little purpose other than providing a shelter for dust bunnies, you could significantly enhance the value of your home by finishing it. Finishing your basement will require installing drywall, flooring, and paint. These efforts will greatly increase the livable square footage in your home and have a positive impact on its value. In many cases, renovating an unfinished basement can increase the value of a home by tens of thousands of dollars for a significant return on investment.