One of the main reasons why people who own a house will do renovation is to increase home value. You need to stop seeing a home renovation as an expense and start seeing it as an investment for the future. There are a lot of cheap and easy house renovation projects that can significantly increase your home value. At Asim Ali, we can provide you with 5 easy tips on how and when to renovate your home.
Choose What To Renovate to Increase Home Value
Not all renovations will help to increase your home value, some are too expensive or some are simply just an aesthetic change that has no impact on the value. If you do the wrong kind of renovations, you might end up losing money instead of investing for the future. There are a lot of different factors that go into which renovation you should invest your time and money in. We have identified the renovation that will increase your home value the most.
What To Look For When Renovating Your Home
When you start doing renovations on your home, you want to be sure that you will get the biggest return possible on your investment. This means that you want to spend as little as possible but you want to get the most value out of this project. Before you decide to invest and start your renovations, we have compiled a list of what usually are some of the best improvement tips to increase your home value.
- Practical Renovations
This category will regroup every renovation that affects the layout or the structure of your home. This kind of renovation, if well done, is most likely to increase your home value than expensive aesthetics projects. For example, if you fix the plumbing, renovate the kitchen or if you install an HVAC, you will get more value out of those than installing a pool for example.
- Keep in mind that an expensive project does not mean an impressive return
Just because something was expensive to install, it does not mean that it has a great value for your property. For example, if you install a pool in the backyard, it is a great asset but the cost of doing so is too big and it won’t increase the value as much as you think.
- Well Known Home Renovations
Year after year, the renovations that add the most value to a home are the same. Either it is to renovate the kitchen, remodel the bathroom, install new windows or to add a wooden deck in the backyard. These renovations have proven to yield a great return on investment and they are not impossible to do yourself.
- What Kind Of Property?
Renovations can be worth it at different times depending on the kind of property you own. For example, if you own a home, you will only see a payback when you sell the house or for a future loan. If you own a rental property, you might be able to increase the monthly rental fee due to renovations. Make sure that you know when or how to renovate.
- Know Your Market
Location is everything in real estate and you have to be aware of your market. If you live in a neighborhood where the average home sells for 250K and after your renovations, you evaluate your home at 500K, you might have a hard time finding a buyer.
Contact Us
If you have any questions about our 5 tips or if you want to learn more about increasing your home value with house renovations, feel free to contact us. We have a team of experts ready to help you to find the right financing for the right renovation.