When you think of renovating a home, one of the things that may come to your mind is just how the renovations that you’ve made will affect the resale price of your home. Many homeowners believe that they will be able to get back the amount that they’ve put into renovations once they sell their homes, but in reality, this isn’t always the case. A lot of factors go into determining by how much your renovation project will increase your home’s value, if at all.
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The first thing to consider is the value of the property itself before renovations. If your home is worth $100,000 and you make $50,000 worth of renovations, it is not likely that you could sell your home for $150,000 later on. The average real estate prices in your area will have a certain effect on the value of your home, no matter what changes you make to it. Even if you invest heavily in the materials that you use to make your home better, potential buyers will be reluctant to purchase a home that is priced significantly higher than other properties in the surrounding area.
Renovations that have a good return on investment are those that are functional and not purely decorative, because you may not share the same tastes as your buyers. For example, renovating a kitchen with new materials may make it look a lot more appealing to your eyes, but those interested in buying your home may have been perfectly satisfied with the way your kitchen looked before, and there is a chance that they don’t care for your new home décor.
Some of the best renovations to make are those that make a home more “green”, or energy efficient. Improving your home’s insulation will help cut down on heating costs during the wintertime, which is also a concern that most buyers would share. Purchasing new heating appliances and plumbing fixtures, such as a modern water heating system or furnace, that are significantly more energy efficient than the previous ones is also a recommended idea. Air conditioning systems that are old and in poor repair tend to waste energy as well, so replacing these may be a good choice. Those who look to buy a new home are becoming more and more aware of the energy costs of a property. The larger your home, the more these costs will be, so investing in renovations that will make your home use less energy is a lot more likely to pay off in the end than making purely decorative changes. Lastly, increasing the living space in a home will also pay off in the end. Transforming your basement or attic into a home office or additional bedroom space will make your home look bigger to buyers, who will then be willing to pay more for it.