- Room renovations, such as kitchen and bathroom remodels, can add value to a property. • Adding extra rooms or extensions to existing house areas may also increase a property’s value.
- Replacing or restoring an old roof can help increase the value of a home by up to 95%.
- Smart home technology features like locks, thermostats, and lighting systems can add up to 10% extra value.
- Improving curb appeal with painting, landscaping, outdoor furniture, and other elements can boost the value by up to 8%.
Real estate is a valuable asset, and it’s essential to keep the value of your property high. Improving your real estate property can be a great way to boost its value and make it more appealing to potential buyers.
Improving the aesthetics of a property can help increase its value significantly. Studies have shown that simple upgrades like repainting walls, updating fixtures and fittings, installing new flooring or tiling, and improving landscaping can add up to 10% extra value to a home. Moreover, small investments like these can make a home more inviting and attractive to potential buyers.
However, it is the significant renovations where you can make a splash. A higher cost will involve larger projects, but the value added to your home could be much more meaningful. Here are a few of the more high-end improvement ideas that could help boost your real estate property’s value:
Room Renovations
Significant renovations can help dramatically increase a property’s value, offering potential buyers an attractive and updated home. If done correctly, these changes can be profitable regarding resale value. Here are some examples of significant renovations that could boost your real estate property’s value:
Kitchen Remodel
Kitchens are often the heart of a home, and when they look dated, it can reduce the appeal of a property. A kitchen remodel can cost anywhere from $20,000 to $80,000 depending on the size and features desired. However, data shows that it usually pays off in terms of resale value; completing a minor kitchen renovation yields an 82% return on investment, while central kitchen remodels typically recover 74% of their costs. Additionally, potential buyers may appreciate updated appliances or modernized countertops and cabinets that come with this renovation project.
Bathroom Refresh
The bathroom is another critical area for potential homeowners; updating it could add more value to your property. This renovation typically costs around $5,000 to $15,000 but generally offers far higher returns than other improvements; bathroom upgrades usually recoup between 80-90%. New tiles and modern showers or tubs will also impress potential buyers, which could make all the difference when selling the house.
Additions & Extensions
Adding extra rooms or extending certain areas, such as living rooms or garages, can also increase your property’s value. Depending on the scale and size of the addition you want to make to your home, this could cost anything from $50 per square foot up to $400 per square foot – but it could offer great returns on a home sale or rental agreement in the future. Buyers may love having extra space for entertaining guests or adding bedrooms for growing families!
Roof Renewal
The roof is one of the most essential parts of a home, and it can help increase or decrease its value. Allowing the roof to fall into disrepair will significantly reduce the property’s worth. However, expert roofing contractors can help restore your home’s original look. A new roof or fixing an existing one should cost around $7,000 on average and generally recoups up to 95% when selling a house. You should contact experienced roofers to ensure you get the most out of any improvements.
Smart Home Integration
Smart home technology is rapidly growing in popularity, and it can significantly boost the value of your real estate property. Smart home systems are now more accessible than ever, making them an attractive feature for potential buyers. Smart home technology allows homeowners to control their environment remotely from anywhere in the world. This convenience provides increased safety, security, and energy efficiency.
For instance, smart locks give people peace of mind that their homes are secure when they’re away on vacation or even during the work day. In addition, energy-efficient appliances like thermostats and lighting systems can help lower utility bills for homeowners by monitoring temperature and usage throughout the house. Automated blinds and window shades also help to regulate indoor temperatures, eliminating the need for costly air conditioning units in certain rooms.
These features not only make life simpler for homeowners, but they also add value to a property. Studies have found that smart home technologies can increase a home’s value by 10 percent. With smart home features becoming increasingly popular among potential buyers, investing in these improvements can significantly increase your real estate property’s worth over time.
Curb Appeal Improvements
Curb appeal plays a significant role in increasing the value of real estate properties. Curb appeal is all about creating a great first impression for potential buyers, so improving this area can increase your property’s value.
The most significant curb appeal improvements involve sprucing up the exterior of a home, such as painting or staining walls and decks, adding new landscaping elements like trees, bushes, flowers, and shrubs, replacing or repairing fences and walkways, and building updated porches and patios with inviting outdoor furniture. Pressure-washing driveways and sidewalks or adding attractive outdoor lighting can also help improve curb appeal.
Studies have found that these significant improvements to curb appeal can increase the value of a home by up to 5%. Moreover, completing projects that require specialized skills like carpentry or masonry may even raise the price by up to 8%. In addition to potentially increasing the resale value of a property, these changes also make people more likely to consider buying it in the first place.
Final Thoughts
Improving a real estate property is a great way to increase its value and make it more appealing to potential buyers. High-end improvements such as room renovations, smart home integration, and curb appeal improvements can all be beneficial for increasing the worth of your property.
Ultimately, improving your real estate property can be an excellent way to add considerable value over time – so don’t be afraid to explore your options and find the perfect solution for you!
