4 UPGRADES THAT INCREASE YOUR HOME VALUE
Homeowners often do home renovations for two main reasons. The first, because they found a problem that must be solved through a remodeling, and the second for the pleasure of seeing their house more beautiful.
Both reasons are completely valid but there is a third reason that in our opinion is the most important. Certain renovations or upgrades to your home increase the commercial value of your property. This means that it is not a luxury but on the contrary it is an investment. It is an expense that generates a positive return on your home investment.
Here are four upgrades that increase the commercial value of your property :
The kitchen is one of the most important areas of the house. For many people, it is the central area of their home. For this reason, it is an area that can potentially bring you a high return on investment. According to HGTV, kitchen renovations can generate between 60% -120% return on investment, as long as you don’t exaggerate and the kitchen does not look way fancier than the rest of the house.
Also, if selling the house is something potentially viable, it is already a proven reality by many realtors that the kitchen is a great differentiator between the house that was sold and the one that did not at the desired price.
The two areas of the house with the most relevance according to the real estate market are the kitchen and the bathroom. Giving a modern look to this area of the house is of utmost importance. According to HGTV, the return of investment of a bathroom renovation could go up 180%. It is one of the most profitable upgrades that you could do at home. Some upgrades that you could do are cabinets, floors or walk-in showers. According to the National Association of Realtors, if you only have one bathroom in your house, the selling price of you house could go up to 10% more with an extra bathroom than with an extra bedroom.
Summer is coming and one of the upgrades to do for this time of year is to remodel the windows in your house (Check out our blog post “The 5 Best Home Improvements For Summer”). Making a change in your home for energy efficient windows can reduce your annual energy cost by 12%. In addition to the long-term return on investment from the savings in energy costs, energy efficient windows are an upgrade that differentiates your home from other properties.
Add a deck
Adding a deck to your house improves the functionality of the property in general. It is a space that is added to the house that fits both introverts and extroverts. By adding a new space to your house you are increasing the value of it. A deck makes your property more attractive. In the case you want to sell it, a deck is a point in your favor. According to HGTV, the return on investment can be between 80-90%.
So now you have it, these are the 4 upgrades that you should consider if you are looking to increase the commercial value of your home. Do not forget that for any renovation it is important to have a general contractor who can supply your needs in detail. If you are looking to do some renovations in your house, contact us and discover how we can help you.