A new coat of paint and furniture from IKEA is not enough to transform your home. For a home renovations project, you need to go bigger and deeper because that is the main way you can increase the value of your home. Renovating does not just include remodeling the existing homes but can include the addition of new rooms in your living space to enhance the living experience.
When you are adding value to your home through renovation you must consider the cost as well as the returns you will be receiving from it. The return on investment is measured by the equity of the house and oftentimes it is taken in terms of value addition to quality of life. In monetary terms, the equity of the house you build, the type of tenants it attracts, cash flow from the rental are all ways to measure the income from properties. To maximize these three, you should consider renovating the following 8 areas in your home.
You know how you’ve always wanted to expand your family room to make it more open? Or how you’ve been dying to add an extra bathroom that you can have all to yourself? 2019 is a great time to finally take the plunge and renovate or remodel.
- Adding new rooms
Extensions are a popular way to grow your property. It is not as restrictive as converting an existing space such as a loft or a basement into a room. There are however certain planning permissions you will need depending on the area you are located in. Adding more floor space gives you freedom to design it however you want and can increase the value of your home by approximately 10 percent. It is safe to add a little more to your budget and talk to the neighbor’s beforehand if you are building near the boundary.
- Kitchen remodeling
The kitchen serves as the heart and hearth of your home. It’s where you prepare your meals and where all your parties gather. Is it any wonder that remodeling this space is so popular and has the largest payoff in terms of boosting a property’s resale value? Of course, it’s also the most complicated and can be the most expensive.
You can add new appliances, redo the cabinets and boost the overall appearance of your house. You can make your life easier by making your kitchen easier to use. Approximately 90 to 100 percent of the money spent on kitchen remodeling can be recouped because of the value it adds to the home.
Adding a splash of color at the entrance of your home is a great way to catch the eye of potential buyers. Remove any unsightly items such as trashcans and spend money on sprucing up the front lawn and driveway. There are many ways you can add value to your garden just ask your contractor for suggestions.
- Utility room
A utility room is one where all the utilities of the household can be hidden to create more functional space around the house. You can route the plumbing through the utility room and keep the washing machine and dryer in the room as well. This helps save water and plumbing costs which is why it is a valuable addition to any home. Once you add this space to your home you will find that it is something you cannot live without.
- Loft conversion
A loft conversion is one the easiest ways to add another room to the house. A loft can also serve as a productive office environment or turn into the studio space for an artist. Many families consider turning their attic into an entertainment room for the entire family.
- Bathroom remodeling
You can do a major uphaul in the bathroom by replacing the floor tiles, updating the light fixtures, replacing the vanity mirror adding new countertops, upgrading the tub or shower… the updates are endless! These are the changes your family will appreciate and will add significant value to your home.
Renovation contractors have the knowledge on how to make room look larger, for example a pedestal sink could be installed instead of a cabinet and it will give the illusion that there is much more space in the room – if you require your space to look bigger.
- Basement remodeling
Finishing a basement can be a good investment. Studies show the average return on investment for a basement project nationally is currently around 75 cents on the dollar. And a basement project is also likely to add new functionality to your home: more bedrooms, more efficient storage, and more space to entertain.
Your home’s heating, ventilating, and air-conditioning systems may have been installed based on upper-level requirements. Make sure a HVAC contractor validates that you have the right equipment to serve the basement as well.
- Sunroom addition
Adding a sunroom is almost like adding an addition to your home. If you aren’t a handyman (or woman) extraordinaire, you’ll want to work with professionals (renovations contractor) to make sure the job is done well and meets local building codes.
Sunrooms, when planned and budgeted out, can enhance a home in many ways also they can bump up your home’s value quite a bit.
While sunrooms offer extra living space without experiencing the high cost of adding an additional room. Sunrooms can be utilized for nearly anything you can imagine – you can easily turn your new sunroom into a family room, sitting room, playroom for kid, office space, or just about anything you can imagine. A sunroom is the perfect investment for just about any homeowner looking to gain additional living space.
Remodeling the home is a necessary step when you move into a new home or have lived in the same place long enough and want to freshen it up or make some renovation dreams come true. It includes additions that make the space more livable and upgrades that are necessary to keep up with the times. Also, when you hire a contractor make sure they are qualified to handle a home renovations project.