Many factors influence the value of a home, including its location, age, condition, size, usable spaces, the local market, and other economic indicators. Upgrading it can be the closest you can get toward increasing its value.
Whether you’re planning to sell your home or not, having one with a higher value provides you with various benefits. For one, it increases your home’s return on investments (ROI) so that anytime you want to sell, you can give a higher quote.
But remodeling some parts of your home isn’t just all about increasing its value or getting higher ROI; it can be about how you want it to look and serve. It’s your home, so you have all the right to customize every part as long as you have the finances and commitment.
Know What Kind of Renovations Require Permits
Don’t forget about asking for permits from your local municipality so that you don’t have to go through the unnecessary project stalling or complications while selling.
Certain changes will need you to obtain a permit first before hiring a contractor. These alterations include the major ones such as additions, certain plumbing, decks, siding projects, and electrical work since these projects usually change your home’s footprints.
Little renovations like replacing faucets, painting, and installing countertops or flooring will not require a permit.
Some Parts of Your Home to Consider Remodeling
Which part of your home do you want to remodel and what for? You might want to customize those parts exactly the way you want them to while targeting to increase the value of your home overall. Here are some parts you might want to consider renovating:
There’s no other best place to spice up when you’re looking to increase the value of your home but kitchen. The kitchen is one of the most important aspects that prospective buyers will check.
The renovation price might turn you down from doing a kitchen remodel, but the truth is that minor renovations can also do the trick. And all the more ROI you would get too when you remodel an outdated kitchen.
Minor upgrades in your kitchen can include small projects from increasing storage space, refinishing cabinets, upgrading the faucets, updating light fixtures, putting in a new backsplash, to adding an island.
On the other hand, major upgrades include upgrading to high-end appliances, new countertops and cabinetry, adding doors or windows, and adding dining, cooking, and seating space.
The key to remodeling your kitchen is to ensure its safety and functionality and match all the new changes to its prior character. For instance, you might have an old-fashioned home. When you enter the kitchen, a sharp twist of modern style might not be attractive because they don’t match.
Most bathrooms are small, so if yours, too, occupy a few square meters from the size of your entire home, a renovation will not have to be very expensive.
If certain changes are what you can afford now according to your budget, you can always put off other alterations you have in mind for the next time. Remodeling your bathroom can be a work in progress, getting back to it only when your finances allow, so you don’t have to be discouraged by the cost.
Small upgrades include replacing inefficient or broken elements, removing the outdated fixtures for the modern ones, improving the lighting, and giving it a touch of a spa-like atmosphere.
If your finances allow, you can go for bigger projects, such as using high-end materials that can impress prospective buyers. That is if you want to sell the home. But you can always upgrade your bathroom vanity for your use. Update the floors with high-quality flooring options. It can immediately make a huge difference.
There are many parts of your home just waiting to be used, and they can be attics, basements, and bonus rooms. Make sure that you transform these into living spaces, which can greatly increase the value of your home.
Turning unused parts into living spaces in your home isn’t that expensive as adding another floor space. So, you might want to turn them into a game room, playroom, home office, home gym, second living room, guest room, library, and more.
Explore Other Parts to Alter
Aside from these areas, you might want to consider renovating your outdoor space, interior designs, curb, and landscape. Install energy-efficient appliances, too, if you want to bring the renovation to another level. This can be as simple as replacing old windows to invite more natural light in or installing solar panels.