Well planned renovations increase value of your home and on an average, about 56% of the expenditure on renovation is recovered during house sale. Here, we will look at some popular home renovations that pay a significant role in increasing value of your home.
Renovations That Increase Value of Your Home
Kitchen renovations, apart from increasing value of your home, tend to provide the highest return on investment since home buyers usually assess the kitchen first when examining a home.
In addition, you need to keep note of the fact that less is more when we talk about kitchen renovations. Studies reveal that minor renovations generally recover almost 81% of the investment on such renovations. In comparison, high end major renovation recover only about 59% of the expenditure.
Such renovation usually consists of addition of new laminated countertops, replacement of cabinet fronts, a new paint on the trim and walls, a new floor (based on current condition floor is in), and similar other kitchen remodeling work.
Another home renovation that increases value of your home and provides good return on investment is bathroom renovation.
If there is extra space beneath the stairs or your home has a closet which is not required then such space can be transformed into an additional bathroom and play a significant role in increasing sale price of your home. Additionally, in your existing bathroom you can include shower with glass walls to create an illusion of extra space.
Other simple renovation tasks to undertake would include repainting or refinishing cabinetry, putting a fresh coat, and adding new hardware to enhance the appearance and functionality of your bathroom.
At the time of sale, roof replacement is able to recover almost 107% of the expenditure. Value of a house with a new roof increases more compared to one that has a roof which is fifteen year old.
Replacement of Siding
Appraisers generally examine structural elements in a house during the appraisal process and one of the details that is considered is the siding. If the siding is replaced, it helps in increasing value of your home and in addition, you are able to recoup about 76% of the expenditure of replacement of siding.
A buyer will be able to save money if there is an unfinished basement, but in case there is a finished basement then it will greatly boost value of your home. Buyers are more interested in a house with a finished basement since usable square footage has a lower cost compared to a situation where they have to finish the basement themselves.
Moreover, they can use the additional space as per their requirement, make it a play zone for kids, convert it into a media room, or anything else they want. If a bathroom can be added, then it will further increase value of your house.
North Vancouver’s Top Home Renovations
As we can see, there are several home renovations that help to increase value of your home. By consulting experienced home renovators in North Vancouver you will be able to understand the renovations that will be right for your home and increase its resale value.