I love making small changes to my home. It is more about my being great with my hands than it is about the wife constantly suggesting things. Okay, maybe it’s a dead heat between the two.
There are some simple yet strategic renovation projects that can completely boost the value of your home. Are you planning to sell at some point? Or do you intend to refinance? Here are the top 3 renovation projects that will greatly boost your property value.
Apart from the roof, the floors in your home are the most noticeable things. The thing about floors is that they are deceptive. You may think that people will take a keen look at the paint on the wall, the kind of marble you have on your kitchen sink and so on, but what you do not know is that in addition to all this, the one thing that is always lurking at the back of their minds is the state of the floors.
Take the time to install high-quality hardwood floors and you will see an instant rise in property aesthetics and value as well. If you are a ‘work around things’ guy like I am, then you may consider going with the type of hardwood floors that can easily be refinished. These are generally less costly as far as maintenance is concerned and they are also very easy to restore and thus give your home a new look every time.
It is a known secret within the real estate world that bathrooms are the second most important rooms in any given house. In fact, some property values have been known skyrocket just because the house has ‘2 and a half baths’ instead of just ‘1 bath’. If you intend to install a new bathroom or at the very least upgrade the one you already have, you will definitely need the help of a professional. No matter how good you are with your hands, bathroom installation and typical renovations require a professional touch. Find any dead space within the home and install an extra three-piece bathroom and you will see your property value skyrocket overnight.
Although you need to closely study your local building codes before you do this, the one thing that is a sure-fire way to increase the value of your home, even more, is to carve out an income suite within it. You can transform the basement into a rental or you could make the attic a small studio for a single resident. The income generated from this typically goes into paying off a portion of the mortgage and that is why adding an income suite is one of the most highly prized renovation tips of them all.
You can also upgrade the fixtures, fix up the kitchen and transform the garage into a stunning workshop. All these are easy yet highly valuable ways to make good use of simple renovations to increase the value of your home.
For other quick reno ideas, you may want to check out this Rick Otton Podcast on Fixing and Flipping.