What are the best renovations to increase your homes property value? These five renovations can increase your homes property value and can sometimes have a return on investment up to 6x what they cost.
#5 Hardware and Fixtures
Rooms can often look dated, in large part due to old hardware and fixtures. Replacing door knobs, light fixtures, faucets, cabinet hardware and countertops will result in an immediate increase in the value of your home. Making these simple upgrades especially to your kitchen and bathrooms will revitalize your entire home.
Flooring is one of the most important aspects of your home. It is one of the first thing potential buyers will look at when they first step into your house. Updating your flooring by installing hardwood floors or refinishing existing hardwood floors will immediately increase the value of your property. The same goes for bathrooms. The right type of tile will always retain value and stay in demand.
In terms of value, the bathroom is the second most important room in the home. A home with a second three-piece bathroom is automatically valued higher than a home with just one. If you have the space to add an additional three-piece bath you will see a dramatic rise in your home’s value. Keep in mind that you never want to sacrifice bedroom space for a bathroom, so always try to utilize dead space in the home such as the area under a staircase.
A home’s kitchen is the single most important room when it comes to valuation. It is very important that you invest in a fresh and desirable kitchen. New cabinetry, under cabinet lighting and new energy efficient appliances will significantly increase your home’s value. To reduce cost without compromising looks and construction, look at options like Ikea, Lowes and Home Depot that can supplement your income.
#1 Income Suite
The best way to increase the value of your home is to add an income suite. You can convert your basement into a rental, or another floor within the home. Income suites increase your home’s worth mainly because it covers a portion, or in some cases all of your mortgage payments, resulting in your home being cash flow positive.