With the real estate market still recovering, many people have decided not to sell their homes. Instead, most of them have chosen to work on increasing the value of their homes through renovations in preparation for the market to fully return. The following article provides a glance at some of the best renovations for home values.
A complete bathroom renovation can easily recoup 70%-140% of whatever you spend on the entire exercise. According to real estate agents, potential buyers are usually attracted by spacious bathrooms that have clean bath tubs and stand up shower facilities. Other things like stylish shelves, sinks, and wide mirrors can also attract more clients and in the process help the homeowner make a good sale any time. Adding an extra bathroom can also greatly increase the marketability and re-sale price of your home as prospective buyers love the idea of not having to share bathrooms with their guests.
Currently, outdoor living spaces are considered to be the "in" thing to many people with our love of personal relaxation as well as extra entertaining space. According to analysts, the cost of adding a deck is usually determined by its size and features. Such good renovations usually cost about $7000 or more. However, despite being costly, beautiful decks often attract more clients and increase profit margins by up to 25%. If you intend to be in the house for a long time, the use of composite decking materials can help to reduce maintenance headaches... but will also boost the cost significantly. If you are adding the deck for a little personal use, but ultimately will sell the property quickly then use of cedar decking may be a more cost-effective material.
A poorly insulated home can quickly drive away potential buyers and at the same time force home inspectors to write negative reviews about it in their reports. Ironically, installation of such equipment normally costs very little since the government supports such exercises. Some of the most common energy-efficient insulation options include fiberglass batts and blankets, loose-fill fiber (blown-in insulation like you find in an attic), structural insulated panels, and foam insulation. Most of these additions are difficult to do once a home is built, but if you are lacking some attic insulation, this is an easy update you can do without tearing open walls.
The number of rooms in a house can easily dictate its selling price in any property market. Thus, by adding square footage, a homeowner can easily increase his profit margin since he will have more reasons to convince clients to pay extra. The cost of simply adding extra square footage can often be quite costly and you would have to cross your fingers that you will recoup that money when you sell. It is best, instead to take the room you have to work with and be sure to maximize it. Do not opt to convert 2 medium-size bedrooms into one huge one, unless you are wanting to stay in the house and get the most out of this massive room.
With the introduction and promotion of domestic tourism, many homeowners who have rental income suites in their homes continue to make enormous profits throughout the year. Such individuals stand good chances of getting returns from the sale of their properties. If you intend to live in the house while renting out another portion of the house you will have to be sure that your home is zoned by your city/town to allow for this. Then also be sure that you can easily create a separate living area for your tenant with their own entrance. To preserve your own sanity, you do not want to be sharing a front door with your tenant and it will eliminate a lot of safety concerns. Also be sure to screen all tenants thoroughly since you will both be living under the same roof and you don't want to find out after a few months that they have undesirable habits.
Any reliable renovation exercise can easily increase the value of the property and at the same time attract many buyers within in a very short period. Other benefits associated with such kind of activity include reduction of regular maintenance costs and strengthening of the positive relationship you have with your immediate neighbors and community at large.
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