Renovations and home improvements aren’t just for our own personal satisfaction. Yes, we redecorate, remodel, and restyle while we live somewhere to make a home more unique, but sometimes, certain updates can add more to the bottom line when it’s time to sell.
From bathroom remodels to updated kitchens and new decking to extensions, for Margate NJ real estate it’s helpful to know which renovations can boost your selling price when you eventually decide to move.
So, here are the top 5 renovations that will increase the resale value of your home.
1. Loft Conversion
Adding an extra bedroom and en suite with a loft conversion has the potential to add up to 15% to the home’s value.
There are different types of loft conversions available, from light roof conversions (which is the most cost-effective as it requires less structural work) to more expensive mansard conversions, which have one or both roof slopes replaced with a flatter roof.
Most lofts can be converted, but you should always make sure your space is compatible by hiring a builder or architect to check first. You should also always check planning permission with your local authority before planning a loft conversion. While most projects don’t require it, more expensive conversions, like the mansard, generally need permission.
2. Minor Kitchen Remodel
The kitchen is the heart of the home, so it only makes sense that you’ll want to ensure it is up to scratch if you’re planning on selling. However, these remodels are some of the most expensive, with the average homeowner paying $12-35k for the upgrade.
If this scares you off, we don’t blame you. However, you may want to consider a minor remodel instead. Installing a functional and modern-looking kitchen not only creates a warmer and more inviting environment for you and your family but will also add value to your home. A minor remodel has also proven to earn you a return on investment (ROI) of more than 83%.
The kitchen is a social hub, and when potential buyers view your home, they want to imagine their family and friends cooking, drinking, and sharing memories together. If they can see themselves enjoying life in your upgraded kitchen, it will heavily influence their buying decision, even if the remodel is minor.
3. Bathroom Remodel
Bathroom remodels are some of the most popular home upgrades, and they have a great return on investment. If your bathroom furniture and style is outdated, old, or damaged in any way, a remodel can add up to 4% of the value of your home.
According to the National Association of Realtor’s (NAR) 2019 Remodeling Impact Report, bathroom upgrades ranked highest, above kitchen upgrades and complete kitchen renovations.
Depending on the age and state of your bathroom, some of the most popular remodels include upgrading the flooring, adding energy-efficient updates to decrease the water bill, updating the plumbing fixtures, and adding vanity upgrades.
From a conservatory, a single or two-story addition, or a garage conversion, these home upgrades have the potential to add between 5 to 20% extra value to your property.
There are many different types of extensions you can build to increase the value of your home, but again, ensure that you have planning permission before you start.
Everyone loves to have an attractive outdoor space, especially in summer. Adding wooden decking to your yard is a great renovation that instantly increases resale value. Wooden materials are significantly cheaper than marble for a new kitchen or bathroom, so you’ll save money with this project. They are also cheap to construct, making them an ideal upgrade for both you and your family to enjoy and someone else’s in the future.
Increase the Value of Your Home
If you’re seeking ways to put your property on the market and increase its value, these renovations will help you add some extra zeros to your asking price.
So, what are you waiting for? Get upgrading today and reap the rewards when you sell.