Top Home Renovations that Pay Off
As a Newnan mortgage lender, I see a lot of homeowners making home renovations to raise the value of their homes. The problem is, not all renovations are worth taking on. Before you jump into that new project or go for a home equity loan to start renovations, let's look at what renovations pay off in the long-term.
Doing Exterior Renovations
When you were looking for your first home it was first impressions that mattered. When or if you choose to sell, your homes' curb appeal will make a big difference. A home that looks uninviting from the outside could have potential buyers turning away before they have stepped foot in the door to see all your interior upgrades. Renovating the exterior of the home can add value to it.
Replacing the homes' siding is a choice that is worth doing. The cost of replacing siding can be gained back by nearly 75% as it raises the value of the home. Not only that, it gives the home a fresh, clean, new look. You can also save further if you use foam backing, which works to insulate the home and lower those energy bills.
Replacing your old windows is another worthwhile investment when it comes to raising the homes' value. By swapping them out with some new energy-efficient vinyl windows you give the home an updated look while saving on energy bills. Homes that have had energy efficient windows put in tend to be chosen more than those with older windows by potential buyers. You can also gain back a potential 74% of the renovation costs because it adds to the home's value.
Let's face it, you don't want to buy a home with a roof that will need replacing unless you like to take on those DYI jobs. Homes that have recently had a new roof fitted get more attention than those with old ones. New roofing insulated the home, as well as raises the property value.
You've upscaled the exterior of your home, now it's time to look at interior renovations that are worth doing.
Minor Renovation in the Kitchen
Raising the value of your property doesn't mean having to gut your kitchen to do so. You can do some minor renovations that will make a big difference, such as replacing cabinets, updating your appliances, and giving the floor an upgrade. In most cases, you can end up getting back 80% of the cost of the renovation through the increase in your homes' value.
Minor Bathroom Renovations
Much like making small changes in the kitchen, you can update your bathroom to raise the value of the home without having to tear out the whole thing. Updating your flooring, wall tiles, and bathroom fixtures can recoup 70% of the job by increasing the homes' value.
Another worthwhile renovation is adding another bathroom, which has become a big selling feature for many home buyers. You can keep it simple by adding a downstairs toilet and sink. Something else that adds value to the property is having bathroom fittings that have been designed for safety in mind, like making the bathroom wheelchair accessible or having support bars in a walk-in shower. It's a renovation that can recoup you 60% to 70%.
Master Suites are another popular selling feature that raises the value of your home. It's an addition that can add up to 55% to the value of your home.
As you can see, you don't need to do major re-hauling to get your homes' property value up. Why not call one of our Newnan mortgage lenders today and see what your home could potentially be worth?