A smart homeowner realizes the value renovating their home brings in today’s ultra-competitive real estate market. A lot of this is thanks to the catastrophic real estate market crash of the late-2000s when many people couldn’t afford to buy a new house, but they could afford to finance a remodel of their home to make it more valuable and more attractive to prospective buyers. This economic disaster led to a much more informed consuming public.
One common misconception is that every renovation project done on your home will improve its value. This couldn’t be further from the truth because a lot of them won’t change the value at all. There are also some that will detract from the market value of your home because they are designs that are not particularly in style.
If you are new to the real estate market, you might not know what the best projects are to increase the value of your home. Your home is the biggest investment you will probably have in your life, so you should do everything to protect its value. The following are two projects that are proven to increase the value of your home.
The Kitchen – The kitchen is considered by most real estate experts to be the most important room in the home, even referring to it as the centerpiece of the home. Because of this, the returns when modernizing the kitchen are consistently big. Some homeowners have seen over a 100% return on kitchen renovation depending on what they decide to do with it and how much they have done.
A New Deck – Don’t forget about the exterior of the house! A new deck will give your backyard a fresh look. Most people want a deck, but don’t want to go through the process of having one built, making a home that already has a deck is so desirable. This can be a fairly simple job with a lot of benefits.
If you do choose to have one of these jobs done, make sure you hire the right contractor for the job. If you don’t, it could end up costing you money by the time your construction projects are done. Companies like web.com contractor services have a bevy of different contractors available to homeowners in your area with different specialties and qualifications. The right contractor will give you an even higher return on your investment.
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2 Comments
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Thank you for the advice Ruth, some people actually consider that the home is somehow a liability in that you have to keep spending on it in one way or the other. I won’t say I subscribe to this, but to me it seems logical. Do you think it’s really worth it doing all these renovations, especially on a yearly basis?
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Doing the work yourself can save a lot of money, but if you really don’t know what you are doing – or are just not GOOD at it, the end result will not be worth the time and money you put into it. My husband refuses to hire experts for almost anything. He redid two of our bathrooms over the past couple of years and I still cringe whenever I walk into them. If we ever sell this house, we’ll have to hire someone to redo the bathrooms. Seriously, they are that bad. I know other people who have done their own work and it’s as good – perhaps even better – than a professional. You have to be honest about your own abilities when deciding to do-it-yourself.
