Looking to increase your homes property value? These Top five best renovations that can have a return on investment of 5-6x what they cost.
Flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, counter tops and faucets will result in an immediate increase in your home’s value. This small, but effective upgrade will also revitalize the entire home.
The bathroom is the second most important room in the home in terms of valuation. update the fixtures, lighting and clear out the clutter! A tip: Use glass for the shower to make the bathroom feel more spacious.
The kitchen can make the most significant difference in the value of your home. Modern cabinetry, under cabinet lighting, updated fixtures and minimalclutter on the counters to show how spacious it is. these will all significantly increase the value of your home on the market.
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting your basement into a rental, or another floor in the home, an income property will increase your home’s worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive – which creates real wealth that can supplement your income.
One major thing you can do before you renovate is consult your realtor! They are in the market Day in and Day out and know whats Trending. Before you purchase an expensive faucet thinking your going to see your money return on it consult your realtor!
Will Hickey and Associates is always here to help!