Your home is your castle and your safe place where friends and family come together. Not to mention, your home is probably one of the most significant investments you make in your lifetime. So, if you found your dream home many years ago or have recently purchased a home, and it needs some updates, this article will go over renovations that will increase your home value.
Many home renovations add value to your house and improve the quality of life for your family. So, which home renovations should you pursue? If you are considering a home remodeling project, keep reading for some of Enrich Construction’s top-rated remodeling projects to increase your home’s value.
Home Renovation Initiatives to Increase Your Homes Value
The last 18 months have been a whirlwind with the coronavirus pandemic, which continues to be an issue. During this time, 76 percent of real estate brokers report an increase in house renovation activity. The reason being is that many homeowners do not want to risk a real estate market with little inventory and are instead opting to remodel their present homes. There are many reasons homeowners decide to renovate and many different types of projects.
Among them are the following:
- Adding square footage
- Upgrades to kitchen cabinets, counters, fixtures, and appliances
- Customizing your floor plan to meet your needs
- Increasing the energy efficiency of your home with new doors, insulation, windows
- Increasing your home’s value
Starting Your Home Remodeling Journey
The first step is to plan out what you want to do with your house renovation. Make a prioritized list of your goals and requirements. There are several places to go for design ideas for your home renovation project. Collect images of homes or renovation projects that you like from periodicals and online. The more clearly you can picture and define the project on paper, the more equipped you will be to make your selection.
Consider traffic patterns, furniture size and location, colors, lighting, and how you want to use the newly renovated area. If your remodeling plans include improving access for someone with restricted mobility, you should consult with a Certified Aging-in-Place Specialist. You could wish to increase your house’s efficiency by hiring a professional remodeler for green home renovation.
These tasks include replacing windows and doors, updating heating and cooling systems, adding insulation, and other house improvements to make it more energy-efficient, easy to maintain, and comfortable.
Determine how much money you have to spend on the home renovation project, furniture, landscaping, and any other costs that may arise.
Should You DIY Your Renovations or Hire a Contractor?
After you’ve developed your list of priorities, you’ll need to decide how to carry out your vision. For example, a do-it-yourself job may be both satisfying and cost-effective for the handyman or woman. However, unsuccessful DIY initiatives account for more than 30% of all tasks performed by home remodelers.
Hiring an experienced contracting company specializing in remodeling is the best way to ensure the success of your project. At Enrich Construction, we are committed to upholding the highest integrity and standards for every project we work on.
Home Remodeling Projects that Increase Your Home Value
Remodel or Finish Your Basement
Starting out our list of home improvements to increase home value is remodeling or finishing your basement. According to NAHB research, homeowners that have a high income prefer basement remodels. With a basement, you are adding additional square footage, which increases the value of your home. The cost of finishing your basement can be as low as a few thousand dollars if you DIY or upwards of $34,000 or more. The price will come down to the square footage and the finishes you choose. NAHB estimates that finishing your basement can recuperate upwards of 70% in costs.
Redesign Your Floor Plan
Strategically removing a wall or two in your home can provide you with the spacious layout that you want. According to an open floor plan study done by NAHB, approximately 44% of homeowners prefer homes with an open floor plan, particularly when the designs are totally or somewhat open around the dining room, kitchen, and living room.
The benefit of an open floor plan is that it opens your home up to allow more natural lighting, giving your home a more spacious feel. However, depending on the structure of your home, it is vital to work with an experienced contractor to ensure that knocking out those walls will not create any structural or support issues.
Renovate Your Kitchen to Increase Your Home Value
Kitchen trends have changed quite a bit over the years, and giving your kitchen a makeover can increase the value of your home. For example, if you want to do a small renovation, the secret to saving money is to replace cabinet fronts with an updated style, leaving the existing cabinet boxes in place. Additionally, new hardware for your cabinet doors and faucets will make your space feel fresh while also giving your space a modern aesthetic.
For a major kitchen renovation, the sky is literally the limit. So, go wild and get exactly what you want to make your dream kitchen a reality. Kitchen remodeling can recoup anywhere from 58% to 77% of their cost, depending on the scale of your remodel.
Renovate Your Bathroom
Similarly, a medium bathroom makeover can recoup around 64% of its cost when you sell your home. However, a complete, premium bathroom remodel can recoup up to 75% of its price.
Install Hardwood Floors
Flooring can make or break a home, in our opinion. Gone are the days of carpet in every room and outdated linoleum. Instead, many homeowners are opting for a more luxurious look and installing hardwood flooring. Not surprisingly, installing hardwood floors can recoup 106% of the cost when you sell your home. In addition, for existing hardwoods that you are refinishing, you will generally recoup 100% of your expenses.
However, the fee of recouping the cost of the new flooring is dependent on its present condition and the price range of your home. The National Association of Realtors 2019 Remodeling Impact Report is the source of this information.
Add a Fresh Coat of Paint
Adding a fresh coat of paint makes your home look fresh and helps protect the exterior of your home from harsh elements. The exterior upkeep of your home is just as important as the interior. After all, it is the first impression that your guests or potential buyers, if you are selling your home, have. Therefore, when choosing paint for your home, natural colors are an excellent choice. In 2021, exterior paint colors are trending towards creamy whites, soft and dark hues of gray, beige, and black. Additionally, some homeowners are opting for a two-tone look.
If you are looking to paint the interior of your home, light colors provide a fresh yet elegant flair. Some popular colors are Benjamin Moore’s Gray Owl, Wickham Gray, and Cake Batter. If your walls are currently a neutral color, you may consider painting your trim and molding with satin paint that is washable to freshen up your home.
Replace Your Roof
Based on a study performed by the NAR (National Association of Realtors), replacing your roof will recover 107 percent of its cost at resale. And, compared to a home with a similar floor plan, a house with a new roof will bring a higher value than a home with an older roof.
Final Notes on How to Increase the Value of Your Home
Owning a home is a big investment, and if you’re wanting to increase the value of your investment, the above tips should help you get started. From remodeling the basement to installing hardwood floors, Enrich Construction is here to help you increase your home value with a variety of home renovation ideas. Remember, you don’t have to renovate your home all by yourself. Our dedicated team of contractors will go above and beyond to ensure you’re satisfied with your home renovation while also making it our mission to increase the value of your home. Contact Enrich Construction today to get started!