When renovating your home to improve it’s value, it is important to understand what renovations will add the most value to your home. A good rule to follow is to put the majority of effort and money into the spaces that are the most occupied in a home. For example, the kitchen! This is a room that will be used to some degree every single day, so improvements made to this area will yield a higher return when it comes time to sell. Another remodel to consider are the bathrooms. Because the kitchen and bathrooms are generally the most expensive to renovate, they also provide the largest increase in home equity. When a home’s kitchen and bathrooms are updated and well-maintained, a buyer will be much more inclined to put in the work themselves to improve other areas of the house (i.e. bedrooms, living room, etc).
Another renovation to consider, though it may not be as fun as a kitchen remodel, are the floors. Refinishing or replacing hardwood floors can lead to a ROI between 118-147%. As we move toward making homes more energy efficient, it is important to consider the value energy-related renovations can bring. Consider upgrading insulation, replacing windows, or converting the attic/basement to a live-able area.