Home Renovations for Adding Value
For those in the position of selling their home, there is always the question of how to prepare said home for sale. There is so much to consider here, which is just one of the reasons why the expertise of a professional real estate brokerage is absolutely essential if everything is to be accounted for. CityHome Collective, a real estate brokerage specializing in luxury homes and condos, say that the reason why it is so important that improvements are made is that they nearly always pay off. In other words, there are a million different ways you can add value to a property before you sell.
Before selling a property, the home needs to be presented well, and there needs to be good listings photos as evidence of that. It needs to be sold well, meaning that all the value-boosting attributes of the home appear in descriptions, photographs, or in the information given to potential buyers by real estate brokers. And of course, it should be renovated wherever that renovation will add value. The last of these, incidentally, is where the biggest potential for hiking up that price can be found.
An Important Principle to Remember
Even with all this value-adding potential to be found in even the simplest of renovations, there is one important calculation that must always be made before embarking on any kind of home improvement. This is the question of cost versus value added. Quite simply, you need to be sure that the amount you are going to spend on a home improvement does not exceed the value it can add. The importance of this is fairly obvious.
Of course, there are a few complicating factors here. Unless you are buying a fixer-upper or otherwise hoping to “flip” a property, then it’s likely the home renovations you will make will also be a treat to yourself – as you live in the property. And it is difficult to put a price on that!
Furthermore, the specifics of the local market will affect how much value you can potentially add with a home renovation. There is no one figure which can be slapped on any one home improvement. To make sure your endeavor pays off, be sure to enlist the help of local estate agent or property expert.
Renovations Which Will Boost Value
With those important points out of the way then, here follows a handful of home renovations which are certain to boost the value of any property:
Consider an Extension
There is no way an extension will not make your home more valuable – it literally adds floor space. However, they can come relatively cheap, or they can come extremely expensive. So, bear that in mind.
Update the Kitchen
Of all rooms in the home, the kitchen – the place where people cook and eat – is the one which benefits most from the latest technology. Other rooms can have a retro or even antique feel, but the kitchen should always be well equipped with the technology which makes cooking and eating easy and pleasurable. A kitchen upgrade is therefore always a value booster.
Update the HVAC
Your home’s HVAC – heating, ventilation, and air conditioning – is another attribute of a property which should ideally be at the forefront of technology. Having the latest climate control is an eternal value booster.
Expand the Outdoor Living Space
And if that’s out front, that means boosting the curb appeal as well. Outdoor living spaces are always appreciated and relatively easy to get right. This is a sure bet.
Home renovations should be considered carefully, but they are nearly always a solid idea for home sellers.