Renovating your home is a great way to improve its value, as well as the profits you get once you’re ready to sell.
But not all projects are created equal. In some cases, an update might add a few thousand to your home’s value, while in others, it can add upwards of $100,000.
Want to make sure you make the right choice when it comes to renovations? Here are the ones that can add the most value:
Master suite addition.
If your home doesn’t have a full master suite, it might be time to consider adding one. According to Remodeling Magazine, doing so can add anywhere from $82,000 to $152,000 to your home’s resale value.
Kitchen remodel.
Kitchens are one of the most important rooms in the house, so if yours is outdated and out of shape? Think about redoing it. Remodeling’s data shows it can add $43,000 to $80,000 to your property’s value (depending on the scope). It can also make your home more marketable and look better in photographs.
Add a bathroom.
Short on bathrooms? Have a half bath that doesn’t get much use? Consider adding another bathroom or expanding that powder room. An upscale bathroom addition can up your home’s value by $54,000, while a midrange one offers about $30,000 in additional value. If you just want to remodel your existing bathrooms, that comes with an extra $22,000 to $41,000 in resale value.
Replace your roof.
Replacing your roof is another good way to improve your home’s value. According to Remodeling, a metal roof replacement delivers nearly $26,000 in resale value, while an asphalt one adds about $17,000.
Update your windows.
Replacing your windows can be a good way to increase property value. Wood ones are your best bet, adding about $15,000 to your value, while vinyl is second-best, at around $13,000. Another perk? Updating your windows might make your home more energy efficient too, which means lower energy bills (and even more money in your pocket.)
Build a deck.
Decks can be great for your home value, increasing it by about $14,000 for composite ones and $11,000 for wood ones. If you go this route, just make sure you get the project approved by your HOA first. You don’t want to end up owing hefty fees down the line.
Paying for renovations.
Cash-out refinances can be a great way to pay for home renovations and remodeling. Want to see if refinancing is an option in your case? Get in touch with Premier Nationwide Lending today.
Premier Nationwide Lending is an Equal Housing Opportunity lender. Sponsored by NTFN, Inc. 6201 West Plano Parkway, Suite 100, Plano, TX 75093 | NTFN NMLS 75333.
