Will Your Home Renovation Help Its Resale Value?
When renovating your home, you might keep in mind the resale value of the house. Even if you don't plan on moving anytime soon, if you do decide to put your home on the market, you'll need to consider how it will compete with other homes of similar size in the neighborhood and if it will appeal to a wide range of buyers. There are features of renovations that are almost always sure to increase your home's resale value. While only a real estate agent can give you specific information about your home's value in particular, note a few considerations to keep in mind when it comes to renovation or other work you have planned.
Any renovations that improve your home's energy efficiency are almost always going to increase its resale value, as this will mean less cost for utilities for new homebuyers. Consider the insulation you install if you need to replace it during your renovation project; blown foam can be better at keeping the home insulated than standard fiberglass. Double-glazed windows, energy efficient appliances in the kitchen, and other such items might be considered during a renovation to decrease your own utility costs and then increase your home's value if you should decide to sell.
Convenience, function, safety
Changes to a home that make it more convenient and functional can increase its value in many cases. This might include moving the washer and dryer from the basement to the main floor, adding a central vacuum, or upgrading the alarm system to something that can be monitored offsite through a secure internet connection. Safety can also mean upgrading the electrical wiring if it's outdated. If your renovation projects include any of these features, consider how to add convenience or make it easier to keep the home safe and how this might affect its value.
Adding living and usable space
The more living or actual usable space in a home, the more desirable it is to a wide range of buyers. As an example of what this means, you might consider finishing the basement with drywall, carpeting, and other features that turn it into an added living space and not just a space for storage. You might renovate an attic with finished walls and floors for another bedroom or playroom for kids. Adding walls around a patio to make it an enclosed sunroom that can be enjoyed year-round might be a good feature, or consider if your kitchen has an overly large, unused pantry that you can rework so you have a more functional space for a desk and chair or breakfast nook.