Renovating a home revalues its worth and increases its sale possibilities be it is easier to sell a house if it is in good condition. In the appraisal of a property, the state of conservation is essential to increase the price.
A renovated home can revalue its price between 10% and 15% plus the value of the renovate, according to professionals, but not all actions have the same value. These are the renovates that most revalue the house and increase its worth:
1. Painting Walls and Fixing Floors
These are necessary actions when you want to put your home on the market for sale. Painting the walls is an aesthetic improvement whose purpose is to make a good impression on the first visit. Any investment whose goal is to improve the house’s first impression is a market value above the average. In the case of floors, it is better to preserve the wooden floor of an old house with sanding and varnishing; when it cannot be recovered., It is better to put a floating floor.
2. Change the Layout
The floors with small rooms, long corridors, and a single bathroom are outdated. Changing the house’s distribution to adapt to the number of rooms and bathrooms demanded now significantly revalues the place. The current homes optimize space better by eliminating corridors to give more meters to the living room and bedrooms. It is fashionable to unify spaces and American kitchens fully open to the dining room or living room.
Alex Thompson, Director of Festoon House, company that provides outdoor lighting supplies and design services, recommends “Adding bathrooms is a great improvement that is made to update homes. If the house has a single room with a bathroom, it is enough, but if it has two or three bedrooms, it adds to the value of the home. The investment is profitable if it has been made according to the location of the home”
3. Update the Kitchen
Updating the kitchen generally involves a complete change that affects the tiling, floors, furniture, appliances, and lighting. The average investment to renovate a medium-sized kitchen is around 1000$ with medium qualities. The kitchen much revalues the home and can significantly influence the decision to buy a house.
4. Renovate the Bathroom
Aaron Arias, Founder of Water Softener Solutions says “When the budget is minimal, the renovation of wet rooms is the first investment—updating the water installations and replacing toilets in the bathrooms”
The most famous renovation in the bathroom is replacing the bathtub with a shower to make it more accessible. When it comes to modernizing it with large ceramic tiles and new toilets, prices start from 1000$ and increase depending on the materials used.
3. Close the Terrace
The closed surface is 80% more expensive than the terrace, so closing it and incorporating it into the home revalues its value by expanding the usable space. The enclosure’s cost must be added to the facade’s demolition, flush with the ground, false ceilings and lighting, and requires a municipal license.
However, the terrace’s views can also revalue the home, so the enclosure is not recommended in some cases. The square meter of a good balcony with unobstructed views in a premium neighborhood can double the house’s interior square meter value.
4. Change Windows
With the windows’ change, it is necessary to improve the thermal and acoustic insulation so that the house is revalued. Its budget varies according to the materials used. A suitable enclosure can still represent 10-15% of the renovate’s total investment, although it is one of the most profitable investments due to heating costs.
An acceptable window with thermal bridge breakage and acoustic glass, low emissivity, and air chambers of at least 14 mm, despite being more expensive, provides interior well-being that increases the home’s value well above the investment.
5. Increase Storage Space
Gregory Sanders, Owner of Crom Weld, company that deals with welding, says “One way to increase storage space in homes is by building built-in cabinets instead of free-standing cabinets. Built-in wardrobes improve homes because they make fair use of space and empty spaces. They also do not go out of style because a change of doors and a new distribution of the interior space updates the wardrobe”
6. Introduce Home Automation Systems
Home automation does not enter the owners’ priorities when they renovate the house due to the investment it requires, although a smart home has more excellent value. The most common elements are intelligent thermostats for controlling the electric blinds that open and close depending on the outside light.
However, technology has made it easier to incorporate home automation systems in homes through Wi-Fi. A home automation installation required extensive planning, wiring, and investment. Thanks to Wi-Fi devices, today you can manage your home’s heating and air conditioning from anywhere in the world for less than 200$.
7. Integral Renovation
An in some cases, the facade’s demolition intensive renovation value the most value to the home is the redistribution of the living space, with the living room and dining room in goal space, bedrooms with dressing rooms and en-suite bathrooms and kitchens open to the living area. With these renovates, the distribution is optimized and modernized and entails a revaluation of the house.
8. Calculate budget
Before considering the renovate, professionals, advise analyzing the price per square meter of the area of rehabilitated and non-rehabilitated homes. In the renovation, you have to invest 50% of that gap between both prices to have a profit margin and 100% profitability. In an upper-middle neighborhood, if the price difference between non-refurbished and quality refurbished is 1,200$ / m 2, a budget of 750 $/ m 2 is adequate and consistent. To better sell the home, it is recommended to carry out an average renovation, with renovated kitchen and bathrooms, a coat of paint, and fixing the floor, what is called a face wash.
Be aware that many tenants put things to rough use. Opt for energy-saving spotlights and sturdy furniture. Never invest in expensive and fragile furniture or items. A credit or personal loan can be an excellent option in case you need money for remodeling.
Interesting Related Article: “Whole House Remodel: 8 Important Tips to Streamline the Process“