Everyone always wants to renovate their home at some point during their living there. Whether it is dislike of the way it was designed when you bought it, damages and age over time, or you are trying to polish it up in order to sell it, there are tons of reasons why home renovation is done by so many homeowners every year. While it is expensive, it does pay off in the long run as the renovations end up boosting your home’s curb appeal and increasing your property value. This means that you can sell your home for a higher price for what you bought it for. For more home renovation options in Houston, TX like roof replacement, call Andy Nichols Roofing at 281-300-4363 today.
What Adds the Most Value to a House?
If you are wondering in what part of the home should you start to remodel or where to start your home renovation to make for a better sale, the two biggest sellers on a home are a freshly remodeled bathroom or kitchen. As these are the places where residents will spend a lot of time, having upgraded amenities are a huge selling point to prospective buyers. Surprisingly, so are new windows and updated exteriors like applying a fresh coat of paint or installing vinyl siding. Other house remodeling ideas to boost both curb appeal and property value during your home renovation are by adding on a deck or porch, landscaping, or remodeling your basement or attic!
How Much Should I Spend on a Renovation?
You can estimate how much you should spend on your renovation by calculating the value of your house. To do do, you must go off of how much land and square feet the home takes up, as this is what raises or lowers the overall total of the property value. You also must take into account what are the most valued rooms in the home, as these will help to boost property value should you choose to remodel.
For example, kitchens account for the most value in the home at around 10%, while outside property like decks and yards are considered the least important at around 1%. To calculate how much to spend on your home renovation, simply take the total cost of how much you paid for your home (your home’s value) and divide by the percentage of what room you are wanting to remodel. For example, if you are wanting to remodel your kitchen and your home was worth $200,000, you would dive by 15% and get a total of $30,000 which is the maximum amount you should spend on your kitchen.
How Much Does A Renovation Increase Home Value?
A home renovation can increase the value of your home by as much as 85% depending on what addition or remodel you decide to have done. Top selling points of a home include landscaping, plumbing replacement or gas line repair, bathroom or kitchen remodel, or window replacement and roof repair in Houston, TX. For more home renovation ideas in Houston, TX like roof repair, call Andy Nichols Roofing at 281-300-4363 today to schedule an appointment.
What’s a renovation loan? If you don’t quite have the money needed to pay for all the expenses you are about to make on this huge home remodel project, you can apply for a loan from the bank. These renovation loans come in the form of mortgages with built in fixer-upper funding that give homeowners access to funds needed to fix up their home.
Benefits of a Home Renovation Project
- Increases curb appeal. Whether it be an improved lawn, exterior siding, or interior remodels like living room or bedroom upgrades, any home renovation is going to boost your curb appeal. Curb appeal is how nice your home looks compared to others on your block. The nicer your home looks, the more your property value tends to increase.
- Increases property value. When you remodel your home, you upgrade to newer and more efficient appliances that are also more modern. This not only helps to improve the lifespan of the home, but helps to increase how much your home is worth.
- Increases energy efficiency. A lot of times when people do home renovation projects, they choose to replace old and outdated appliances with more efficient machinery. This could be small things like upgrading to bigger refrigerator that also does not use so much energy when remodeling your kitchen, or it could be something like replacing all the windows in the home for more energy efficient and insulated ones.
- Increases comfort. If you are uncomfortable with the way your current home looks or are running out of room with the way it is currently designed, that is the beauty of home renovation! Instead of knocking down walls or extending your home, with clever planning and rearranging, you can keep all of the same space but get a fresh look and more room with repositioning of furniture and fresh coats of paint. This allows you to change the style of your home without ever having to move, and can potentially increase your living space.