When it comes to giving the go-ahead to one or multiple home renovations, you need to focus on two essential things: renovations that will increase functionality, comfort, aesthetics, and overall livability; and renovations that will immediately and significantly boost resale value.
What’s more, this latter criterion is just as important if you are lucky enough to have found your “forever home” and have no intention of moving. Even if you happily stay put for many decades to come, high-impact renovations will increase your home’s assessed value, which gives you a low-cost source of financing for things like vacations, purchasing vehicles, paying for a child’s education, and so on. For example, the average interest rate for a home line of credit at the present time is around six percent, while the average interest rate for a credit card is around 15 percent.
According to real estate entrepreneur Jeff Brioux, here are five renovations that will enhance your home, while at the same time significantly and sustainably boosting resale/assessed value:
1. Add or Upgrade Attic Insulation
Adding or upgrading the insulation in your attic might seem like a very non-intuitive way to enhance your home’s appeal and value; especially since you may have never set foot in your attic, and have no desire to do so in the future. However, believe it or not, attic insulation has the highest return-on-investment of all renovation options, with an average cost recovery of 107% (i.e. if you spend $2,000 adding or replacing the insulation in your attic, you can expect to recoup $2,400 or possibly even more).
Added Jeff Brioux, who is an expert in real estate development, home renos, and flipping houses: “The attic is one of the first — if not the very first — places that a home inspector is going to check out, and if the insulation needs to be increased or replaced, then this is going to translate into a lower offer from prospective buyers. And even if there is no desire to sell a home, better insulation is going to noticeably reduce utility bills throughout the year. So, while attic insulation is admittedly not the most exciting renovation idea, it’s certainly one of the smartest.”
2. Replace the Front Door & Garage Door
We have all been told many times “not to judge a book by its cover.” However, the fact is that first impressions do indeed matter, and research has shown that a new front door and garage door can boost a home’s curb appeal more than anything else — which means higher offers from more prospective buyers. What’s more, high-quality front and garage doors make a home safer, more durable, and more energy-efficient.
According to Jeff Brioux: “It is shocking to discover just how much of a difference a beautiful new front door and garage door can make on the overall look and feel of a home. What makes this renovation especially beneficial is that it’s quite affordable compared to more complex projects, and the work can typically be done in a single day — which means there is no need to head to a hotel or shack up with the in-laws during the project.”
3. Re-Invent the Kitchen and Bathrooms
Generally, the two rooms in a house where homeowners get the “most bang for the renovation buck” are kitchens and bathrooms, and for a simple reason: when folks go house hunting, they pay particular attention to these areas. If they like (or better yet, love) what they see, then there is a much greater chance that they will field a competitive offer. Conversely, if they don’t like what they see, then they won’t make an offer at all — or they’ll significantly reduce their offer to reflect the fact that they need to spend tens or hundreds of thousands of dollars to get what they want. And of course, kitchens and bathrooms are typically the most high-traffic rooms in a house. Renovating them so that they’re functional and beautiful will boost your quality of living.
It is important for homeowners to work with a home renovation expert if they plan on upgrading or re-inventing their kitchen and bathrooms. Without the right guidance, what starts out as a relatively straightforward project can turn into a confusing and very costly scenario. Furthermore, it’s important to bear in mind that not all renovations have the same impact. For example, installing energy-efficient stainless steel appliances might be a much wiser idea than knocking out a wall to extend a kitchen.
4. Siding Replacement
Few things damage a home’s curb appeal — and hence its perceived value — more than old, damaged, or deteriorating siding. What’s more, siding is not just for aesthetic purposes: it’s a fundamental part of a home’s structure and energy efficiency. An enormous range of color options is available, from subtle to bold.
Added Jeff Brioux: “In most cases, a siding installation project takes one to two weeks. While it is safe to stay in the home while work is being done, the walls will shake a little, and so it’s important to remove or secure pictures, bookcases, and other objects. It can also get rather loud, so people who work from home or have infant children or elderly parents to look after may want to seek alternative arrangements for a few days.”
5. Create a Home Office
Not surprisingly, given what is happening in the world right now, one of the most popular home renovations is to create a home office worthy of the term. Indeed, working at the kitchen table or next to a noisy furnace in the basement might be tolerable once in a while. But these days, with remote working being the norm rather than the exception, people understandably want a space that is functional, roomy, well-lit by both natural and artificial light, and private (having an important conference call invaded by a spouse feverishly searching for the shower loofah isn’t a great look!).
“Many people are making the home office a must-have on their home hunting list, and are leaning towards properties that offer this versus those that don’t,” states Jeff.” As such, spending a reasonable amount of money on a home office is a very good idea, plus it makes working from home productive and enjoyable instead of frustrating and stressful!”
