If you’re thinking of selling your home, you may be considering some remodeling projects to boost your selling power. And even if you decide to stay put for a while and enjoy the upgrades yourself, you may be curious about how much you could increase your home’s value through your desired projects. Various home remodeling projects can make your home more valuable, depending on the project you choose and where you live. In general, though, if your updates aren’t too niche, they should improve your home’s value and desirability.
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As a homeowner, or someone on the market for a home, it’s essential to know a home’s worth. While the short story is that a house is worth whatever a buyer is willing to pay for it, determining the actual value can be a little more complicated. Plus, the methods used to calculate a home’s value may differ depending on who you consult. An online estimating tool, a real estate agent, a mortgage lender and a tax assessor may all come up with unique amounts for the same house.
House values can also change over time, and homeowners considering a renovation project will want to know how to calculate their home value after a remodel. If you’re applying for a renovation loan before your remodeling project, you’ll want to have a clear-cut idea of the home’s monetary worth and how it could change. Various renovation projects bring different returns on your investment, and can vary in separate areas of the country. However, if you want a reliable general estimate, calculate 70% of your renovation project’s budget and add this number to your current home value.
If you want a more accurate estimate, find out the average ROI for renovations in your city, or the project you’re planning to do. Use this percentage instead of the 70% in the general calculation. Specific renovations may have a much lower or higher return on investment.
So, what remodeling projects increase home value? As we mentioned, various upgrades can have very different results on ROI and overall home value. If you are wondering what to remodel to increase home value, here are our top picks.
Does remodeling a bathroom increase home value? Absolutely! Adding an extra bathroom or upgrading existing ones creates convenience while boosting your home’s asking price. Outdated bathrooms can be a turnoff to potential home buyers. However, even minor updates like bathroom fixtures are more appealing to buyers. Adding new bathroom amenities like sinks or showerheads can extend your remodeling dollars even further for more home value.
Successful bathroom remodels first address any problem areas like leaky plumbing, malfunctioning fixtures or damaged areas. If everything is functioning as it should, you can focus on upgrades and cosmetic improvements. It could be as simple as a fresh coat of paint and some new drawer pulls, or involve a completely different layout with new flooring, tile, sink, toilet, tub or shower. Upgrades could also include heated flooring, double sinks or additional storage space. In any case, all these bathroom remodeling ideas will bring a significant ROI and can increase your home’s value.
If you live in Northern Virginia, Hometech Services is your go-to for home remodeling contracting. Our professional and experienced contractors can handle any remodeling project you can dream up. Our trustworthy services can help you bring your vision to life. Contact us today to get started with a free in-home consultation. We can’t wait to hear from you!