Whether you're preparing to sell or simply looking to update your home, deciding which remodeling project to perform can be difficult. Not all renovations add to the home's value. Knowing which ones will yield the highest return is important, especially if you plan to sell later.
There are several home renovations to consider that will increase the worth of your house. Here are five expensive home renovations that are worth every penny.
Creating an Addition
Adding square footage to your home not only enhances its aesthetic appeal but also increases its market value. Whether it's an extra bedroom, a sunroom, or a home office, additional space provides versatility and functionality. This renovation can cater to changing family needs, offer extra storage, and make your home more appealing to potential buyers in the future.
The total cost of the project will depend on what type of room you'll add. A full bathroom, for example, can cost $80,000. A bedroom, on the other hand, may cost $172,500.
Remodeling the Kitchen
The kitchen is the heart of any home, and investing in its renovation can significantly enhance your overall living experience. Upgrading appliances, countertops, and cabinets not only improves the aesthetic appeal but also increases the functionality of the space.
A kitchen remodel can cost $80,000 on average. However, homeowners can expect a 75% return on investment once they sell, per Fortune.
Remodeling the Bathroom
Bathrooms are another key area that significantly influences the value of a home. A stylish and functional bathroom adds comfort and luxury, making your home more appealing. Upgrading fixtures, installing a new bathtub or shower, and improving storage space can transform a mundane bathroom into a spa-like retreat.
Bathroom remodels often cost $35,000 on average, with an expected return on investment of 71%.
Repairing the Foundation
A solid foundation is crucial for the structural integrity of your home. While foundation repairs might seem like a significant expense, addressing any issues promptly can prevent further damage and save you money in the long term. A stable foundation ensures the longevity of your home and protects your investment by preventing more extensive and costly repairs down the line.
The cost depends on the size of the property, but foundation renovations typically cost a few thousand dollars to over $10,000.
Updating the HVAC System
An efficient and up-to-date HVAC system not only enhances the comfort of your home but also contributes to energy efficiency. Newer systems are often more energy-efficient, reducing utility bills and minimizing the environmental impact. Additionally, a well-maintained HVAC system ensures a healthier indoor environment by improving air quality.
