If you own a home at some point you will most likely consider renovations. When doing so it is important to consider which ones to do because not all renovations are made alike, and not all renovations will add the most value to your real estate.
Most people believe that cost equals value. That is they believe that if they spend $20K on a kitchen, the home is magically worth $20K more, but that is not the case. However some renovations will add more value than others. For this reason when thinking about remodeling your house it is important to consider what will add the most value to it in the long run.
For this article I consulted with local appraiser Thad Baumeister. I asked Thad what were the top renovations homeowners should consider. He shared that the follow renovations were the ones that would add the most value to a house.
#1 Hurricane Impact Windows
Hurricane impact windows are a highly desirable upgrade for a house to have. They protect the house from the obvious, hurricanes, but they also have other benefits.
The other benefits of hurricane impact windows include:
- Once and done! You don’t have to put them up each hurricane season. Once they are installed that’s it, you’re done!
- Overall improved energy efficiency of the home.
- Noise reduction – outside noise is greatly reduced with hurricane impact windows.
- UV protection – the UV protection protects your indoors and the valuable you have inside of it from the sunlight. Fabrics, photos and artwork will no longer fade or discolor when you have impact windows.
- Theft protection – hurricane impact windows are strong and anyone trying to break into your house through a window will have a heck of a time at it. Hurricane impact windows are very hard to break.
- Insurance discounts – probably the one benefit any homeowner likes to hear, it will save you money on your insurance. Once impact windows are installed your insurance company will discount your policy for the upgrade.
A roof is one of the most important features of a home. While there are many different kinds of roofs to choose from, like anything they are not all made alike. When renovating Baumeister says to go the extra mile and install either a tile or metal roof. Tile and metal roofs have life spans of over 40 years, making it a renovation that will last longer than other kinds of roofs and will, as a result, add more value.
The kitchen is the center of the home and one of the most important things to buyers. It should be no surprise that the kitchen is one of the most important and most valuable home renovations.
When renovating your kitchen use superior materials for countertops such as granite or quartz. These last longer and while worth more, also add more value to your home. Select cabinets that have a broad appeal such as white or light brown. If the cabinets are too eclectic they could be a turnoff to potential buyers should you decide to sell.
Bathrooms need to work for their specific function, but people like pretty bathrooms too! Just like with the kitchen choose superior materials such as granite or quartz for the vanities and choose a design style that has broad appeal. Both of these will add the most value to your home and make it more appealing to the greatest number of buyers.
In addition to upgraded kitchens and bathrooms, Baumeister shares that “…an upgraded well designed (decorative concrete or natural stone paver//not typical paver brick) driveway that accommodates at least two cars side X side is a good choice as it’s something people see right away“.
While this is not something that is readily obvious this renovation is important because it is one of the first one’s that people see from the outside of the house. Remember you never get a second chance to make a good first impression. A house may be stunning on the inside but if the outside is not enticing some buyers will not even want to go inside.
Wait, there is more!
This list has 5 items that will add value to your home but it is by no means exhaustive. Other upgrades to consider are upgrading the AC, switching to a tankless water heater, and upgrading the electric and plumbing.
If you are thinking about a home renovation, share with us in the comments what you are thinking of doing.