No two home renovations are the same. Some are done simply as a way of sprucing up a house while others are major overhauls. In fact, some renovations can boost your home’s resale value significantly.
So, when you decide it’s time to move to a new neighborhood, the right renovations can help you net more than what the property was originally worth. Below are some of the top home renovations to help boost your home’s overall value.
1. Add an Outdoor Structure
If your home has a big enough backyard, renovating the outdoor space is a must. Here’s a few outdoor structures you can consider adding:
- Swimming pool
Although these structures do provide a better sense of comfort, not all of them add as much value. For example, a swimming pool is considered to be more valuable than a fireplace. In fact, it’s amazing how many homebuyers want a pool in their new home. It’s one of the most commonly requested amenities on the real estate market, while it does take quite a bit of maintenance that you’ll need to prepare for.
Another thing we need to bring up is the cost of construction, especially now when the cost of materials seems to continue to rise. Adding something as big as a swimming pool or deck is not something most people can afford on a whim. High-end pools start around $30,000. Decks usually cost up to $11,000, but that depends on the size and the materials used. Having enough money to pay for these upgrades can seem next to impossible. However, there are a few ways to obtain a large sum of money quickly. One of these methods includes taking out a home equity line of credit (HELOC).
A HELOC is a type of loan where a borrower acquires their maximum equity. Your equity is determined by the amount you’ve currently paid on your mortgage. Here’s an example in that if your home has a value of $500,000, and you’ve currently paid 30 percent on your mortgage, you’d be eligible to take out $150,000. But there’s more to taking out a HELOC than you think. Be sure to review a guide on this type of loan, so you’ll know what you’re getting into. Furthermore, it’ll also help if you review important laws and rules when it comes to adding a new structure to your home.
2. Replacing Your Roof
One renovation some people gloss over is replacing the roof. As time goes on, the integrity of your roof become compromised.
Shingles can warp and break and the tiles can may crack and fall off. Though they may last for decades, roofs don’t last forever. And having a faulty roof is a massive turnoff for potential homebuyers. It’s recommended you replace the roof with one that’s built to last and isn’t prone to issues.
Though the choice is up to you, we recommend you go with an asphalt shingle roof. It’s affordable, it’s easy to install and requires very little maintenance.
3. Install New Windows
Another worthwhile renovation is upgrading your windows. Replacing your windows can boost property value significantly. Windows play a key role in the overall comfort of your home.
They can reduce noise pollution coming from outside and help with energy consumption as well. There are many types of windows to choose from, like smart windows and sliding windows.
Research which types of replacement windows complement your home and which ones will give you the most bang for your buck.
You should make sure the windows you choose are specifically designed to withstand the weather conditions where you live.