Want to increase your home's value? Sure you do! While most homeowners perform renovation projects to improve the aesthetics and/or function of their home, it can also increase the home's value. In this post, we're going to reveal the top 5 value-adding home renovation projects.
#1) Paint the Walls
Sometimes the simplest renovation projects offer the best results. Giving your interior walls a fresh coat of paint is a simple and relatively easy project that can increase your home's value. Prospective buyers will view your home as being more attractive, so they'll probably make you a higher offer as a result. With that said, hiring a professional painting company can be expensive, with some companies charging over $1,000 to paint just a few rooms. If you're willing to do it yourself, though, you can paint your home for a fraction of this price.
#2) Convert the Attic Into a Bedroom
Converting an attic into a bedroom isn't easy. On the contrary, it requires a substantial amount of work, resources and time. If you're willing to put forth the effort, however, you'll be rewarded with a higher home value. According to a study conducted by Hanley Wood, renovating an attic and turning it into a bedroom offers an average return of investment of 84.3%. Of course, the only downside is that you'll no longer have an attic in which to store your belongings.
#3) Renovate the Master Bathroom
Not surprisingly, renovating the master bathroom offers a high return on investment. If your master bathroom has been neglected, consider touching it up with new fixtures and decorative accessories. Adding a stylish vanity and clawfoot bathtub, for instance, will improve its aesthetics and increase your home's value in the process. You can also replace generic light fixtures with mood lighting to achieve a more stylish appearance.
#4) Stainless Steel Kitchen Applications
Regardless of how your home is decorated, chances are it will benefit from the use of stainless steel appliances in the kitchen. Granted, buying a new refrigerator, oven and dishwasher isn't cheap. On the contrary, you can easily spend over $2,000 on these three items alone. If you're willing to make the investment, though, you'll find it's an effective way to increase your home's value. Stainless steel kitchen appliances look great, are easy to clean, and offer a modern style. For these reasons and others, buyers often seek homes with stainless steel kitchen appliances as opposed to other types of appliances.
#5) Install Hardwood or Laminate Flooring
Finally, consider installing hardwood or laminate flooring in your home. While both types of flooring offer a similar appearance, there are a few nuances between the two. Hardwood is generally stronger and more expensive, whereas laminate is weaker and cheaper. This doesn't necessarily mean that hardwood flooring is better, however. Although it's stronger, hardwood flooring is also more susceptible to moisture damage. Nonetheless, both types of flooring will increase your home's value.