This is a topic that gets Googled millions of times a year by home owners looking to see if their renovations are worth it. Many articles are written about what renovations add value and some even say what return you will get on a specific renovation. The problem is they only tell a half truth.
When assessing what renovations will add value to your home the first thing to assess is the current value of your home. For some, renovating a kitchen could get a 50% return, but for others it can get a 300% return. By knowing what your home can sell for in its current state you will be much more informed about knowing what renovation will give you the most bang for your buck.
Finding out the value of your home isn’t that hard at all. The best thing to do would be to contact a realtor to get information on what comparable homes are selling for in your area. There will always be a home which sells for well above the average as well as one that sells below the average. You will get a good idea of where your home fits in the range.
If your home is very dated then you will likely be closer to the lower end of the range and renovations would add significant value to your home. If you have renovated within the past 10 years then maybe all you need is a fresh coat of paint.
Knowing whether or not you plan on staying in the home is also a big determining factor when considering renovations as well. If you are planning on selling then you would likely go more modern and if you want to stay for 5-10 years something a little more classic is a better bet.
Before wondering what renovations add value to your home, make sure you know what it’s actually worth! For more information or questions you can e-mail me directly at andrewtamburello@gmail.com or contact me at 647-281-3996.