Making Improvements To Increase Your Home’s Value
When you own a home, there is always some project or another that needs your attention. Home improvements and do it yourself renovations have the potential to increase the overall value of your home, but it is important to keep in mind that not every project is value added. At Cavallo & Cavallo, our Bronx real estate attorneys are always looking for ways to help ensure you get a good return on your investment. If you have been thinking about or planning to make some home improvements, check out our list of projects that carry the most value, as well as general tips for updating your home’s overall appearance.
Getting the Highest Return on Investment
When making renovations to your property, it makes good financial sense to choose projects that will increase the overall value of your home. According to Nationwide Insurance, while any type of improvement can be seen as positive, some projects have a greater return on investment (ROI) than others. The following are fairly simple and common renovations that will not only add to your home’s appearance, but will also increase its value:
Kitchen remodels and updates: According to Nationwide, kitchen renovations carry an ROI of 70 percent, making them a good investment for most homeowners. Tackling projects such as replacing faucets and light fixtures or installing backsplashes and new cabinetry can not only improve form and function, but add excellent value to your home.
Bathroom remodels: Whether you make small changes, such as installing a new toilet seat or shower head, or opt for larger improvements such as tiling or new flooring, the overall ROI for bathroom remodels is nearly 80 percent.
Finishing a basement: Making the required changes to convert your basement to an additional living space, such as adding wiring or insulation to walls, can quickly add up in terms of costs. At the same time, you will be adding valuable square footage to your home, with a potential ROI up to 80 percent.
Installing a deck: While changes inside the home make a big difference, outside changes add value as well. Installing a deck or porch to your home provides much sought after outdoor living space, and can result in a ROI of up to 90 percent.
Tips for Improving Your Home
In addition to the above, the DIY home improvement experts at HGTV offer the following tips for improving your home, which have the added bonus of increasing its overall value:
A fresh coat of paint is a simple and cost effective way to update any room in your home.
Going through your home and converting outdated fixtures to new energy efficient styles will not only increase your home’s value, but will also save you money on energy costs.
Removing popcorn ceilings can be tackled in a weekend and will instantly increase your home’s value. Just be sure to have your ceiling tested for asbestos before you begin.
Spending a weekend working on your home’s landscaping and adding interest through shrubs, borders, and lawn décor will instantly add curb appeal and increase its value.
Contact Us for Help
For all your home investment needs, contact our experienced New York real estate attorneys at Cavallo & Cavallo. We have nearly 30 years of legal experience in handling all types of real estate transactions in the area, and provide effective, professional legal service you can count on. With offices in the Bronx and Westchester, we are your neighborhood law firm. Call or contact us online today for a free consultation.