In the current era of recession, the housing market is faltering more and more, according to real estate experts. As the economy is lagging, it becomes exceedingly difficult to combat declining property value. So how is it possible for the average homeowner increase their property value?
Every little bit counts when it comes to remodeling and renovating your home. For instance, a home with a new sink in the bathroom or a new hardwood floor in the living room will be worth more than one without. Renovating your home can be relatively easy and not nearly as time or cost consuming as you might be led to believe.
In order to get “cooking” with your renovations, the kitchen is always a good place to start. If you are mindful of your budget and don’t get carried away, this can be a relatively inexpensive endeavor. A light kitchen renovation usually starts around the $20,000 mark, but can be as expensive as $50,000 or more. Keep in mind that you don’t have to rip out and replace every cabinet or every appliance. You can just as easily revamp your kitchen with a new countertop or new hardware. Focus on the areas that need to be repaired or replaced, and it will be much easier to stay within your budget.
While your bathroom is one of the smaller rooms in your home, it can have drastic effects on your property value should you choose to resell it. Renovations in this area can be relatively easy and inexpensive: average bathroom repairs are usually around $10,000. Replacing leaky fixtures, installing a new tub, or even repainting your bathroom are just a few of the options that can spruce it up. If you decide to redecorate, however, choose colors and fixtures that are neutral and timeless instead of opting for more stylish fads. This will ensure that your efforts pay off in the long run.
If the outside of your home is an eyesore, replacing the siding might be a prudent investment. This will completely transform the appearance of your home and make it more appealing to potential buyers. Siding serves as a sort of shield over the materials it covers, so the better quality of siding you choose, the better it will protect and prolong these materials. The best types of siding include fiber-cement and acrylic, which can raise your property value and recover construction costs as much as 88%.
When renovating your home, it’s best to create a budget and stick to it. Don’t let yourself get carried away with every little detail, and try to focus on the areas that dearly need repair. Even the most miniscule of repairs can increase your property value, regardless of the current economic state. And while any project has the potential to be more trouble than it’s worth, as long as you are mindful and stick to a plan, your rise in property value will pay off in the end- literally.