4 Renovations That Raise the Value of Houses

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Real estate is a major industry in the U.S. with a massive net worth. According to The World Property Journal, the combined total value of the nation’s housing market reached 33.6 trillion dollars in 2020. Furthermore, data from the National Association of Homebuilders, or NAHB, shows that housing service costs and residential investment account for approximately 15% to 18% of the country’s gross domestic product on average. Real estate investment may bring both great wealth and great loss. It is no surprise that individuals are willing to expend large amounts of funds on it. There are even firms like the one run by Paul Daneshrad that specialize in it. Renovations are one way to add value to property, raising the return potential.

1. Kitchen Remodel

Most people spend a great deal of time in their kitchens. These serve as cooking, food storage, gathering and eating places all in one. One of the biggest selling points for a home is the kitchen, with space, appliances and appearance all factoring in. A more contemporary, sleek and modern look may attract more interest than one that dates back decades.

2. Paint Overhaul/Touch-up

Prospective buyers are often reeled in or turned off by a structure’s outer veneer. Paint is a big part of curb appeal, and a neat, fresh coat and/or trim in a fitting color is more likely to make a good impression than peeling strips, faded patches and chips. Repainting the interior walls may also make a home look and feel newer.

3. Energy-Efficient Upgrades

Installing new windows is another way to add to a building’s attractiveness. Choosing energy-efficient windows is a good move in today’s more environmentally conscious society, especially since they also save money on heating and cooling costs. For the same reasons, replacing the insulation with an energy-conserving form is also a financially sound choice.

4. Porch

Porches come in a variety of styles and colors and can be custom-designed to fit existing homes. They provide an aesthetically pleasing extra space perfect for spending time with family, entertaining guests and enjoying the outdoors in peace. Picking a screened porch or screening one in is another option; doing so allows these activities while keeping out annoying insects and debris.

While these renovations may not always pay off, they generally do. There are also other ways to improve buildings, but it is important to research them before pursuing them as some may end up being more trouble and money than they are worth.