When considering which rooms to renovate in your home, it’s important to keep in mind which upgrades are likely to give you the greatest return on your investment. A recent report by Remodeling Magazine indicates that top five projects that recoup the most dollar resales.
1. Kitchen – The best way to increase your home’s value is to do a complete kitchen renovation. Aside form stainless steel appliances and modern finishes on cabinets and countertops, upgrade the room’s electrical and plumbing to get the most bang for your buck.
2. Master Bedroom – Whether you choose a full renovation or simple cosmetic changes, updates to a master bedroom are well worth the money. For a master bedroom overhaul, consider adding an en suite bath and fireplace. For smaller improvements, create a sitting area, install double sinks, and add plenty of closet space.
3. Open Floor Plan – Entertainment areas are a must in today’s homes, so reconfiguring a living space is a wise investment. Removing walls around your kitchen drives an open concept and makes it easy for homeowners to attend to guests.
4. Two-Story Addition – Although expensive, two-story additions expand square footage; one two-story addition can add up to three extra rooms. However, it is often a lengthy project that requires a family to relocate temporarily.
5. Basement – Finished basements add living space, but they will only increase resale value if basements are common in the neighborhood and region. Be sure to carefully reconsider whether a renovation is right for you.