- Home
- I’m...
I’m a Real Estate Agent: Here Are 5 Renovations That Will Boost Your Home Value Over the Next 5 Years
When you begin your life in a new home, you’re likely focused on the memories you’ll be making inside its walls. The opportunities to connect more deeply with friends and family help define any space. Of course, details like a spacious bathroom and beautifully decorated living room add to the ambiance.
Find Out: I’m a Real Estate Agent: 3 States Where You Should Sell Your Property in the Next 5 Years
Read Next: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
Creating a home that feels luxurious and modern doesn’t just help make more memories in high definition, it’s also essential to boosting your home’s value. According to real estate experts, there are certain renovations and improvements that will help make your home more attractive to buyers — sometimes to the tune of tens of thousands of dollars.
GOBankingRates talked to Theresa Wellman, a licensed realtor and real estate advisor, as well as the team lead for Homeowner Experience, to get a better understanding of the renovations you should start planning for to help you increase the value of your home within the next five years.
Adding an Extra Bedroom
According to Wellman, one of the most effective renovations you can make is adding an extra bedroom. She said that this choice can be especially impactful if it turns a two-bedroom house into a three-bedroom house.
Depending on the market, this renovation can do more than open up the space in your house, creating a temporary home office or allowing one of your kids to hop off the bunk bed and claim a bedroom of their own. Wellman suggested that it could increase your home’s value between $30,000 and $50,000.
Remodeling Your Kitchen
Whether you’re a passionate foodie or more likely to open DoorDash on a paper plate, you should still consider a kitchen remodel as a great investment in your home’s future value.
Wellman said that updating countertops, cabinets and appliances can modernize your home and up its appeal to buyers.
“I’ve seen clients boost their home’s value by $20,000 to $40,000 with a well-done kitchen remodel,” she added.
Learn More: 5 Types of Homes That Will Plummet in Value in 2024
Renovating Your Bathroom
Making your bathroom space more spacious and luxurious can do more than entice you to take more bubble baths (though that is a nice perk), it can also bring a high return on investment. Wellman suggested that your efforts focus on modern fixtures, good lighting and quality materials.
“Adding a new bathroom or updating an existing one can add $15,000 to $30,000 to your home’s value,” she said.
Replacing Your Roof
It goes without saying that you want a sturdy roof over your head. So do prospective buyers down the line, which is why Wellman suggested that while replacing your roof is a significant renovation, it can “add value and peace of mind for buyers.”
She shared that a new roof could add roughly $10,000 to $20,000 to your home’s value, depending on the size and materials.
Upgrading Your Energy Efficiency
Wellman shared that taking steps to improve your home’s energy efficiency, like installing new windows, better insulation or even a new HVAC system can not only attract eco-conscious buyers, it can also increase your home’s value between $10,000 to $25,000.
“I always recommend focusing on improvements that lower utility costs and enhance comfort,” she said.
More From GOBankingRates
- In Less Than a Decade, You Won't Be Able To Afford Homes in These 20 Arizona ZIP Codes
- These 10 Used Cars Will Last Longer Than an Average New Vehicle
- Trying to Build Your Savings? Make Sure Your Account Does These 6 Things
- 5 Myths About Debt That Nobody Should Believe in 2024
This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: Here Are 5 Renovations That Will Boost Your Home Value Over the Next 5 Years
- https://www.msn.com/en-my/money/homeandproperty/i-m-a-real-estate-agent-here-are-5-renovations-that-will-boost-your-home-value-over-the-next-5-years/ar-BB1nuk9k?ocid=00000000
Related
Suze Orman Says ‘Live Below Your Means, but Within Your Needs’: 3 Ways To Stick To This Rule
If there's one piece of advice money expert Suze Orman would want everyone to follow, it's "live below your means, but within your needs." Orman said that this is the key to financial freedom. Check...
MoneyShould I Retire Now? I'm 67, Have $2.5 Million in Cash, $500k in an IRA and Social Security
With $2.5 million in cash, $500,000 in an IRA and average Social Security benefits, someone who’s 67 is likely in a pretty good spot for retirement. However, retiring comfortably involves more than financial resources. It also requires balancing income and expenses. With that in mind, it may be necessary to reduce lifestyle costs or invest […] The post I’m 67 Years Old, Have $2.5 Million in Cash, $500k in an IRA and Social Security. Should I...
MoneyI don’t want my assets or homes to go to my stepchildren when I die. I have no children of my own. What can I do?
“The home we live in is mortgage-free.”
MoneyApple co-founder shares the best strategy his parents used while raising him: I'm 'the same way with my own kids'
Steve Wozniak says he became happier and more successful because his parents taught him to forge his own path and trust his gut.
MoneyA software developer who built a hugely popular early-retirement calculator says 2 'boring' tips are helping her reach financial independence
Lauren Boland, the creator of early-retirement simulator cFIREsim, said the path to achieving FIRE is simple but requires a lot of patience.
MoneyChase Bank threatens to make customers pay for upcoming changes
The bank isn’t afraid to make a bold move that customers may not like.
Money8 Rare Coins Worth Millions That Are Highly Coveted by Coin Collectors
The next time you decide to put all your spare change into the nearest Coinstar machine, take a moment to sift through it. You could be sitting on some extremely valuable coins that could help you...
MoneyWhy Car Prices Are Declining More Than They Have in a Decade — Should You Buy?
There's a lot of news about the economy, as of late, with inflation and prices on the rise, which continue to put a strain on the average consumer's pocket book. However, there is a bit of hope on the...
Money