The Commonwealth Blog

Monday, October 7, 2019

Renovations That Make Money in the Long Run

Does your house work perfectly for you? Are the kitchen, bathroom, and yard designed and decorated just the way you want them? Unless you had your house custom-built from the ground up, your answer to these questions is probably “no.”  If you want your home to be just the way you want it, you’ll probably have to make at least a few renovations.

Remodeling your home can make it a more comfortable, more functional place to live, but it can also impact the property’s value. Even if you aren’t planning on selling your house right now, it’s wise to consider the potential impact of renovations on the value of your home. While a pink bathroom with a bright orange bathtub might look good to you, it could put off buyers when you try to sell your house.

Increasing your house’s value is a good thing even if you aren’t ready to sell—it can improve your credit rating and be a successful stockpile for your wealth. The best part is, unlike many concrete investments, the price of your home is likely to increase.

What Renovations Pay Off?

Here’s our list of the potentially profitable home renovations you should consider, including some you may not have expected:

Upgrade to High-Efficiency Windows

Replacement windows look great, and depending on the age of your home, they can make a big difference in your utility bill. Upgrading your windows makes sense for your comfort and your pocketbook.

Add a Deck

If you have a good-looking, functional backyard, adding a deck is almost like adding a whole new room to your house. A deck is one of the most attractive and useful things you can add to your home.

Replace Your Garage Door

Replacing your garage door may not be the most obvious way to upgrade your house, but if you think about it, you use your garage door every single day, and it’s one of the property’s most visible features. A new garage door can do more than just look better—it can also be more energy efficient and make your garage more usable.

Update Your Kitchen

No discussion on home renovation would be complete without covering the kitchen. Most experts agree that updating your kitchen will significantly increase the value of your home, as long as you don’t go overboard with restaurant-style appliances or high-end finishes.

Home renovations can make your life better by improving the place you spend most of your time—however, not all renovations are created equal. When you plan a home renovation, keep your future buyer in mind. Your house’s extra value can benefit you in unexpected ways even before you sell.

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