Home renovations have long been considered an investment that can increase property value. According to a study by SignalsCV, home renovations can boost property values by up to 15% in some cases.
One of the main reasons why home renovations can be beneficial is because they often involve updating outdated or inefficient systems and technologies. This can include replacing old appliances, installing energy-efficient windows, and upgrading electrical and plumbing systems. These upgrades can significantly improve the overall livability and functionality of a home, making it more attractive to potential buyers.
Another reason why home renovations can increase property value is because they often involve improving curb appeal. Upgrading outdoor spaces such as patios, decks, and landscaping can make a significant impact on how a home looks from the street. Additionally, renovating interior spaces can include updates to flooring, walls, and trim, which can create a more welcoming and inviting atmosphere.
It's worth noting that not all renovations are created equal when it comes to increasing property value. Investing in projects that are specifically tailored to your home's unique needs and characteristics will often yield the best results. For example, if you live in an area prone to flooding, installing a waterproof roof or septic system may be a worthwhile investment.
According to the SignalsCV study mentioned earlier, homeowners who made renovations to their homes between 2015-2020 saw an average increase in property value of over $50,000. This is significantly higher than the national average, which is typically around 3-5%. While this may not seem like a lot, it can still make a substantial difference for homeowners looking to sell or refinance their homes.
Ultimately, investing in home renovations can be a smart decision for homeowners. By upgrading outdated systems and technologies, improving curb appeal, and creating a more functional and inviting interior space, you can increase your property's value and potentially recoup some of the costs at resale.
https://signalscv.com/2021/10/why-home-renovations-increase-property-value-are-a-good-idea/