Whether you’re looking to sell your home in New York City or simply want to enjoy it more while you live there, remodeling with an eye toward increasing your home value is a smart move. While some renovation projects have a larger impact on your home’s value than others, it’s important to do research and pay attention to local trends before making any changes to your home.
The Best Renovations to Increase Your Home Value
According to Remodeling Magazine, a kitchen remodel is one of the best investments best renovations to increase home value you can make in a home, and it will also have the largest impact on your property’s value. Replacing cabinets and appliances, as well as updating countertops and flooring, will increase the value of your kitchen and help you recoup your investment when it’s time to sell.
Another way to boost your home’s resale value is by creating an outdoor space that will attract buyers. Whether it’s a custom pizza oven or koi pond, an outdoor area can make a big impression on potential buyers.
Some projects may actually hurt your resale value, especially when it comes to luxury upgrades that aren’t on par with your neighborhood’s average. For example, installing marble floors in the bathroom or a built-in home theater that will take up lots of space and become outdated quickly can decrease a house’s value.
Over-personalization can hurt your resale value, as well. A homeowner who has a specific favorite design or furniture style in their home may feel more attached to the space, but this can also turn off potential homebuyers. For instance, if you have a recording studio in your basement, that’s great for your needs, but not the preferences of a buyer.
Other things that can hurt your resale value include converting a garage into living space or knocking down walls to add square footage. Adding bedrooms is often the most effective way to boost your home’s appraised value, but removing a closet in order to add a room can make the space look small and dark.