Adding new value to your home
When considering a home remodeling project, your own comfort often comes first. Nevertheless, it is interesting to know that a remodel can also have a positive impact on the value of your home. However, not every remodel has the same effect on home value.
A well-maintained house contributes significantly to its value. Potential buyers become critical when seeing chipped paint on window sills. Maintenance is important not only to maintain value, but also to avoid a leaking roof - something no one wants in a home.
Maximize value by expanding dwelling area
Living area is a crucial factor in determining home value. Whether you choose to add an addition, build-out, dormer, or utilize your attic, it arguably affects the value of your home. While the investment can be substantial, it is possible to add as much as 60% of this cost to the home value. Sometimes the investment can even nearly equal the increase in value. However, it is wise to take into account the possibility of a smaller yard when expanding, which can slightly limit the increase in value.
Sustainability pays off
Investing in sustainability offers several benefits. In addition to increased comfort and lower energy costs, it also increases the value of your home. Recent data from the NVM show that a home with a better energy label is worth an average of 7.2% more than a comparable home with a lower label.
Aesthetic remodeling: weigh the costs and benefits
Renovating a bathroom, kitchen or toilet can give your home a luxurious look. For example, a new kitchen can quickly cost €12,000, while a new bathroom can cost around €8,000. Generally, however, you see less than 50% of these costs reflected in the increase in value, because taste plays a big role here. Not everyone shares the same preference for a country kitchen, for example.
A patched garden and home value
While a spacious and well-located garden can increase the value of your home, this is not true to the same extent for a refurbished garden. After all, gardens are very personal in terms of taste. Choose to spruce up your garden if it gives you pleasure, but realize that this does not have an immediate impact on the value. Nevertheless, your garden acts as a calling card when selling, so keep it up to date.
Remodeling your home can feel like living in a whole new home. While major remodeling has its price tag, it also offers a new lease on life. If you're in need of more space or your kitchen is in dire need of replacement, our advisors are ready to help you finance your plans. Contact us with no obligation.
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