Many people take advantage of home remodeling to increase their home value. They often sell their property quicker and at a higher price thanks to their home remodeling achievements. Many times you can earn $2-3 on every $1 you spend. That means remodeling your home can actually earn you money.
The problem is most people aren’t sure where to start with their home remodeling project. The two most popular areas to increase home value via remodeling are:
- Kitchen Remodeling
- Bathroom Remodeling
The wonderful thing about these two areas of home remodeling is they aren’t very large in nature. Unlike opening a den where you need to remove walls, a bathroom remodeling or kitchen remodeling project is done on a smaller scale. As a result, you don’t have to spend nearly as much money on your home remodeling project to make your house look fresh and new.
But let’s discuss some specific projects that will increase your home value in these two particular areas.
If you’re considering remodeling your kitchen, a good place to start is with the cabinets. That’s because they’re one of the first focal points you notice when entering any kitchen. A fresh coat of paint on any exposed walls also helps. Not only will the room smell fresher, it will look new as well. Other items on your to-do list can include:
- New Appliances
- Stainless Steel Sinks
- New Counter Tops
- New Tiles or Backsplashes
- Hardwood or Laminate Flooring
Kitchen remodeling can also include new furniture such as breakfast nook tables and chairs, island carts, or barstools. You don’t need to spend a small fortune on your kitchen remodeling project. It just needs to appear visually appealing to potential buyers.
Remember, the newer your home appears, the sooner you’ll sell it at a price you want. Remodeling your kitchen is a cost-effective way of doing just that.
Much like kitchen remodeling, bathroom remodeling also increases your home value. Better yet, the bathroom is even smaller in size than the kitchen…at least in most homes. So if you’ve considered remodeling your bathroom to earn more on a home sale, don’t forget the following areas to update:
- Counter Tops and Vanities
- Flooring and Tile
- Tubs and Showers
Home Remodeling Cuts Taxes
Another fact that many people don’t realize is there can be an additional benefit to home remodeling when tax time comes. Here’s how it works:
When you earn money on the sale of a home, you’re charged a capital gains tax. What that means is any money you make over…