The decision to make a small home renovation, like replacing the windows or front door, is not a terribly difficult one. Such renovations are relatively affordable and generally offer a good return on investment when you sell the home. Larger renovations in the $40,000 or more price range, however, deserve more careful thought and consideration. Some are rarely worth it. Adding a second kitchen onto your home, for instance, may actually turn off some future buyers rather than improving the value of your home. However, there are some major renovations that are generally worth it. The following are four of them.
1. Additional Bedrooms
If your home already has four or five bedrooms, this may not apply. But if you have a two-bedroom home, adding an extra bedroom will greatly improve your home value. There are so many more home buyers looking for three-bedroom homes than for two-bedrooms. Even young couples typically want to buy a three-bedroom home rather than a two-bedroom one so they have space for a guest bedroom and a home office or den. If your home has three bedrooms, adding a fourth one is still worthwhile. Growing families with one child already, and plans for more, are often on the hunt for four-bedroom homes — and since this is typically a move-up home for such people, they are willing to pay a little more.
2. Expanding a Bathroom
If you have a one-bathroom home or one full bath and a half bath, adding a second bathroom (or expanding the half bath into a full bath) is almost certainly worthwhile. Gone are the days when it's typical for families to share a bathroom. Most home buyers won't even look at a house with just one bathroom.
Do pay close attention to where the second bathroom is placed. It will be easiest for your remodeling company to place it directly above or below your existing bathroom or kitchen so they do not have to run extra pipes. However, if this would place the second bathroom in an inconvenient area, such as right next to the kitchen, it might be worth paying a bit more to have the new bathroom placed in a different space.
3. A Mudroom
Adding some sort of mudroom or enclosed porch or three-season room is bound to be beneficial to you, and also to anyone who buys the home in the future. One reason for this is that there are so many ways to use a mud room. You might use it to hold your muddy gear after you've been working in your garden. A family that buys the home in the future may turn it into a patio lounge with a hot tub. Almost everyone will find value in this addition and will be willing to pay for it.
4. Expanded Garage
If you only have a one-car garage, adding on to make it a two-car garage is a great investment. Most families have two cars, and this enables them to store both cars indoors. A two-car garage is also much more suited for use as a hobby space. Future buyers can use it as a working shop, as storage for something like golf equipment, or even as a hangout lounge with pool tables and the like. They will pay more for a home with a two-car garage because it's very versatile space.
All four of these home renovations will take plenty of time and money to complete. However, when you sell your home, the changes will make it easier to sell and will earn you more on the sale. That, in the end, makes these big changes worthwhile.