When looking to sell a house in Ohio, the greatest concern for many homeowners is the value their house is likely to fetch in the market. Many will be left pondering whether undertaking some renovations on it will pay off by increasing its resale value. And if it will, what specific areas of renovation are more likely to raise the value and by how much. Fortunately for homeowners, various remodeling projects have been known to raise the resale value of a house and also offer the potential of a high return on the re-structuring investment, ROI.
According to an annual report on the cost versus value of renovation projects by the Remodeling Magazine, some of the best
renovation projects to undertake are those on the exterior as they immediately improve the aesthetic appeal of your home on the first glance. First impressions to buyers matter a lot and can determine whether they will want to check the rest of the property by just judging what they see on the outside.
Other interior projects are also very critical to consider for renovation in the modern day. Areas such as the bedrooms, kitchen and bathrooms are likely to provide higher returns than other areas.
On average, kitchen remodels return about 70 percent of their investment but this can vary depending on the region where the home is located. In the hottest housing markets for example, springing for a kitchen remodeling is a sure-fire investment, often netting in more than 100% of the remodeling costs.
Kitchens and bathrooms are areas in a home where you can definitely tell if money has been well spent or not. Furthermore, these two are the most expensive areas of a home and where people want to spend much of their time, says architect Steve Straughan of the KAA Design Group.
In many cases, a major redesign of the kitchen is not always the way to go especially if the space is in good working condition. Instead, you can go for simpler yet very effective updates such as refinishing the surfaces, upgrading your appliances, using natural wood or stone floors and countertops, as well as having new light fixtures.
On average, remodeling a bath brings in about 65% return on the investment; but again, this varies from location to location and has to be done right. A bathroom is a sanctuary that many homeowners highly value when buying property. Therefore, many homeowners will be looking to have a modern bathroom with custom showers, glass dividers, two sinks, classic cabinets, and spectacular lighting.
If most parts of the bathroom are in good condition, then it will do no harm to just give it some new painting, finishing and simple additional amenities to make it a little more modern. But if the bathroom is too outdated, major remodeling to overhaul everything is necessary.