How To Add Value With A Home Renovation Addition
On todays installment of Fiduciary Friday, Joe’s topic is inspired by a fans question how to add value with a home renovation. The question is, “We currently own a 3 bedroom 2 bathroom home and are considering doing a renovation/addition. Is it more valuable to update, enlarge the Master Bedroom and add an ensuite bathroom, or add 2 more bedrooms?”
How To Add Value With A Home Renovation Addition: Additional Bedrooms
Let’s start with what buyers are looking for. A large majority of perspective buyers are looking for a 3 bedroom, 2 bathroom home. While there are a small percentage of buyers looking for more bedrooms, that would not drastically increase the value of your home. Buyers usually are not willing to pay more for the extra bedrooms. While it may be a selling feature for that few percentage, there really isn’t a large demand for a 5 bedroom home, that would be worth spending the money in the renovation/addition. A better option would be a 3 bedroom plus 1 bedroom in the basement, if you needed the extra space. Questions about selling your home? Click here to ask Joe how to add even more value to your home.
How To Add Value With A Home Renovation Addition: Where To Add Value
When you decide to do a renovation/addition to your home, you want to make sure you are going to get the most value for your money, should you ever decide to sell. If your home is a 1 or 2 bedroom home, absolutely add a 3rd bedroom. If you have a 1 bathroom home, a 2nd bathroom would be advantageous as well. You can also never go wrong with an updated kitchen and bathroom. All these will add more value to your home.
So Which Is Better, Adding 2 Bedrooms Or A Master Suite Upgrade?
In Joe’s opinion, it would be in your best interest to upgrade the Master Bedroom and add the ensuite bathroom. It will add more value to your home, and appeal to more perspective buyers in the event you ever decide to sell your home.
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