Home renovations that improve the look or condition of a house can serve numerous purposes.
For those homeowners looking to improve the value of their homes, it is important to understand the 3 types of renovations that home renovation contractors can do and how they affect home value.
Based on these 3 categories, homeowners can effectively plan with home renovation companies and know what to expect with regard to the worth of their house.
- Basic Repairs and Renovations - This basic level of home renovation is mostly maintenance and repair-related, not so much about cosmetics and upgrades. These are the improvements that include roofing repairs, repairing wall cracks and other wear-and-tear home damage, and making upgrades that are safety-based, like upgrading wiring or plumbing. Minor bathroom and kitchen remodels that home renovation contractors can do for smaller budgets are also included under this basic level of upgrade when they do not require redesigning entire rooms but only improving the appearance somewhat. Since these modifications fall mostly under home maintenance, a home's value might not go up, but it also will not reduce due to being outdated or in need of repair.
- Cosmetic Upgrades and Improvements - True cosmetic improvements done by home renovation companies are much more in-depth and include adding fixtures and features to increase functionality, moving things around, and even adding additions to the home. The majority of improvements that home renovation contractors do for the purpose of both making a home more comfortable and increasing its value are in this category. These projects commonly include bathroom and kitchen remodels, replacement window installations, interior and exterior repainting, and creating more usable space with built-ins and other storage features.
- Personal Home Improvements - The last category of improvements that home renovation contractors handle are personal remodels that serve the desires of the homeowner. These can be as minor or grand as a homeowner wishes, as the main purpose is to create an environment that is more comfortable and useful for the people living within the house. Personal renovations done by a home renovation company may not necessarily increase the monetary value of the home, but they can definitely increase the personal value of the home to those living in it.
When planning home renovations, homeowners should begin the process by asking themselves what their goal is in making this investment.
If the purpose of hiring a home renovation company is to make the home more comfortable while also increasing its value, a cosmetic renovation is most suitable.
When raising the value of the home is not one of the prime goals, basic remodels and updates or more complex renovations to taste can be more suitable.