Remodeling can be a huge undertaking whether you are preparing for a move or you want to increase the functionality of your home. Having an idea of what renovations yield the best returns can help you demand a higher price when you want to sell. It is important to evaluate the cost versus value before you decide on a remodel project. This article discusses a few renovation ideas that add the most value to a home.
- Kitchen Remodel
If done right, a good kitchen remodel should add significant value to your home. Before you start looking for enticing options for a makeover, it is important to keep in mind that not all kitchen upgrades are the same. A few upgrades that seem to add the best value include adding a kitchen island, updating or replacing your cabinets, upgrading appliances, replacing countertops, and adding a multipurpose work area. Most of these upgrades are all about increasing the functionality of your kitchen.
- Bathroom Remodel
A bathroom renovation not only makes it practical for you and your family but also improves the salability of your home. If you have an outdated bathroom, you can remodel it within the parameters of your current space. Some of the upgrades that appeal best to buyers include natural lighting, updated cabinet or fixtures, and new tiles. However, adding a touch of luxury and usability such as heated floors, more storage, a shower seat, double sink, and steam shower or jacuzzi tub in the master bath have a greater ROI.
- Build or Convert a Home Office
A great home office can add up to 10 percent to the value of your property if done right. The recent events of the pandemic have seen more people working from the comfort of their homes. As a result, many homebuyers are looking for larger, comfortable, and luxurious home offices where they can work peacefully without interruptions. It also makes sense when you think of people who never switch off from work like solicitors, surgeons, or other professionals.
- Expand Outdoor Space
Having a nice garden or backyard is an appealing feature for many potential homebuyers. The pandemic era has forced many people to stay and work from home. Outdoor spaces have acted as extensions of our living rooms, dining rooms, and kitchen. Some of the outdoor improvements that add value to a home include an outdoor kitchen, fire pit, and structures for shade and privacy. Although garden improvements add significant value to a home, they need to be landscaped and well maintained to keep their aesthetic appeal.
- Eco-Friendly Upgrades
Real estate experts recommend looking into your home’s sustainability for altruistic reasons and lower your utility costs. Installing solar panels not only helps you get through power outages but also saves you a great deal on your monthly electricity bills. The drive to live sustainably has gained a lot of popularity over the past years, especially in and around homes. Therefore, incorporating green features in your home will be a good investment and a great selling point for potential buyers.
- Passion Projects
Passion projects are home improvement projects that homeowners make for their favorite activities or hobbies without regard to cost. This may include swimming pools, game rooms, wine cellars, tennis courts, hot tubs, and even ponds. Honestly speaking, a swimming pool rarely adds value because many buyers view it as a high-maintenance hassle. Keep in mind that your passion projects may only appeal to buyers who think of them as necessary. You need to think twice before you convert your second garage to a game room twice if other homes in the neighborhood boast a two-car garage.
- Smart Home Tech
Almost every demographic enjoys the powerful and reliable features that smart tech devices can offer. For it to be qualified as a “smart home”, it needs to have network-connected products via Bluetooth, Wi-Fi, or similar protocols that control, automate and optimize functions such as lighting, temperature, security, and entertainment. All these need to happen remotely by a phone, computer, tablet, or a separate system within your home. All these unique features make great selling points for a smart home.
Before undertaking a major home renovation project, it is important to keep your buyers needs in mind. Think of how long the additions will stay useful and practical once they are finished since most buyers assess these factors before making the final purchase decision. In most cases, it always comes down to what sells best and offers a greater appeal to potential buyers in the real estate market.