Homeowners are constantly seeking ways to increase the value of their properties. According to Remodeling magazine’s 2021 Cost vs. Value report, a minor kitchen remodel recoups an average of 72.2% of its cost at resale.
With this in mind, it’s crucial for homeowners to invest in renovations that yield the highest return on investment. Let’s explore some key upgrades that can boost both the aesthetic appeal and marketability of your property.
Loft Conversions
At the top of the tree are loft conversions (and basements) which can fetch an extra 20% in value for your home. With the addition of a new bedroom or two, den or bathroom, this adds a lot of extra square feet to your home which in turn makes the price go up.
Be practical with your loft conversion or basement, understanding things like headroom, practicality, the need to move out to get it done and size of the rooms. And most importantly, don’t forget to have all your planning permits in place.
Kitchen Remodeling
The kitchen is often considered the heart of the home and a focal point for potential buyers. Upgrading your kitchen can yield one of the highest ROIs of any home improvement project and it is not usual to add an extra 15-20% in value because of a new kitchen. However, it is important not to over-spec on the kitchen because if you spend too much, this needs to be in line with our potential property values in your street and your area. If you spend $200,000 on a new kitchen, but the average house on your block is $500,000, the math doesn’t add up!
Focus on modernizing the space with new countertops, cabinets, appliances and lighting fixtures. Consider popular trends such as open shelving, kitchen islands and energy-efficient appliances to attract potential buyers and increase the overall value of your home.
Bathroom Renovation
Similar to kitchens, bathrooms play a significant role in a home’s appeal and resale value. Invest in upgrading fixtures, such as faucets, shower heads and toilets, to enhance functionality and aesthetics.
If space allows, consider installing a luxurious soaking tub, walk-in shower or double vanity to create a spa-like atmosphere.
Additionally, refreshing the bathroom with a fresh coat of paint, new tile flooring and updated lighting can breathe new life into the space and increase its desirability to buyers.
Energy-Efficient Upgrades
Energy efficiency is a top priority for many new homeowners. Investing in energy-efficient upgrades not only saves money on running your house but also adds value to your home.
Although there may be a high upfront cost, Installing energy-efficient windows, doors and insulation can often pay for themselves by improving the energy efficiency of your home.
Additionally, upgrading to energy-efficient appliances, such as HVAC systems, water heaters and lighting fixtures can attract eco-conscious buyers and increase the resale value of your home.
Outdoor Enhancements
Curb appeal plays a significant role in a home’s overall value and marketability. Enhance your home’s exterior by investing in landscaping, hardscaping and outdoor living spaces.
Planting trees, shrubs, and flowers can add color and vitality to your yard, while installing a deck, patio, or outdoor kitchen creates additional living space and improves functionality.
Adding outdoor lighting, irrigation systems, and fire pits can also enhance the ambiance and appeal of your outdoor areas.
Home Additions or Extensions
Expanding your home’s living space through additions or extensions can significantly increase its value and appeal to potential buyers. Adding an extra bedroom, bathroom or a home office can help accommodate growing families or changing lifestyle needs.
A converted basement or attic space can also add valuable square footage to your home and increase its overall marketability.
When planning additions or extensions, ensure they blend seamlessly with the existing architecture and comply with local building codes and regulations.
Cosmetic Updates
Simple cosmetic updates can go a long way in enhancing the appearance and value of your home.
Refreshing interior and exterior paint, updating light fixtures, replacing outdated hardware and refinishing hardwood floors can give your home a modern, updated look without breaking the bank.
Focus on neutral colors and timeless design elements that appeal to a broad range of buyers and stand the test of time.
Be Strategic With Your Home Improvements
Investing in strategic home improvements can significantly increase the value and marketability of your property. By focusing on upgrades that offer high ROI and appeal to potential buyers, you can maximize your investment and enjoy a more comfortable, attractive living space.
Whether you’re planning to sell in the near future or simply want to enhance your home’s value for years to come, these home improvements are sure to make a positive impact on your property’s overall worth in the real estate market.