Before our clients are ready to move homes, they frequently ask us about the return on investments for their renovations. Nothing makes us cringe more than a renovation right before listing, which does not add value. Some renovations may even reduce a home’s value! Here are 6 of the most valuable home improvements which are attractive to homebuyers today. These updates should yield the highest return when you are ready to sell.
1. Energy Efficient Upgrades
Examples of energy efficient upgrades include: upgrading insulation, replacing doors/windows and even replacing your thermostat. Not only can they add value to your home, but they will also decrease your monthly utility bills.
Insulation
Improving your home’s insulation is a key way to improve energy efficiency in your home. Increasing your attic’s insulation makes a huge difference in keeping the warmth in and reducing heating expenses. This is especially important if you live in an older house where insulation may have been added as an afterthought.
Door & Windows
Replacing old windows with newer models keeps warmth inside during winter and cool air in during summer. Additionally, this renovation gives your home a facelift and your utility bills will thank you for it!
2. A Fresh Coat of Paint
There’s nothing like a fresh coat of paint to liven up a home. Be sure to paint in a neutral tone, both inside and outside. This is probably the most inexpensive way to update your home and ensure you attract more buyers, when you sell. If you crave more excitement on your walls, think about painting just one wall more colorful, as an accent wall.
3. A Finished Basement
Finished basements add useable space for things like a home gym, entertainment/bar area, game room or kids’ playroom. Be sure to use water resistant materials, test and repair any water damage while finishing your basement.
Finishing the basement in your home, creates more living space that is easily accessible from the rest of your house. Lacking storage in your home? The basement is an ideal place to store anything you are attached to but not ready to chuck out. Check out the IKEA Pax Systems which are fully customizable to your needs.
4. Kitchen/Bathroom Remodels
A beautifully renovated kitchen and bathroom will allure many homebuyers. Some kitchens and bathrooms may need a complete overhaul. However even minor fixes like new countertops, faucets and handles are enough to give your space an updated look. According to Royal Lepage, kitchen renovations typically yield the greatest return on investment. On average, a kitchen renovation has the potential to increase a property’s value by 20%. Homeowners who update their bathrooms, could generate a recoverable value of about 85% according to the National Bank.
The kitchen is often one of the most important rooms in a house. But it’s also one of the most expensive spaces to renovate. For this reason, it’s important to plan ahead when planning your kitchen remodel. You don’t want to find yourself with inadequate storage space for all your cooking gear and dishes. Additionally, you want to ensure you are able to reach what is stored on high shelves.
When renovating your bathroom, consider things like lighting and storage space. You may want a vanity with drawers so you can store all those extra toiletries out of sight. Kitchen cabinet makers are a great resource for bathroom vanities, customized to your desire.
5. Exterior Improvements
When it comes to home renovations, there are a lot of options. Here are some of the best long-lasting renovations you can do in your home:
Upgrade Your Front Door
Your front door is a big part of your home’s first impression. It’s important that it looks great and feels welcoming. A new front door adds value to your home, giving it a luxury feel without breaking the bank. It should also last for years to come.
Replace Your Garage Door
Not only will a new garage door boost your home’s curb appeal, it adds an extra layer of security. Additionally, a new garage door will decrease the time and money you have to spend on maintenance. Finally, it is yet another upgrade which will reduce energy costs through increased insulation.
Low-maintenance landscaping
If you’re looking to add plants and flowers to your front yard, consider ones that require less maintenance. Plants like perennials and bulbs, will come back year after year without any extra care on your part.
Removing an old awning or adding a deck
If your current deck is more than 20 years old, it might be time for an upgrade! A new deck makes it more pleasurable for you and your guests during the summer months. You’ll also may have more room for outdoor furniture or other amenities such as grills or fire pits. If you are redoing your deck from scratch, you can incorporate a space under the deck as storage space. This will free up space in your home too!
6. Home Office
With the current trend toward work-at-home schedules, converting a spare room to a functioning home office is attractive to many homebuyers today.
Home offices are not only functional, but they can also be a great way to increase the value of your home. This is especially true if you’re looking to sell your house in the next year or two.
A well-designed home office can create an appealing space for both clients and family members alike and boosts productivity.
Conclusion
The best way to ensure you get the most return on your renovation dollars is to make sure that you are able to update or add a feature that homebuyers are looking for in today’s market. Homebuyers today are looking for homes with modern, open floor plans, and they want those homes to be energy efficient.
These six improvements will not only create significant appeal for today’s buyers but will also have resale value when you’re ready to sell.