The COVID-19 pandemic cast homes around the globe in a whole new light. It subsequently shifted which renovation projects can increase a home’s value. Our homes have now become places where we can relax and recharge while working without commuting to the office. And yes, you can “vacation” without leaving town if necessary.
Kitchens and baths still matter to home buyers. But now a home office and outdoor entertainment have been rivaling these spaces of importance.
According to reports, the desire to make homes a sanctuary from the world ranked as the number one reason for renovations in the market. In this article, we’ve researched and put together some insights from top home renovation experts. This will help you in prioritizing your list of renovation projects.
Home Renovation Ideas to Consider
Homeowners usually undertake major renovation projects to upgrade their homes. These projects are carried out even before putting the house up for sale. After all, renovation projects are believed to send the sale-price soaring.
Unfortunately, that’s not always the case as there are cases when upgrades fail to pay for themselves. Read on to find out about some of the best home renovation ideas to consider.
- Consider the Basics
Basics are the things that home buyers look for when shopping around for a house that suits them. This includes a roof that doesn’t leak and solid floors. They also want:
- A dry basement
- A reliable furnace
- Functioning gutters and downspouts
- Functioning plumbing and HVAC systems
Potential home buyers including first-time buyers always have a checklist that includes the above amenities and much more.
In upscale properties, the basics might include ensuring that there are a certain number of bathrooms, bedrooms, and multiple car garages. We are not saying that you have to upgrade every room. You can choose to focus on regular maintenance, then do cheaper improvements that will keep everything in good working order.
You can, for instance, install modern plumbing products. especially, if your house is located in an area that’s affected by water shortages. This will ensure that water is used more efficiently. To get plumbing products, you can reach out to PlumbersStock for their great deals. They also have a wide selection of products that will ensure that your installation needs are met.
Note that adding the basics to a home that lacks them will not add any value to it. That will simply bring the property to the standard of the rest of the homes in the neighborhood. It will ensure that you ask for a comparable price.
You may want your house to stand out from the competition. However, you shouldn’t make renovations that will greatly exceed the neighborhood standard. That’s because it can cause you to lose money as it may scare off potential buyers.
This means that you must consider what the competing properties in your neighborhood have to offer. That’s before investing a lot of money in an elaborate project.
- Landscaping
Landscaping can help to add value to your home. It helps to make the home more enjoyable to live in.
Note that knowing what you want your landscape to look like is the first step in a landscaping project. You can then research and look at some landscaping images for inspiration. Once you’re sure of the overall look that you want, you can start planning for the specifics, such as the kind of plants you want.
So how can a homeowner save money on landscaping?
Remember to keep in mind the practical aspects of your landscape. Think of the cost of maintenance and the type of climate the landscape needs to survive.
Start working on making your vision a reality once you have a better idea of what you want. If you’re not sure of where to start, note that there are a lot of resources available out there. These resources can help you in planning and executing your landscape.
- Best Value for the Buck
Some of the projects that add value at resale are the favorites of fix-and-flip. These projects should be high on a homeowner’s list when renovating their home. Though some of the project upgrades may not recoup all their costs, others will come close.
Based on the National Association of Realtors, the following are some of the projects with the highest return on investments:
- Wood flooring
- Upgraded bathrooms
- Basement or attic conversions
- Kitchen renovations with new countertops and state-of-the-art appliances.
The above projects often recoup 80 percent of their cost at resale. Some exterior work such as roofing, siding, refurbished decks, and energy upgrades also deliver at resale.
- Consider the Curb Appeal
These are the kind of projects that make the property look good as soon as potential clients see them. They may not add a significant amount of monetary value. However, they will help your home to sell much faster.
You should never underestimate the power of a positive first impression from a well-manicured lawn, low-cost landscaping, and exterior fixtures. Lighting is another important factor that you mustn’t forget, but be sure not to overdo it.
You may want your house to look bright and inviting. But, you should also consider installing simple lighting for a modern upgrade.
- Reinventing a Room
How about you consider adding more square footage to your home by adding one more room? This will help to increase the home’s value. Remember that your investment can be recouped in a home value.
But do you know the kind of space you’d want to add to the house? A lot of the common homeowners opt to finish a basement. Alternatively, you can choose to upgrade an attic to a bedroom while doing all these.
Be sure to keep the costs in mind. Note that the average basement remodel costs are valued at $64,000. This is according to the Remodeling’s annual costs vs report value.
Conclusion
According to statistics, more than 70 percent of Americans tackled home improvement projects during the Covid-19 pandemic. Millennials are said to have spent the most to get the job done according to the Bank of America.
It’s important that you keep pace with what buyers want and what can increase your home’s resale value. That is what will help you in deciding where to focus your effort.
Speak to a local real estate agent about the kind of renovations that will increase your home’s resale value in your area. Then see which renovations will help you enjoy your space the most until you’re ready to hit the market.
