By Victoria Kilcullen-Bond
Have you wondered what improvements or renovations you could make to your home to improve its value? Is it adding a steam room? A home gym with the latest equipment and mirrors? How about a home theater with a state-of-the-art sound system?
Home renovations can be a great way to increase the value of your property and make your living space more comfortable and functional. Not all renovations are created equal and some will provide a higher return on investment than others.
Here is useful information to answer your questions if you’re considering a home renovation that will provide the highest ROI.
The kitchen is the heart of the home and a well-designed kitchen can significantly increase property value. Renovations such as adding new countertops, cabinets and appliances can give your kitchen a modern and updated look.
Countertops are an important element of kitchen design.
Not only do you interact with them every day, they are also one of the first things people notice when they walk in the room. Quartz, granite and marble remain the top choices. The addition of an island or breakfast bar can also increase functionality and convenience. A kitchen renovation can provide an ROI of up to 80%.
Bathrooms are where renovations can provide a high ROI. Upgrading fixtures, adding new tile and installing a new shower or bathtub can create a spa-like atmosphere and make the space more functional. Today’s tech savvy buyers also love features such as smart mirrors with built-in voice activated Alexa or Google Assist, digital showers that control the temperature and flow of water and smart toilets which feature heated seats, bidet functions and automatic flushing. Adding a second bathroom can be a valuable investment. Bathroom renovations can provide an ROI of up to 70%.
Outdoor living spaces
Creating a beautiful outdoor living space can significantly increase the value of your property. Outdoor kitchens, fireplaces and seating areas are popular additions that can make your backyard feel like a luxurious oasis. Don’t forget outdoor speakers and good lighting. People often ask about pools. The answer is that nobody is ambivalent about pools. Buyers love them or resolutely do not. I would advise adding a pool to your home if it brings you joy and suits your lifestyle, but not as a feature to increase the value of your home. Outdoor living space renovations can provide an ROI of up to 50%.
Energy efficient extras
Energy-efficient upgrades such as adding insulation, up- grading windows and install- ing a new HVAC system can not only save you money on your energy bills but can also increase the value of your property. Buyers are increas- ingly looking for homes that are energy-efficient. These upgrades can provide an ROI of up to 30%.
More square footage
If your home is on the smaller side, adding square footage to your home can be a valuable investment. An extra bedroom or expanding the living room can make your home feel more spacious and functional. Open floor plans have been trending for the last two decades. Consider flooring choices. Engineered hardwood is extremely popular and cost efficient. Adding square footage can be expensive, but the ROI can be up to 60%.
Home renovations provide a significant return on investment, but it’s important to choose your projects wisely. Kitchen and bathroom renovations, outdoor living spaces, energy-efficient upgrades and adding square footage are all renovations that can provide a high ROI. By choosing the right projects, you can increase the value of your property and create a more comfortable and functional living space.
Often when homeowners make changes, they wonder why they didn’t do so sooner.
The writer is a real estate specialist with Long and Foster.