Seeing how drastically things have changed in the past year due to the COVID-19 pandemic, even if they considered it before, most people had given up the idea of moving and instead turned their attention to remodelling their homes. Even if their minds change, and at some point they do decide to sell their home, the upgrades they made
could significantly boost their home’s resale value. That is, if they chose wisely which home improvement projects to realize.
If you want to ensure you get the best bang for your back with your home renovations, take a look at the following list of fool-proof value-adding projects.
Thinking and planning in advance
Before you start the renovation, you should be well informed and aware of the top price you can get for your property. This is the maximum amount a potential buyer is willing to spend in your area before they find something similar (for the same money) in a better neighbourhood. If you’ve already reached that top price, don’t expect that the upgrades you make will add much more to the home’s value.
Kitchen remodel
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Since the kitchen is commonly considered to be the heart of the home, these updates generally pay off the most. According to research conducted by HGTV, you can expect around 60%-120% return on your investment, provided you don’t go overboard. One thing you need to be careful about is not to make your kitchen stand out too much from the rest of the house (or perhaps, even the “neighbourhood trend”).
If you want to sell your home in the next five years, keep in mind those potential buyers that might simply be turned off by a big, fancy kitchen.
Prices for a kitchen remodel can vary greatly, from $5,000 to $75,000, or even more. To get the most out of your remodel, start with a colour change. A fresh coat of modern and trendy paint can significantly improve the overall appeal of your kitchen, and it’s relatively inexpensive. Opt for low-VOC paint to make the space healthy and eco-friendly, which is another bonus both for your family now and for future buyers.
Finally, replace old kitchen appliances with new, energy-efficient models. Energy Star-rated appliances use less energy, save money and are better for the environment. All of these are also great arguments for potential buyers who are also looking for ways to save money when buying a new home.
Bathroom upgrades
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If you have only one bathroom in your home, you can get a great ROI by adding another one. According to some estimates, it can go up to 80% and even 130% of the initial sum you spent on a new bathroom.
When it comes to the best location for an additional bathroom, turn to any extra rooms or underutilized areas. Closets and areas under the stairs can also come into consideration. For a half-bath, you’ll need around 18 square feet and for a full bath with a stand-up shower, it takes about 30 square feet. If you have your heart set on installing an elegant, minimalistic, free-standing stone bathtub (for more information visit RenovationKingdom.com.au), then make sure you have at least 35 square feet of space to work with, or else you might be regretting said decision.
A luxurious, home spa bathroom is the ultimate expression of self-care and it doesn’t take much to give your existing bathroom some updates that will create a spa-like atmosphere. In addition to the aforementioned classy stone tub, installing modern fixtures, a double sink, and heated floors, and making the space more functional are the factors that boost home value the most. Also, consider adding some bathroom-friendly plants like a fern or bamboo, for the complete oasis effect.
Don’t forget the outside
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A well-maintained outdoor area can easily add 20% to your home’s value as well as make it more appealing to potential buyers. And, this is an area of home improvement where less is more. A simple garden that requires little maintenance is usually more attractive to buyers than a busy and over-decorated space that calls for constant care. A smaller, healthy lawn will be attractive to families with young kids and if you add some decorative trees and shrubs along with some quirky and colourful potted plants thrown into the mix, you’ll add a lot to your curb appeal.
To maximise the value of your yard, first, consider making it a safer and more private place. Security and privacy are among top concerns for buyers, and fences, walls or tall plants can offer a sense of separation but still allow lots of light to come in.
Good outdoor lighting is also important as it can make even a tiny garden look luxurious at night and let potential buyers imagine themselves enjoying their evenings there in the future.
Eating outdoors has become more popular than ever. A well-designed deck or a terraced area will extend your indoor living space outdoors. SoothingCompany.com has some really great outdoor fixtures to accentuate your outdoor space. The addition of clever built-in outdoor seating and a contemporary outdoor cooking station, should be enough to create that wow factor you wanted.
There’s a wide range of options for home improvement projects that will boost the value of your home but bear in mind that in times of a global pandemic and an uncertain real estate market, some of those mods might not be as profitable as they might have once been. If you’re set on remodelling your home, focus on the smaller projects and upgrades that will add charm and character, and make your home more attractive to budget-savvy buyers.
