xperts believe that the housing market will be highly profitable this year and in the coming years because of the housing shortage. On the flip side, some say that people shouldn’t start selling their houses if they want to profit greatly from this situation. They believe it’s wise to wait for inflation and interest rates to change first, before diving deep into the market.
However, regardless of whether you want to sell now or later, you must start doing some renovations to improve the resale value of your house first. Unfortunately, even if you want to go all out in improving your home’s worth, you can’t, especially if you don’t know where to start. After all, renovations and remodeling can easily wipe your wallet clean in an instant.
So, the best way to approach this is to know which renovations add the most value, provide you with the best return on investment (ROI), and help you sell your house faster. To learn about them, read the rest of this blog post.
1. Painting your house’s exterior
The fastest and easiest way to increase the value of your home is to let residential renovation companies repaint its exterior. Remember that a simple dash of new paint on a home can effectively increase its curb appeal, resulting in better resale value. Aside from being fast, easy, and practical, it’s also cheap and has a good ROI.
2. Installing a pantry
When renovating a house, installing a pantry should be one of your main priorities if you want to improve your house’s worth. It’s up to you if you wish to have a walk-in or cabinet pantry. As long as you don’t have any of the two, installing one right away can help increase your property’s resale value.
While pantries give a lot of use to homeowners, they’re often the most neglected and ignored when a house is built. And if a homeowner added a pantry because of a recent residential kitchen renovation, they’re usually small. Currently, more people want to have large pantries for their homes. Approximately 85% of buyers always ask if a property has a walk-in pantry.
3. Updating your bathrooms
If you want to know which renovations increase the value of a house, look no further: getting your bathroom done is one of them. Bathrooms take a lot of abuse from homeowners. After all, it’s one of the few places in your home that’s always in constant high humidity levels and increased water damage risks. Because of those two things, bathrooms often become increasingly ugly real fast.
Also, most home buyers consider a lovely bathroom a major selling point. A bathroom with clean and sleek surfaces can influence buyers and inspectors to evaluate a property’s resale value better.
4. Building a home office
Next on the list is letting a residential remodeler build or convert one of the rooms in your home to a home office. Because of the recent pandemic, most people are now into work-from-home (WFH) jobs, resulting in the massive need for a home office. According to the National Association of Home Builders (NAHB), 40% of home buyers desire a home office, and another 23% consider it a must for every home.
5. Adding new rooms
When renovating a house, the last thing you’d think of is adding new rooms. However, know that adding new rooms can surely increase the value of your home in the market. However, it can be a slippery slope because of the uncertainty of ROI it has compared to other renovation projects.
Remember, it’s easy to spend a lot of money on adding a new room to your home, but it’s difficult to convince buyers to help you recoup all the money you shelled out for it. If you’re in a position where you’re only left with this kind of renovation, it’s highly recommended that you focus on expanding the livable square footage. Remember that it’s economically wise to deal with residential renovation cost per square foot than spending on a highly decorated but small room.
6. Expanding functional outdoor space
Because of the pandemic, the perception of people toward their outside space has drastically improved. After being cooped up for so long, around 90% of Americans consider a property’s outside space highly valuable when purchasing. As much as possible, they want their home’s outdoor space to be highly functional and enjoyable.
Conclusion
Where should you start? Start with the renovation you can afford and need. For example, if a pantry can benefit you greatly while you’re still staying in your home, prioritize it. However, if you’re in a hurry, focus on doing the easy ones, like repainting.
References:
- “85% Of Home Buyers Want An Extra Large Pantry – Real Estate Experts Explain Why Your House Sale Depends On One”, Source: https://www.homesandgardens.com/news/home-buyers-demand-large-pantries
- “What Home Buyers Really Want”, Source: https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics-plus/special-studies/2021/special-study-what-home-buyers-really-want-march-2021.pdf
- “2021 Trend Report: Outdoor Living Space Is More Valuable Than Ever Before”, Source: https://www.prnewswire.com/news-releases/2021-trend-report-outdoor-living-space-is-more-valuable-than-ever-before-301239957.html
