Every year we always hope our home has gone up in value. However, some people are actually being proactive in achieving this. Are you dreaming of selling your home for top dollar? Or maybe you're a savvy buyer searching for a diamond in the rough. Either way, there's one thing you can't ignore: home renovation trends. Proper renovations can skyrocket your home's value, from high-tech upgrades to luxurious bathrooms and outdoor living spaces. But with so many options out there, where do you even begin?
So let's roll up our sleeves and get to work! In this article, we'll reveal the top 7 home renovation trends to increase your home's value and make it the neighborhood's envy. Don't worry; we've got you covered.
Know What's Trending
Before we take the full plunge into the renovations, let's look at the trending numbers. A comprehensive study was conducted by the experts at The Lending Times to determine the average cost and expected value added to homes for 34 remodeling projects across 1,300 U.S. markets. The cost was calculated by analyzing each project's size, scale, quality, and materials based on reliable online home improvement sources.
Labor costs were estimated using data from the Bureau of Labor Statistics and factoring in hours of worker time. Using a proprietary cost matrix, material and labor cost figures were adjusted by location.
70,000 Redfin homes undergoing a completed remodel were analyzed to determine the expected value added. The 34 remodeling projects were mapped to these listings, and a regression analysis commenced to determine the average effects on home prices according to location.
For each project and location, the average return on investment (ROI) was calculated by dividing the expected value added by the average cost. This study provides valuable insights for homeowners looking to remodel their homes and make informed decisions about which projects will give the best ROI.
Energy-Efficient Upgrades
BOOST YOUR HOME'S VALUE AND SAVE MONEY
In today's market, energy efficiency is more important than ever. It helps reduce your environmental impact but can also lead to significant savings on utility bills. Upgrades such as solar panels, smart thermostats, and LED lighting not only improve the sustainability of your home but can also lead to a significant return on investment.
Installing solar panels is one of the most effective ways to increase your home's value while saving money on energy bills. By producing your energy, you can reduce your reliance on the power grid, resulting in substantial long-term savings. Smart thermostats and LED lighting are additional upgrades that can make a big difference in your energy consumption, saving your monthly bills and increasing your home's value.
Consider starting small if you're interested in making energy-efficient renovations but are hesitant due to the upfront cost. Begin by replacing traditional light bulbs with LED bulbs, which use less energy and last longer. Additionally, some utility companies offer rebates or financing options to help offset the cost of more considerable upgrades, such as solar panels.
Investing in energy-efficient upgrades is wise for homeowners looking to save money and increase their home's value. Not only will you see a return on investment, but you'll also be positively impacting the environment.
Outdoor Living Spaces
TRANSFORM YOUR BACKYARD INTO A SERENE OASIS
Outdoor living spaces have become increasingly popular in recent years as homeowners look to expand their usable living space and create an oasis for relaxation and entertaining. A well-designed outdoor space can significantly increase the value of a home and provide a high return on investment.
Landscaping and hardscaping are essential in creating an inviting outdoor area for homeowners and their guests. Adding popular features like fire pits, outdoor kitchens, and water features can make the space even more desirable to potential buyers. These features help create a unique and memorable experience for guests and families, which can ultimately increase the home's value.
If you're hesitant to invest in a complete outdoor living space, there are still ways to create an inviting outdoor area without breaking the bank. Consider starting small with a seating area, such as a comfortable outdoor couch, a few chairs, and a coffee table. This can create a cozy zen-like spot for you and your guests to enjoy a coffee or wine on a lovely evening.
Exterior Hardscapes
GUARANTEED INCREASE IN VALUE
Surprisingly, home renovation with the greatest return on investment is relatively inexpensive. From the study by Today's Renovations, exterior projects have an average cost recovery of 23% greater than interior projects. Instead, replacing a garage door takes the top spot with a 100.0% ROI, indicating that the expense of this project is equivalent to the average increase in a home's value.
Garage Door Replacement
Curb appeal is nothing to skimp on. If you want to increase your home's value, start with your garage door. Your garage door takes up a significant portion of your home's exterior, making it an important factor in your home's overall appearance. Not only does a new garage door instantly improve your home's aesthetic, but it also provides the highest return on investment by 100%!
Inground Pool
Adding and maintaining a pool can be a costly endeavor. The expenses associated with a pool can vary depending on factors such as the type of pool, its features, and its location. Interestingly, the return on investment of adding an inground pool can grab you 90.1% ROI compared to the 50.8% ROI you would've gotten back in 2015.
When the summer heat becomes unbearable, there's nothing like a dip in a backyard pool. In warm-weather areas like Florida, California, and Arizona, having a pool is a highly sought-after feature for homes. In these regions where warm weather is prevalent for much of the year, the pool can be used for an extended period, making the cost-per-use more reasonable.
However, a pool may provide less value in colder climates like Michigan, Wyoming, and Maine, where winter dominates. In these areas, the pool lifestyle can only be enjoyed for a limited time, making it less appealing to potential buyers. Instead, this next-highest renovation to add value to your home is perfect for colder states.
Screened-In Porch
A screened-in porch can be desirable for potential home buyers, as it provides an outdoor living space while protecting against bugs and other pests. Replacing an old or damaged screened-in porch can give a high return on investment and make the outdoor space more inviting and functional. With a 92.9% ROI, you would be crazy not to consider this renovation!
Kitchen Remodels
CREATING AN OPEN, LUXURIOUS SPACE FOR ENTERTAINING
As the main focal point of the house, the kitchen is an essential space for function and style. In recent years, open-concept kitchen remodels have become more popular. This style makes moving between the kitchen and other living areas easy.
When planning a kitchen remodel, consider the importance of high-end appliances and finishes, which can add significant value to your home. From wine fridges to smart ovens and custom cabinetry, plenty of luxurious features can enhance your kitchen's aesthetic and functionality.
A kitchen remodel is a good investment that can add value to your home, making it more appealing to buyers. Even small changes, like swapping out hardware or lighting fixtures, can make a significant impact. If you're on a budget, consider refinishing cabinets or exploring cheaper countertop options.
Bathroom Upgrades
ELEVATE YOUR DAILY RITUALS WITH ECO-FRIENDLY AND SPA-LIKE FEATURES
The trend of eco-friendly and spa-like features in modern bathroom design has increased in recent years. Homeowners are looking for more ways to reduce their environmental impact while making their homes a place to relax and recharge.
Eco-friendly features like low-flow toilets and showerheads can save homeowners significant money on their utility bills, making them an attractive selling point to potential buyers. Additionally, these features are better for the environment, which can also be a selling point for eco-conscious buyers.
Luxury features like heated floors, towel warmers, and rainfall showerheads can add value to a bathroom. These features create a spa-like atmosphere, making the bathroom feel more like a retreat than a functional space. Homebuyers are often willing to pay more for homes that offer these luxurious features, making them a wise investment for homeowners.
If you are looking to take the financial plunge on a different area of your home but still want to add as much value to your bathroom, these are great places to start:
Replace old fixtures
Changing out your faucets, showerhead, and other fixtures significantly impacts the look and feel of your bathroom. Opt for modern and stylish options matching the overall aesthetic you want.
Paint the walls
A fresh coat of paint can make a huge difference in any room, and the bathroom is no exception. Choose a color that complements your existing fixtures and decor.
Upgrade lighting
Swapping out old light fixtures or adding new ones can make your bathroom feel brighter and more inviting. Consider installing a dimmer switch to adjust the lighting to your preference.
Add new accessories
Small details like a new shower curtain, bath mat, or towel set can go a long way toward updating your bathroom. Choose items that complement your existing color scheme and style.
Install shelving
Adding shelving to your bathroom can provide extra storage space and give the room a more organized feel. Opt for floating shelves for a sleek and modern look.
Home Office Additions
CREATING THE ULTIMATE REMOTE WORK ENVIRONMENT
The remote work trend has increased the importance of a functional home office. With more and more people working from home, having a designated workspace has become essential. As a result, home office additions have become a popular way for homeowners to add value to their homes when it comes time to sell.
A well-designed home office can give you a place to work, make you more productive, and keep you from getting distracted. In addition, it can be a major selling point for potential buyers who also need a functional workspace in their homes. A home with a well-designed home office may be more attractive to buyers than a similar home without one.
Furthermore, adding a home office can increase the overall square footage of a home, which can positively impact its value. In today's market, where more people are working remotely, a home office can make a big difference in the perceived value of a property.
Keep the design simple and neutral, and avoid overly personalized or trendy decor that may not appeal to everyone.
Multifunctional Places
MAKE THE MOST OF THE SPACE AND THE VALUE
Traditional homes have different rooms for different things, like a dining room and a home office. However, many people are now choosing spaces that can be used for multiple things. This trend has become popular, allowing homeowners to make the most of their space while adding value to their homes.
Homeowners could combine rooms or areas that are close to each other to make spaces that can be dual use. For example, a dining room can also serve as a workspace during the day, and a guest room can double as a home gym. Furniture such as convertible sofas or desks folded up when not in use can also help maximize space.
When renovating multifunctional spaces, it's essential to consider how each area will be used and ensure enough storage for each function. Creative storage solutions such as built-in shelving or under-stair storage can help organize the space.
Tips for Getting The Most Value on Home Renovations
- Don't overspend on high-end finishes. While high-end finishes can add value to a home, it's crucial not to overspend. Focus on quality and timeless designs that have broad appeal. Remember that what you love may differ from what future buyers seek.
- Some upgrades provide a better return on investment than others. Updated kitchen appliances, for example, have a higher return on investment than finishing a basement. Prioritize upgrades with a high investment return to get the most value for your money.
- When renovating your home, it's important to stay true to the style of the home. Keeping the style consistent throughout the home can help maintain its value. For example, if you have a traditional-style home, adding rustic and farmhouse details in one room and industrial piping in another will be a bigger loss than gain.
- Hiring the right contractor can be the difference in your renovation project's success or failure. Do your research and make sure the contractor is licensed, insured, and reputable. A reputable contractor can help you stay within budget and avoid costly mistakes.
Final Thoughts on Home Renovation Trends to Increase Your Homes Value
As the saying goes, "Home is where the heart is." It's where you spend quality time with your loved ones, relax after a long day, and make lasting memories. But it's also one of your most significant investments, and you want to ensure you're getting the most out of it.
From adding an outdoor oasis to updating your indoor spaces, there are plenty of ways to increase your home's value and get a high ROI. Whether you're looking to sell soon or want to enjoy your home to the fullest, these trendy renovations are sure to make a significant impact. So roll up your sleeves, grab your toolbox, and get to work!
Source: Story.KISSPR.com
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