Why do most people dream that one day they will own the house they reside in? It’s because of what homeownership signifies to people. For most people, a house is not just a piece of real estate; it is the power to control the place they call home. People also view their home as a store of wealth and a mark of their elevation to a higher social status.
This last reason is why homeowners keep a close watch on the market value of their property. If you plan on selling your house someday, it is normal to want to protect its value. To keep your home attractive to potential buyers, Stonelink Property Management says you will want to constantly update its features to match the expectations of those buyers.
That is why home improvement projects feature very high on the to-do list of the majority of homeowners. But the problem is, how do homeowners know the renovations that will add the most value to their property? If you are a homeowner considering home renovation, you are probably asking this question.
In this post, we answer that question; we show you the renovations that add the most value to your home based on market data.
8 best renovations that add value to your home
Before you renovate your home, there are four guiding principles you must pay attention to:
- Buyers value projects that improve function over those that focus on aesthetics.
- Improving the significant systems/main mechanicals of your home should come first.
- Investing in features that are ageless and least affected by trends is always better.
- Projects that increase the available space in the house – floor or storage – always pay off.
Which home improvement projects should you put your money in?
1. Improve curb appeal
A good first impression of your home can add as much as 5% to its value. Improving curb appeal is about paying attention to details rather than the cost of projects.
Examples of simple projects that boost curb appeal:
- Repainting the home’s exterior and interior.
- Creating multifunctional landscaping that is diverse, interesting and easy to maintain.
- Adding a nice fence.
- Making sure walkways/driveways are well-maintained.
- A front entryway that grabs attention.
2. Improve lighting
Whatever improves your home’s lighting makes it more attractive and valuable. Well-lit rooms feel larger and more inviting. This lighting should be a combination of natural and artificial lighting. The lights should play a functional and aesthetic role. Lighting design for each room or space should be guided by the ways that the area of the home will be used.
3. Add a vaulted ceiling
Creating the illusion of space is as effective as increasing the space in your home. You can create this illusion with an open floor plan. If this is not an option because of cost or other considerations, adding a vaulted ceiling will make your home look larger than it is. A vaulted ceiling will improve the home’s natural light dramatically.
4. Finish your basement
Finishing the basement increases usable space without increasing the home’s existing space. A finished basement offers the new owners more ways to use the house; it can be deployed as a home gym, bar, kids’ playroom, media room or man cave. You can do this project with relative ease, but the ROI is very impressive.
5. Add a home office
Given that more people are working from home, a comfortable purpose-built space where they can work in their home without distractions is a huge draw for buyers. Adding a home office allows them to separate work from their home life and avoid the hassle of creating that space themselves.
6. Energy saving improvements
Energy-saving features rank high on homebuyers’ wish lists, upgrades that cut down on electricity and water bills. These include features like low-flow plumbing fixtures, LED lighting and energy-conserving appliances. They also include landscaping that uses less water, fertilizer and pesticides. If you can afford it, consider adding a solar panel to the home.
7. Update or add a bathroom
If your home has only one bathroom, adding a new bathroom or bathtub will dramatically improve its value. Buyers are willing to pay more for the added convenience of an extra bathroom. If a bathroom addition is impossible, the next best option is to improve the existing bathroom by making it more spacious and adding more modern features.
8. Improve the kitchen
Kitchen remodels and bathroom upgrades rank as the top two home upgrades for home buyers. You do not have to spend a ton of money to update your home’s kitchen. You can offer buyers a lot of value with these simple improvements:
- Walk-in pantry.
- Repaint cabinets to a modern color.
- Install superior appliances.
- Replace plumbing and cabinet hardware.
That’s it for our list of top eight home renovations that won’t cost you an arm and a leg but guarantee the highest returns.
