While the primary value of renovating your home should be increasing your family’s pleasure and comfort, there is no question that some renovations increase the value of a home more than others.
In today’s pandemic-driven environment, with most people spending more time at home, office space and flexible entertainment or recreational spaces are highly prized by home shoppers, with updated kitchens and baths still among the most-sought amenities.
While there is no guarantee you’ll get back the money you spend, remodeling can be a very smart investment.
- Boosted Curb Appeal – First impressions matter. It has been said that buyers will pay up to 7% more for a house that makes a killer first impression. That means tidy landscaping with peak maintenance, as well as a new garage door, an appealing front door, fresh paint, a newer roof and siding. A new garage door alone, for example, has an estimated return on investment (ROI) of 133%.
- More Livable Square Footage – Converting an unfinished basement into a specialty room has a potential ROI of 75%. Turning a porch into a finished sunroom or a patio into an outdoor kitchen can also yield a great ROI.
- Kitchen Island and/or Walk-In Pantry – Anything conducive to more cooks in the kitchen and more space for storage is a boon to today’s homeowners. A kitchen island or a walk-in pantry can net an ROI of 64 and 62%, respectively, and any added counter, storage or cooking space may be similarly rewarded.
- Backyard Bonuses – Home entertainment has become more of a priority than ever. The average cost to install an inground pool is about $42,000, but the value it adds has increased an estimated 69% since COVID-19 began, agents say. Also much wanted: fire pits or outdoor fireplaces, outdoor decks and outdoor kitchens.
