According to the National Association of Home Builders, home remodeling projects have seen a strong uptrend this year, back toward 2005 when the housing market was at its peak. Even though we are nowhere close to that now, these numbers show more consumer confidence in the market. Repairs and improvements that had been put off are now being taken on. So, what are the best improvements you can make to increase the value of your home today?
Kitchens have taken over the top spot for most popular renovations project. This is an indication that people are focusing more on luxury instead of necessity. They are generally the most expensive remodel and can take the longest time to complete. The estimate for an average kitchen remodeling was around $100,000.
While the return on investment for a kitchen is only around 66 percent, it can be a worthwhile investment for selling your home. Most buyers look at a kitchen first and will buy or pass on a house based on that room alone. However, don’t do an expensive remodel if your kitchen only needs a few updates. A home that has a more expensive kitchen than others in the area will be overpriced for the neighborhood.
This is another area that can make or break a sale, especially for a master bath. Don’t skimp on that room since it’s supposed to be luxurious. Install two sinks, custom showers, and plenty of correct lighting. Outdated bathrooms require a lot of work, so buyers want to see that work already completed to pay top price for a home. Size is a big deal, so if you plan to remodel the bath, try to find additional space.
If you have attic space that’s unused, converting it into a bedroom is a great idea. When you add square footage onto a home, you are making a great investment. Most homeowners are happy to have an additional bedroom, because in reality, it can work for many purposes, including a den, office, guest bedroom, or hobby space.
Renovations to Avoid
Don’t bother creating a permanent home office. Even though more people are working from home, they often don’t use a designated space; rather, they combine it with a guest room or hobby room. If you put in office furniture, make sure it’s removable.
Sunrooms are also not popular, except possibly in regions where they can be used year-round. This is one addition that results in the lowest return on investment. Unless you’re installing one for your enjoyment and plan to stay in the house for several years, it will be a waste of money.
Now may be a good time to begin thinking about renovating your home, but only if you choose the right things to spend your money on. Make sure you are updating your home for the right reasons and choose the best project if you plan to sell.