2020 was a year that most of us wish we could forget. Even our best efforts could not restrict COVID-19 to 2020–it is still a very present threat to our health. Due to the pandemic, the real estate market has slowed. However, it hasn’t stopped people from looking at ways to add value to their homes in an interesting, artistic, yet cost-effective way.
When the spirit of renovation moves, do you know which home improvements are likely to add the most value?
Here is a list of the best home improvements that you should consider before starting your renovation to increase your home’s value.
Apartments are becoming smaller in size, so people always end up appreciating anything with space. It not only creates a cozy vibe but it appeals to the eyes as well. Additionally, it allows for more natural light into space. If we look at the trends, buyers seem to prefer open area designs that don’t restrict movement between the living room, dining room, and kitchen.
If you think removing a wall is the best solution for making the apartment look spacious, think again. You may need to seek advice from a professional before making any changes. Your vision may not be conducive to the apartment’s building structure, which is why it’s best to reach out to a professional.
As a note, always follow the local building codes and get formal permission from the necessary local authorities before making changes in the structure.
The interior tends to get the majority of the focus during renovations, but what about the exterior? Don’t you think books are judged by their covers? The exterior gives others a first impression, and you never get a second chance to make a first impression.
Normally, exterior walls are painted once when the structure is first built. Then nobody bothers the retouch or repaint the outside even though it is an important improvement that adds value to the home.
If your budget won’t allow you to completely repaint the exterior, you can achieve the same, refreshed appearance by power washing the exterior to remove dirt.
There are two ways to approach this. First, if you have one bathroom in your home, adding a whole new bathroom is likely to add more value. On the other hand, if you already have two bathrooms, changing a few things around might enhance the look.
Overall, adding a bathroom is one of the biggest improvements that can impact your home’s appearance. It can also add more value than doing anything else during the renovation. If you have to add an extra bathroom, consider converting one of your underutilized spaces, such as space under the stairs. A minimum of 30 square feet area is required for a full bathroom, so you’ll need to figure out where the second bathroom will best fit in your house.
Your budget is a deciding factor if you decide to add accessories to an already existing bathroom. You may consider replacing sinks, tubs, doors, toilets, and fixtures if you have enough money to do so.
The kitchen is the next home improvement space that adds value to the house. It always pays the best returns. The kitchen is almost always the busiest area of the house, so it’s subject to more wear and tear. Any addition to the kitchen is likely to increase your home’s value as many buyers use the kitchen as a litmus test of whether or not they can see themselves in the house.
You may consider changing drawer knobs, pulls, and faucets compatible with the interior design. In addition, consider installing new countertops, updating the sink, and modernizing the cabinets and maybe the flooring as well. It’s also worth replacing outdated appliances with ones that are energy-efficient.
Real estate analysis suggests installing a hardwood floor results in an almost 100% return on the homeowner’s investment and is considered one of the best home improvements that add value to the home.
Even if the carpet on your floors is in pretty good shape, you’ll instantly add value to your home by replacing it with hardwood, especially if you have a pet.
It’s possible that your mood on any given day could persuade you to paint the living room with bright or dark colors. Statistics show dark colors don’t add value to your home.
Light and neutral colors absolutely add value to any home. It creates a psychological impact as well. The thing is, when buyers visit the property before buying, they tend to imagine themselves in the home. Neutral colors seem to make it easier for them to do so. Besides the psychological impact, neutral palettes also create a more pleasant aura in the home.
Engineers are making progress faster than our imagination can fathom, and that includes creating energy-efficient solutions for everyday gadgets. So, when it comes to adding value to the home with home improvements, installing energy-efficient and smart appliances in the home are must-haves.
Having discussed all the big-money solutions, let’s not neglect the importance of caring care of the basics. The most valued home is the one that has fresh paint, no leaks, and light fixtures, windows, and faucets that are in good condition.
Your budget will drive which home improvements you can complete adding value to your home. If you are on a strict budget, you should consider taking care of the basics. If you have more money to invest in home improvements, consider taking on larger projects like installing hardwood floors or buying energy-efficient appliances.
One thing is for sure, any improvement you do is likely to increase home value.