Across much of the United States, the real estate industry has recently been a seller’s market. A National Association of Realtors report found that, in 2021, the sales price of a single-family home rose to over $357,900. The report found that home prices increased in all 183 US metro areas during 2021, with the exception of Springfield, Illinois.
No matter what is happening in the real estate market, there are always things property owners can do to enhance the beauty, comfort, and utility of their homes, increasing their value and making them more appealing to buyers. However, not all renovation projects are equally beneficial to your home’s bottom line. In this article, we explore popular remodeling options that are the most likely to enhance your property’s salability and increase its value.
1. Remodel Your Kitchen
Modernizing your kitchen can be an efficient way of making buyers perk up their ears. Investing in quality materials will enable fixtures to withstand daily wear and tear. As Peti Lau from the New York Design Center explains, as the heart of the home, the kitchen has become an even more important feature in 2022, with a continuing interest in sturdy, functional kitchen designs.
2. Update Your Bathroom
An updated bathroom can offer an impressive return in exchange for some sweat equity, particularly if bathroom furniture is old, outdated, or damaged. For many prospective buyers, cramped, dark, outdated bathrooms are a deal breaker.
A new bathroom is a significant financial outlay, but in terms of attracting offers on your home, it may be well worth the investment. Property experts estimate that building an additional bathroom could help add between 10 percent and 40 percent to a property’s value, with 20 percent being the average added value.
3. Create Storage
Be it a bespoke walk-in closet in the master bedroom or a shed in the yard, creating storage in a home generally adds value. As real estate agent Allison Chiaramonte indicates, a pantry closet is a particularly desirable feature in 2022.
Chiaramonte says that even in New York City, the land of takeout and grocery stores on every corner, buyers are increasingly seeking out apartments and homes with more utilitarian storage spaces. More people have been cooking, working, and otherwise staying at home since the pandemic, meaning space for supplies is extremely desirable.
4. Spruce up Your Landscaping
Increasing the accessibility and functionality of your outdoor space can also make your property much more attractive to buyers. Depending on the materials you use, such as composite decking or wood, adding a patio or deck may be well worth the cost at sale. Other options include brick or stone lower decks and patios, which can make a great DIY project for those who happen to be handy.
If you already have a patio or deck, pressure washing and refinishing it could transform your outdoor space. Take care to remove any broken pavers or rotting boards, stripping away flaking paint. Sprucing up existing outdoor features can be an effective way of boosting your home’s appeal to buyers without incurring a significant expense.
5. Create a Home Office
With more people working from home as companies seek to minimize their carbon footprints, reduce costs, and seek and retain the best talent, home workspaces have become a necessity for many. Creating a dedicated workspace makes a property more appealing to remote workers and entrepreneurs.
If you have a spare bedroom, sunroom, or unused den, transforming the space by adding an ergonomic workstation and ample storage can help potential buyers envision themselves living and working there. In particular, data ports and phonelines are highly sought after.
6. Update Flooring
Of all the fundamental features that affect the perception and value of a home, flooring is one of the most often overlooked. According to Milwaukee real estate agent Joseph Singsheim, beyond the basics like the roof, flooring is the next biggest factor that influences buyers, setting the mood and tone for the entire home.
In terms of flooring, there are several options to choose from. Hardwood floors have long been popular with both buyers and agents, and they remain a safe choice in today’s market. Refinishing existing hardwood floors typically adds the most value, according to the National Association of Realtors, while installing new wood floors is the next most cost-efficient, on average.
7. Paint Your Walls
Freshening up the walls with can completely transform the look and feel of a room. With many modern homebuyers prioritizing move-in ready living spaces, painting your home prior to placing it on the market is a cost-effective update. To put it simply, applying a fresh coat of paint helps homes to sell faster, and for more money.
In terms of paint colors, you need to set your personal preferences aside, remembering that you are painting to sell. Picking light, neutral tones is generally the best strategy. Not only do neutrals help to make spaces appear larger and more open, they also create a blank canvass against which prospective buyers can envision their own belongings, which might be very different from your style.