With many homeowners on a tight budget due to the economic slump in January 2020, necessary or even in-progress home renovations have been put on the back burner. But is this a good idea?
With the relatively healthy housing market, it might be a good idea to proceed with your home renovations even if you must borrow money at an increased interest rate to cover them. Because, after all, renovations are an investment, and they will instantly increase your home's value.
From installing new overhead lighting, sprucing up the kitchen, and adding new commercial hardwood flooring, there's no end to the home renovation you can engage in. It's just a matter of matching your budget with the specific work that needs to be done.
According to a new article, the recent pandemic and the forced-to-stay-at-home government mandates gave our homes new meaning. It also shifted our mindset regarding which renovations to engage in to increase the home's value. Houses have become a place to recharge and relax; now, we use them for vacation time and work.
Bath and kitchen renovations are still high on the list, but now, so are new home offices, indoor/outdoor entertainment centers, and even protective fencing and home security systems. Our homes have become sanctuaries from the outside world, spreading post-pandemic viruses and ever-increasing crime.
No matter what your home renovation is, says one professional realtor, you should average $0.75 profit for every dollar you spend on your home renovation when it comes to selling. Here are some renovation ideas that will add value to your home in the 2020s.
Give Your Curb Appeal a Boost
According to real estate experts, curb appeal gives buyers their first impression of your home. It's vital to give buyers the impression that you take care of your property inside and out.
Boosting curb appeal doesn't require a lot of money necessarily. However, a recent survey showed buyers are willing to pay up to 7 percent more for homes with decent curb appeal. Agents claim that their clients can realize a return on investment of up to 238 percent on average when representing homes with excellent curb appeal.
Popular curb appeal projects include:
—Basic front yard care such as weed control, grass cutting, and fertilizing where necessary.
—spreading plenty of bark mulch.
—Keeping the landscaping neat such as the walkways, flower beds, and shrubs.
—Updating the overhead garage door.
Addition of Livable Space
Adding livable space, or what is also known as livable square footage, will most definitely increase your home's value. Buyers typically want more room to work and rest in. Recently, surveyed buyers said that the pandemic and the exorbitant cost of taking a vacation made them yearn for more living space.
Prospective buyers want an average of 2,000 square feet more of living space than they wished before 2020, representing about an 8 percent increase. Suppose your home has a dry, unfinished basement. In that case, you can add drywall, a ceiling, flooring, lighting, HVAC, and other amenities to it, creating a "specialty room" that will appeal to more than 60 percent of prospective buyers.
A Double-Sink Bathroom Addition
Buyers with several children will love to know that the home they are purchasing can handle crazy busy weekday morning rushes. This is where a double vanity sink comes in very handy, and it is said to be one of buyers' most sought out bathroom upgrades in the 2020s.
Potential buyers want to know that their bathroom can handle those busy weekday mornings even if they're home more often. Enter the double sink vanity, which agents rank as one of the most desired bathroom upgrades for today's buyers.
Double sinks not only provide a valuable personal space when washing up in the bathroom but also provide a sort of psychological boundary that works for youngsters and adults. Keep in mind that not everyone is a morning person, and personal space is worth its weight in gold.
Kitchen Island or Walk-In Pantry Addition
With so many people having no choice but to stay home, it's not uncommon for more than one family member to cook a meal simultaneously. That means different people require different storage and preparation needs. Consider various fridge and multiple sink options. Plus, you will want to look into a larger pantry and a kitchen island renovation.
Those persons who now work at home will enjoy a convection microwave they can utilize between video meetings and conference calls.