A recent statistic from Harvard’s Joint Center for Housing Studies certifies that spending by Americans to renovate their homes will have a significant increase in 2021. That’s not to say that homeowners have been able to find ways to recoup larger amounts for renovation projects: it’s estimated that nationally they can recoup about 66.5 percent, down from 2019. However, according to 76% of real estate agents, home remodeling activities are on the rise: savvy homeowners do not want to face future uncertainty with a low-value property, so they choose to make strategic upgrades to keep the value of the home as high as possible with minimal inventory, choosing instead to reconfigure their current residences. But what are those valuable upgrades then? In this article, imagining that you want to sell your home, we’ll provide helpful insights into identifying those possible improvements that can increase the value of your home. Based on the advice of well-known real estate agents, we have collected a list of the best recommendations regarding home renovation projects, to decide wisely how to invest your money.
Home Physical Upgrades
Presenting a home with ample space to a prospective buyer is always a good calling card; in fact, the demand for a home with more square footage is a confirmed trend, and it is confirmed by the fact that 44% of real estate agents put the “need for more space” at the top of their list of reasons for moving.
In the event that the home has a basement, it makes sense to finish it to tick off a higher additional amount to the buyer. Completing the finish of a basement, adding heated square footage, can really move your home into another price range: on average, depending on the square footage, you’ll spend $18,000 to $34,000, but you can recoup up to 70% of the cost. Likewise, eliminating a few too many walls creates that desirable spacious layout for buyers. Projects aimed at opening up, in whole or in part, the spaces dedicated to the living room, dining room and kitchen allow for more natural light and better use of volume.
Updates for your home exterior
Improving the exterior appeal of your home, starting with the sidewalk, lets you imagine that the home is well maintained. For example, mowing the lawn, trimming shrubs, and planting trees can cost about $3,000, but offers a great return on investment. 76% of agents specify that improving curb appeal ranks first among projects capable of improving the marketability of your home. So, stone cladding the facade, installing a steel door, replacing the garage door, repainting the facades are great ideas to freshen up the look of your home.
Update your interiors!
Kitchens and bathrooms are certainly the key rooms where buyers’ eyes are particularly clinical: if these rooms are in good shape, they won’t have to think about onerous rearrangements. If, on the other hand, you have to put your hand to the kitchen and bathroom, the advice is to think functionally, rather than unnecessarily luxurious ideas.