Upgrades that Increase the Value of your House and Lot
When planning your next renovation project, it’s more vital than ever to understand which upgrades boost the value of your house. Our homes have been at the center of a lot of change and re-evaluation. In 2022, the globe appears drastically different than it did just a few years ago.
Home offices and outdoor spaces, for example, are becoming increasingly popular features. Our most recent list of home improvements that increase house value includes product ideas that have been updated for 2022, as well as these current trends.
So, without further ado, here is a list of 5 home renovation ideas to guide you in making better informed decisions about how to invest your money.
#1: Remodel or Construct Home Office
According to a HomeLight survey done in the autumn of 2021, 60% real estate agents in their region ranked a home office as a high priority for buyers in their area, indicating a larger number of respondents than any other home feature or quality.
The number of people working from home has grown since the outbreak. As a result, purchasers place a higher value on a home office than on whether the house is ready to move into or has the required square footage.
If you reside in a market where a large percentage of people work from home, dedicating new or existing space to a home office is likely to be a wise investment. A home office adds over $10,000 in resale value, according to HomeLight study from the mid-2020s. As workers become used to their remote work patterns, that number may grow significantly.
#2: Adding Parking Spot
Adding a parking space to your house is a significant upgrade. It’s not expensive, but it adds a lot of value to your home. If you live in a city or a densely populated location where street parking is few and difficult, this upgrade is great.
#3: Adding Deck or Patio
A typical addition to a home’s outside living space is a deck or patio. It’s a place to dine, drink, entertain, or work outside for a few hours. A backyard deck raises the market value of a property by roughly $7,000 on average, yet they cost between $4,380 and $10,080 to build. As a consequence, you’ll most likely be able to break even on this project, if not profit.
#4: Retouch or Repaint your Exterior
You don’t have to repaint your entire house to make it seem new again if you’re on a budget. Touch up any peeling or chipped paint on the front door and trim.
Painting the complete outside of your home costs an average of $3,048 depending on where you live and the state of your property. You may expect to earn $7,500 in resale value with a fresh coat of exterior paint. If your house requires it, don’t be hesitant to invest in this update.
We also recommend pressure washing the exterior to remove dust and mold. Pressure or power wash the sidewalk, driveway, patio, or deck for a complete makeover. This costs roughly $295 on average throughout the country, with a driveway costing around $100 and a patio costing around $250.
#5: Install Smart Features
Like energy-efficient appliances, programmable thermostats, security cameras, video doorbells, and wireless home security systems have a wide appeal, with higher-income homeowners selecting them more commonly.
Furthermore, purchasing a smart thermostat is a smart investment since it can adjust your house’s energy consumption depending on current gas or electricity prices, as well as allow you to provide instructions over the phone, such as turning on the heater before you reach home. The cost of installation by a certified electrician or HVAC specialist ranges from $150 to $400 or more.
Conclusion: What makes a house more valuable?
As you look around and debate whether changes are worth investing in, consider if the project will help a buyer to see your home as a place they want to live.
Consider whether the improvement will make daily life simpler or whether the attractiveness of new and modern materials would provide delight. Then it’s a safe bet, but how much money you make will be determined by your market and how well you select your styles. If you’re unsure, go to a top-rated local real estate expert who can tell you what’s trending in the market.
