Renovating a home is widely considered as the fastest way to raise its value. With the wide range of renovations that can be done from simple makeovers like painting to major refurbishments like adding an extra bedroom, additional floor, patio, or solar power, it’s possible to add a variety of new features to your home to make it more comfortable, functional and attractive.
However, it is vital to think carefully about the cost, time and effort required to carry out each renovation and the areas of your home that can benefit most from doing an upgrade. This will help you to invest in renovations that will add significant value to your property. Based on the results of various surveys conducted to discover the features desired by potential home buyers, you can expect a substantial increase in value if you add the following features to your home.
Reducing your home’s energy consumption will help you save money on your utility bills while you reside there and it will be an important selling point when you are willing to put the home up for sale. Many older homeowners place energy efficiency on top of their list of features for a new home.
However, in regions with extreme cold or hot weather, virtually all home buyers want an energy-efficient home. Some millennial buyers who do a lot of research before looking at homes, will even ask questions about low-E coatings on windows and the R-value of the insulation. Investing in energy-efficient lighting, double-paned windows, Energy-star rated appliances and programmable thermostats will all work towards raising your home’s value significantly.
Virtually all home buyers focus on the kitchen when looking at a new home. Millennials, in particular, place a modern or updated kitchen on top of the list of features for their ideal home. A recent study carried out with over 2,000 Australians, revealed that 19% of people surveyed said they will pay more for an updated kitchen.
This does not mean that you need to do a complete makeover though. With an investment of $5,000, you can add a new set of appliances and change the countertop and flooring. You can also paint the cabinets and walls.
A Master Suite
A floor plan with a master suite on the first floor will make life much easier for seniors. That’s why it is a desired feature among baby boomers. By 2040, it is expected that there will be at least 80 million seniors in the U.S. Many homebuyers in this category will be looking for homes that don’t have steep staircases, narrow doorways, or slippery showers and bathtubs.
For this reason, forward-looking homeowners can renovate their homes to eliminate those features and make the home more appealing to seniors and younger home buyers. In addition to having a master suite on the ground floor, replacing the bathtub with a walk-in shower that is also wheelchair accessible will be a great selling point.
A Big Garage
An updated and well-organized garage will help you sell your home that much easier. While you may be excited about turning it into a games room for your kids, this may not be the best way to attract future buyers. Here are some garage renovation ideas suggested by real estate professionals:
* Install an automated door: Reduce all that unnecessary physical exercise by modifying your doors for ones that open and close automatically. If your original door(s) are made of an older, heavier material, you can also opt to change that (instead of installing) for a more modern and lightweight material, such as aluminum.
* Install motion-sensitive lighting: Having bright LED lights come on immediately after you lead your potential buyers into your garage is a big plus for your home. A dark garage is both unsafe and unappealing to new home buyers.
* Add a new floor finish: If your garage is made of concrete, it will take in oil or grease due to its porous nature. But if you paint your garage floor with an epoxy finish or seal it so it is easy to clean, the oil or grease from the vehicle will not stain it.
Open Floor Plan
Having an open floor plan with flexible living space is the most important feature to millennials after a modern kitchen. Instead of adding another room, you can raise the value of your home by increasing the living space in the house. You can convert your basement into a suite that may be used as a bedroom or home office. Many young homebuyers, who work from home, will like this additional living space. It can also serve as a playroom for the kids.
This space is also called a granny flat or accessory dwelling unit. It can provide privacy for an in-law or for older relatives. It may also be used to provide rental income that will help to defray the cost of your mortgage. That is why in different parts of Europe, Australia and America, the building regulations are being amended to allow for the addition of accessory dwelling units.
Those are some of the features that will attract a large number of potential buyers to your home when you want to sell it. If you can, put your home in a ready to move-in state so that it will be that much easier for buyers to make the right decision. Let them imagine themselves cooking in your upgraded kitchen on their first day and lounging away in their energy-efficient home.