Recent research from Harvard University’s Joint Center for Housing Studies shows that spending on home renovations will have a significant increase in 2021, and not just in the United States. This doesn’t necessarily mean that homeowners have been able to find ways to recoup larger amounts through renovation projects: sticking to the U.S. landscape, they are estimated to recoup about 66.5%, down from 2019. However, according to 76% of real estate agents, home remodeling activities are seen on the rise: savvy homeowners don’t 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 then are the upgrades considered to increase home value? In this article, assuming you are looking to sell your home, we will provide helpful hints to identify those possible improvements that can increase the value of your home. Based on the advice of well-known real estate agents, we have compiled a list of the best recommendations regarding home renovation projects so you can decide wisely how to invest your money.
Home Physical Upgrades
Presenting a home with ample space to a potential 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 the list of reasons for moving. In case the house has a basement, it certainly makes sense to complete it, to tick off a higher sum from the buyer. Completing a basement finish, adding heated square footage, can really move your home into another price range: on average, depending on square footage, you’ll spend between $18,000 and $34,000 (equivalent to about 15-35,000 euros) with the possibility of recouping up to 70% of the cost incurred. Likewise, eliminating a few too many walls creates the spacious layout desirable to buyers. Designs aimed at opening up all or part of the living, dining and kitchen spaces 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, makes you imagine that your home is well maintained. For example, mowing the lawn, trimming shrubs and planting trees can cost a few thousand dollars, but offers a great return on investment. Seventy-six percent of agents specify that improving curb appeal ranks first among projects that can improve 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 refresh the look of your home.
Update your interiors!
The kitchen and bathroom 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 do need to get your hands on the kitchen and bathroom, the advice is to think functionally, rather than unnecessarily luxurious ideas.
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