Are you aware that you can make your home look better and increase its market value simultaneously? The trick is focusing on home improvements that will increase the comfort and appearance of your house while scaling up its value. So, if you are planning to remodel your home, your main consideration should be ROI and projects with high recoup value.
Though all home improvements can increase your property value, some have higher returns than others. For instance, you will recoup about 93.8% of your investment by replacing the garage door with a modern one. Other home improvements with a high return on investment include bathroom upgrades, kitchen remodel, and smart home technology.
Increasing your home value doesn’t have to be rocket science. Once you understand the trends in home buyers’ preferences, you are on your way to making a big profit in your next property sale.
What are Home Buyers Looking for in 2022?
If you are planning to sell your house in 2022, you need to make home improvements that align with the current expectations of home buyers. Here are some of the features most home buyers consider before purchasing a house:
Since the Covid-19 pandemic hit the world, the number of people working from home has increased. According to Statista, 38% of Great Britain workers reported having worked remotely at least once a week in May. Due to this increasing number, many people are willing to pay an extra cost for houses with a home office.
Most buyers want a modern and spacious kitchen with the latest Energy Star appliances that save on utility bills. Additionally, people prefer a walk-in pantry that is accessible and spacious enough to store their supplies. Your kitchen will resell higher if it has a double sink, water filtration system, and central island.
Most home buyers will pay more for a house that will save them money and require minimal maintenance. Though installing Energy Star features is not cheap, it will increase the resale value of your home. Some energy-efficient installations include Energy Star windows, appliances, and energy-saving bulbs.
87% of homebuyers in 2022 reported that a laundry room should be a must-have or desired feature when making the buying decision. What’s more interesting is that about 63% of the homebuyers suggested that the seller should install the laundry room on the main floor. The ideal laundry room should have Energy Star-rated appliances, cabinetry, and an ironing board.
Though patios have been popular for a long time, the Covid-19 pandemic boosted their value. People are now looking for an outside place to enjoy themselves, drink coffee, or work on projects without stepping out to the street.
A recent survey indicates that 82% of the respondents felt that hardscaping was the most important exterior remodel in 2021. Hardscaping entails expanding your outdoor life through patios, decks, porches, etc. Besides patios, you should also invest in front porches to enhance your home’s curb appeal and design.
Easily Accessible Full Bathroom
Many homes have half bathrooms (only containing a sink and toilet) that one can access easily from the main living area. However, homebuyers in 2022 prefer having full bathrooms that they or their guest can access easily from the main living area. If you already have an accessible full bathroom, you can further improve its value and appearance.
Homebuyers consider numerous home features and make buying decisions differently. Therefore, you must consider other factors, such as painting the house, before listing the house for sale. Other features that homebuyers are considering in 2022 include:
- Multi-purpose garage
- Exterior lighting
- Open floor plan
- Hardwood flooring, especially in the main living areas
- Ceiling fans
It is essential to know what features are most appealing to homebuyers before trying to sell your property. Ensure your house has about 75% of the features we’ve mentioned to make the profit your valuable house deserves.
6 Best Home Improvements to Increase Your Home Value
You are now aware of homebuyers’ expectations in 2022. What next? Have a strategic plan to ensure your home meets the buyers’ expectations. However, improving your home value can turn out expensive, especially due to the recent trends in the real estate industry.
The Office for National Statistics highlights that inflation for consumer prices in the U.K. has shot up to 9% from April 2021 to April 2022. You should expect to dig deeper in your pockets when buying home improvement items with the inflation rates going up.
The Harvard Joint Center for Housing Studies also notes that remodelling costs in the U.S. have shot by 21.5% from December 2020 to December 2021. However, these statistics should not discourage you from investing in your home. Please stick with us and learn the best home improvements to help you close the deal faster and make a huge profit.
Make Your Interior Appear Spacious
One factor that makes people look for new houses is getting more space than their current homes or apartments. You can command a higher selling price by making your house appear more spacious. Wondering how to make your interior appear spacious? Here are a few tips:
Have an Open Floor Plan
Are you aware that 90% of home buyers prefer homes with an open floor plan? That’s not all. The most preferred open layouts are between:
- Dining room and kitchen – preferred by 85%
- Family room and kitchen – preferred by 79%
- Family room and kitchen – preferred by 70%
Open layouts enable various areas of your home to be multi-purpose. For example, the guest room can serve as the home office, while the garage can also be used as a gym or workshop.
The ideal layout has large multi-purpose spaces and several speciality rooms. These rooms include laundry rooms that are designed for a specific function. However, you should consult a professional interior designer before breaking any walls.
Upgrade Your Basement
You can increase the value of your property by converting unfinished areas such as the basement into functional spaces. For instance, you can upgrade your basement to serve as a playroom, home office, or home gym. Upgrading unused spaces into useful rooms will increase your home’s living area without hurting your pockets.
Make a Home Office
The demand for houses with home offices has been rising due to the increased number of adults working from home. Fortunately, you can convert unused spaces or lesser important rooms into a home office.
For example, if you rarely use the walk-in closet, you can turn it into a home office. Alternatively, you can extend your house or construct an Accessory Dwelling Unit (ADU) to serve as the home office.
Enhance the Functionality of Your Outdoor Living Areas
The Covid-19 pandemic and lockdowns stressed the importance of having a home with various outdoor features. In 2022, homebuyers are looking for properties that offer comfort and luxury both indoors and outdoors. Here are a few ways to upgrade the outdoor area:
Make Cooking More Enjoyable with an Outdoor Kitchen
Who doesn’t want to gaze at the stars while making their favourite dishes? Depending on the available resources, you can build a basic or lavish outdoor kitchen. A lavish outdoor kitchen will feature the basic kitchen features and additional items such as a T.V. set and bar. Depending on their features, outdoor kitchens can raise your home value by about $6000 to $10000.
Add a Front Porch
Having a front porch improves the aesthetics of your home and gives buyers the impression of a luxurious home. You can add a few cosy seats and a rocking chair on your front porch to make it appealing to buyers. It is also important to research your surrounding real estate market value for front porches.
Transform the Outdoor Life with a Patio or Deck
Homebuyers desire to have a safe place to relax, enjoy a drink, and watch their pets and kids play. Adding a patio or deck will help fulfil the desire of your potential buyer and move them closer to the final buying decision. According to Home Advisor, the average costs of building a patio and deck are $3,620 and $7,700 respectively. The good thing is that decks have a recovery value of 70%, while a patio will recover about 50% of the investment.
Make Life Simpler with Smart Home Automation
Recent technology enables various home features like lighting to be automated. This technology has increased the popularity of smart home devices that simplify life. Turning your home into a smart home will impress potential buyers and make your home 3-5% more valuable.
Consider adding smart home devices such as:
- Smart thermostat
- Wireless security system
- Smart lights
- Smart video doorbell
- Smart locks
There are numerous smart home devices that you can add to your home, depending on your budget. A fast Wi-Fi internet access is also a valuable addition.
Install Low-Maintenance and Efficient Features
Appliances that require low maintenance and save energy are among the most desirable features of a modern house. These appliances reduce the monthly utility bills and also reduce negative environmental impact. Some energy-efficient features you can add include:
- Install low-flush toilets that reduce water usage
- Replace old HVAC systems with energy-saving units
- Change old siding
- Install energy-saving appliances: Ensure your home has Energy Star-rated appliances such as lighting, windows, refrigerators, dehumidifiers, etc.
You can also install solar panels and improve your home’s insulation to make it more appealing. The main motive is to reduce the costs of maintaining the house.
Upgrade the Main Living Areas
The main areas that trigger homebuyers to buy a house are the kitchen, living room, and bathrooms. Your property will command a higher selling price if these rooms are modern, well-furnished, and have the latest features. Keep reading to discover the upgrades with the highest ROI.
Remodel Your Kitchen
Kitchens are among the most expensive room to remodel. However, you can cut the cost by doing a minor remodel. A minor kitchen remodel involves replacing old fixtures such as sinks, appliances, and counters. Rather than buying new cabinets, you can stain or repaint your current ones to give them an elegant look.
It would be best if you also aimed to have the following top desirable features in your kitchen:
- Walk-in pantry
- Double sinks
- Drinking water filtration system
- Central island to offer more space
- Space for dining table
If your budget allows, you can make a major kitchen remodel that includes installing high-end appliances and replacing counters and cabinets with new units.
Upgrade Your Bathroom
Another excellent way to increase your home value is remodelling or adding new bathrooms. If your home has only one bathroom, it would be best to add extra bathrooms, especially on the main floor.
However, if the house already has several bathrooms, upgrade them in the following ways:
- Install a new floor
- Update bathroom fixtures such as sinks, showers, and toilet bars
- Install a walk-in shower
- Repainting the walls
- Additional features such as mirrors, storage space, and lighting
Repaint the Walls
Repainting the walls is one of the simplest yet important home improvements to make your house have a higher selling price. If your walls have scratches or faded paints, you can transform them with new paint. To add more value and make it appealing to numerous buyers, use a neutral colour in the entire house.
Refinish the Floors
If your house has a wooden floor, you should refinish or replace them entirely if they are too squeaky and worn out. You can also upgrade your wooden floor using luxury vinyl planks (LVP). The LVPs are long-lasting, easy to clean, and have appealing looks.
Boost Your Curb Appeal
The appearance of your property from a distance can improve or hurt your property sale. Therefore, it is important to ensure that the exterior of your home looks inviting from the street or pavement. Here are a few ways to boost your property curb appeal:
Replace the Front Door
Replace your current front door with a strong steel door that requires low maintenance and insulates the house from cold temperatures. Steel doors have a good investment recovery rate, ranging from 65% to 91%. If you are on a tight budget or already have a steel door, you can paint it to give it an elegant look.
Invest in a Stone Veneer
Transform the looks of your property by installing the manufactured stone veneer. Though artificial, it looks like a real stone but with better looks to boost your curb appeal. To attract potential buyers, you can install a manufactured stone veneer on the area facing the street.
Illuminating the exterior of your house will make your property more attractive and boost its security. Start with replacing dead bulbs, then proceed to add lighting such as:
- Patio/deck lighting
- Front walkway/door lighting
- Garage exterior lighting
- Garden lights
- Staircase lighting
You can be creative and add other exterior lights that beautify your home. For instance, you can include pool lights, lights to illuminate your home address or outdoor ceiling lights.
Change the Garage Door
Besides high ROI, an upscale garage door will enhance your curb appeal and boost your home value. Go for durable doors made of aluminium, wood composites, or steel. It would be best if the door offered insulation, energy-saving feature, and other useful additions.
Before selling your house, give it a new look by painting the exterior. This inexpensive project will make a huge impact on the appearance and value of your home. While at it, power-wash the entire outdoor area, especially the front walkway, patio, parking, and driveway.
Go the extra mile and enhance your landscape by mowing, replanting dead trees, reseeding the lawn, and trimming the bushes.
Make Your Biggest Home Sale!
Making a big home sale requires various home improvements. With the best home improvements that have huge ROI and recoup value, you are on your way to making the biggest home sale.
Do you have more ideas to increase home value? Share the ideas with us in the comment section. One more thing; share this article with your friends to help them make a profitable sale. Who knows? They might award you after the sale.