Looking to remodel the interior of your home? While there might seem like endless possibilities for upgrading your current home design, not all home renovations offer a great return on investment (ROI). In fact, many upgrades can end up costing the homeowner more than they’re worth. For most homeowners looking to increase the value of their homes, choosing cost-effective renovations can pay off in the long-run should they choose to sell their property.
According to the Joint Center for Housing Studies of Harvard University, Americans spent nearly $340 billion on upgrades to their homes in 2018. It was expected to be one of the best years for home remodeling in over a decade. Making these seven key upgrades can make all the difference in a property’s return on investment.
First impressions matter to many potential home buyers and the front door is often the first thing to be noticed. Front yard appeal can help sell a home, thus an attractive front door is a basic cost-effective upgrade. In fact, realtor.com claims that an updated front door is the second best ROI renovation. Purchasing an expensive-looking door can recoup almost all the money spent buying and installing it.
With so many trends in the marketplace, there’s an option to fit every budget. Remodeled homes are showcasing everything from traditional solid wood, to steel, to glass paneled doors. Choosing a metal front door can be both warm and contemporary, especially with the industrial trend at an all-time high right now. If buying a new door is out of the budget though, than a simple coat of paint is a quick fix. Adding a bold pop-of-color painted on the door and some new hardware, can easily make a big difference to the initial curb appeal.
A more expensive option is to change the layout of the entrance entirely. Many older houses reflect the trend of the times with small front porch areas and doors that are perpendicular to the street. These areas can often be easily converted into indoor living space. Adding this small amount of space can not only open up the living space inside, but provide better flow from outdoors and a more visually appealing front of the house. These small additions are more cost-effective than adding to other parts of the house because the utilize the existing roof framing.
Windows are said to yield one of the highest returns on a real estate investment. According to the National Association of Realtors, window replacement projects can return homeowners more than 78% of their initial cost. Adding new windows doesn’t just make the home look better but it has cost-effective benefits for the homeowner as well. New windows will help keep energy costs down, reduce outside noise and are easier to maintain. Most buyers want new windows in a home and are willing to pay top dollar for the replacement.
Whether you live in high-humidity or freezing temperatures, there are several window options to choose from. Some common trends include double-hung windows in kitchen and dining spaces, awning or picture windows in a living area to allow for maximum amount of light in the space, and slider windows throughout a home. Ultimately, it is important to keep in mind the design aesthetics, function and protection from environmental elements when choosing the right windows for your home.
This also comes into play when you are doing more major remodel and renovation projects,as these projects need to comply with modern energy efficiency requirements. Newer windows make it easier to meet these requirements and replace the old windows with these can comply with city requirements while reducing energy cost and looking better.
Perhaps the single most cost-effective and transformative renovation to the interior of a home, is a fresh coat of paint. In today’s real estate market, a freshly painted home can attract more buyers and help to sell a property more quickly. A small investment in paint can deliver a greater ROI when deciding to sell a home. In addition, paint can be used in several ways throughout a home to increase the value of the property.
Paint is one of the most important and available tools to any homeowner, as it can completely transform the look and feel of any space. A fresh coat of paint in a neutral or appealing color is a quick and easy way to make your house look new again. Below are four key ways you can utilize paint to increase the value of your home:
Flooring can add huge improvement and value to any home. New flooring or carpet is one of the least expensive things you can do to increase the ROI of your home and makes a big difference to potential buyers. It is estimated that hardwood floors can add around 2.5% to a home’s selling price. If budget is an issue, replacing the floors in the high-traffic areas such as the kitchen, living room and bathrooms and adding less costly carpet to bedrooms, is an affordable option.
There are so many cost-effective selections for flooring in today’s market as well. Materials like waterproof vinyl and carpet, American-made flooring, tile and laminate give homeowners several options for upgrading. Wood-looking flooring is a great alternative to expensive wood-flooring and has been the number one trend for the last two years. Textured flooring is another staple in flooring upgrades, as these mimic the classic look of hardwood. There are also several options for environmentally-responsible flooring for those looking for natural and renewable sources.
Many homeowners are also opting for concrete slab floors (with wood or other material on top) in order to incorporate radiant heat. This feature utilizes tubing in the slab to heat the house from the floor up, and tends to be more efficient and evenly distributed throughout the space. At a minimum, this can be an excellent improvement in bathrooms. An engineer should be involved to make sure the added load of the concrete can be supported by the existing joists as well.
If your bathrooms are outdated, this an area that can have a big impact on your property resale value. Next to kitchens, bathrooms are one of the biggest selling points of any home. Studies have shown that minor bathroom remodels can provide a 102% return on investment. Another value to a bathroom remodel is turning it into a universally accessible one. With an aging society homebuyers will see added value in a bathroom with features like support bars or a walk-in shower. Small, simple accessibility modifications can add major appeal and worth.
Taking budget into consideration, you don’t have to spend a fortune to make big upgrades. Key areas to focus on include painting and floors, updating the fixtures, re-grouting tile, and replacing an old toilet with a more efficient and modern looking one. Current trends suggest using statement mirrors, marble slabs, patterned bathroom tiles for the shower or flooring, and wood vanities.
While many brand-new homes now feature an elaborate master suite, updating the master in an older home is a competitive addition. Although pricey, these renovations often net 65 to 80 percent on a homeowners ROI. If adding square footage to your home is not an option, reconfiguring the current master bedroom can be just as effective. In either case, a good architect and engineer can help find the most cost effective way to use the existing space or add to it.
Trending master suite amenities include walk-in closets, seating areas, and separate bathing or changing areas. Painting a smaller bedroom in light neutral colors can create a more relaxing open space. Adding elements like an armchair, trunk at the end of a bed, or cozy rug can help potential buyers visualize a bedroom that offers comfortability and living space.
Creating a functional and modern-looking kitchen not only adds more value to your home, but makes the space enjoyable for current homeowners as well. On average, kitchen remodels can recoup about 80 percent of the cost but minor renovations can have up to an 87 percent return. Since major kitchen remodels can be costly, adding elements like new appliances, refacing cabinets, new countertops and hardware can make for a great ROI renovation.
Kitchen remodels have become an important value piece for homeowners. Homeowners and buyers are more focused now on open concept kitchens that can fulfill family and entertaining needs. There are several trends here to stay including:
More expensive upgrades usually involve opening up the kitchen to flow into the living space. In older houses, the rooms are usually segmented from each other with walls and doors. The current trend is large open spaces, and these walls can be removed to create a completely new feel to an older home. Often, this will involve removing load bearing walls, so always consult a structural engineer before making any major changes.
Ultimately, the biggest impact on the upgrades you choose will be dictated by the market where you live. Making sure to choose upgrades that are neutral and designed to appeal to many buyers will give you the best return on investment. Design Everest can help you to make the best choices for your interior renovation projects and ensure your house stays stylish and standing for years to come. Contact us today at (877) 704-6765.