The Ultimate Home Renovations to Increase Value
Posted by Thomas Shapiro on Wednesday, October 19, 2022 at 3:14:27 AM By Thomas Shapiro / October 19, 2022 Comment
The Ultimate Home Renovations to Increase Value
Home renovations are a double-edged sword. Allow us to explain. On one hand, your home is your home and should reflect you, your lifestyle, personality, and function with your day-to-day life. On the other hand, the average timespan of homeownership in the United States is 8 years, meaning that most likely, you will eventually move from the home you are currently living in. Any renovations you make to your home will affect your home’s value.
As always, we are here to guide you through every aspect of homeownership. Let’s dive into the top renovations to increase your home’s overall value!
Kitchen and Bathrooms
The areas that will make the biggest difference in resale are the kitchen and your bathrooms. This isn’t really a surprise, we see it all the time – kitchens sell homes. In a recent study, 80% of homebuyers said the kitchen is one of the top 3 factors in deciding on a home, and they want updated, spacious kitchens where they can entertain while they prepare a meal.
The bathrooms are another that you can expect to receive a significant return on your investment. Upgrading your primary bath into a luxurious spa-like retreat will make your home the envy of all buyers, and they will be willing to shell out money for it. You can expect a bathroom remodel to increase your home value by 50-60% of the renovation cost – that sounds like money well spent to us!
Fresh Interior Paint
We highly recommend all of our home sellers add a fresh coat of paint since it will make the home look clean and well taken care of. You can expect a fresh coat of paint to add about $4,000 to your home’s value, but when considering home value, some paint colors are better than others. In the bathroom, the paint should be calming, with tranquil shades of blue or gray; nothing too bright. In the living spaces, it’s best to paint according to what’s on trend. For years greige (gray-beige combo) was what all the buyers were fawning over. Now creamy whites are gaining in popularity.
Portland is known for being a leader in sustainable living, so homebuyers want to see homes with sustainable features. Things like central heating, insulated windows, and smart lighting will make your home more attractive to buyers. Bonus points for having a water collection system or a greywater recycling system.
Fresh Exterior Paint
Exterior paint might be even more important than interior paint and can increase your home value by 2-5%. In fact, exterior paint is so important we wrote an entire blog post about it. You can read it here.
Garage doors play a huge role in the curb appeal of your property, and in terms of ROI, the garage door is the clear winner. They typically add about $3,800 onto the resale value, and with an average cost of $4,041, you get back nearly all of your investment – about 93% on average when you sell your home.
Outdoor Deck or Patio
Outdoor living is a must here in Portland. Buyers want a space where they can relax with a cup of coffee on a brisk morning or where they can entertain their friends on a summer afternoon. Adding a deck or other outdoor living space can add as much as $12,500 to your home’s value.
Sometimes your home just needs more space. Don’t be afraid to go big by adding to it. Adding a sunroom to your home is a cost-effective way to add value to your home. On average, you can expect a sunroom to increase your home’s value by about 6%.
Not big enough? Build an ADU! An “Accessory Dwelling Unit” is a living space separate from the main house. So, think of it like an apartment on your property where family members can stay or a place you could rent out to earn some passive income. Not convinced? An ADU can add a whopping 30% to your home value!
Updating your kitchen and bathrooms will give you the biggest boost in value when it comes time to sell your home. Interior and exterior paint, a new garage door, sustainable features are also selling points that buyers are interested in. Adding on to your home will also increase value.
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All photos sourced on Unsplash from the following artists:
Brian Babb, Point3D, Roam in Color, Jarek Ceboriski, R Architecture, Kam Idris, Immo Renovation
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