As soaring home prices and a low housing inventory create unprecedented demand in Indiana, many homeowners may start considering the resale value of their existing homes and looking for remodeling ideas for easy updates or quick improvements.
Whether you want to sell, or just add equity to your forever home, many home remodeling projects provide comfort and value in the short- and long-term. Owning a home represents the largest asset for most people, so give it some love to get the best return on investment.
Here’s a list of the hottest value-adding tips for 2021:
1. Live Larger
While open floor plans still rule, the coronavirus pandemic spurred people working from home to seek quiet space for online meetings, exercise and study. Adding a dedicated workspace or exercise room helps to give them the space they need.
Amenity rooms emerged as highly sought, all-purpose living spaces in 2020. Adding a 150-square-foot room boosted home value by an average $16,628, according to the Cost vs. Value 2021 report.
2. Clean, Brighten and Stage
Clean everything inside and out, eliminating clutter from inside and outside your home.
Update lighting and repaint walls to brighten your home and make it more inviting.
Remove framed photos and other personal items to help buyers visualize their family, not yours, in their future home.
Cleaning and decluttering your home can increase your selling price by about $1,990.
3. Hardwood Floors Shine
Homeowners value hardwood floors because they resist stains and don’t harbor allergens.
New or refinished hardwood floors pay for themselves, but you may want professional help installing them.
A recent survey of people who attempted a DIY project found 63% regretted at least one of their projects, and one in three needed to call in a professional to repair their botched work.
4. Trees Pay Off
Plant native trees for an immediate 50% return on investment, plus you’ll gain up to 50% in energy savings as trees mature and shade the home.
Landscaping also adds curb appeal, and Realtors say homebuyers drive on by when a home’s exterior disappoints from the street.
5. New Doors Dazzle
Replacement garage doors give homeowners a 98% return on investment, and new entry doors 89.5%, in the Indianapolis market.
Those types of improvements boost curb appeal, which Realtors say also boosts prices.
6. Outdoor Extravagance
Patios, porches, sunrooms, outdoor kitchens and decks all increase living space and attract buyers like moths to a bright light.
Plus, they give you a great return on investment at up to 200% for an outdoor kitchen in sunny locales.
7. Go Easy in the Kitchen
A minor kitchen remodel returns 92.9% of your investment, while more upscale projects may return just over 50%.
Stainless steel appliances and granite countertops are among features for which buyers will pay more.
8. Showers Outpace Tubs
Walk-in showers top the current trend in added luxury, with soaking tubs close behind.
Midrange bathroom renovations return only about 60% in the short run, but are still a good bet for homeowners who want convenience while staying put as the house appreciates.
9. Easy Maintenance
Buyers show more confidence in well-maintained properties. The most glamorous kitchen on the block won’t help sell your house if the basement is wet.
Take a walk around your home, inside and out, then make a list of everything that’s broken or needs repair. Small things can add up quickly and give potential buyers a negative impression. Stay on top of maintenance today to prevent problems down the road.
10. Tear Down Walls
Smaller homes are appreciating faster than large homes these days, but not for their pre-war cramped floor plans. Many homeowners hire professionals to assess their smaller home’s structure and blow out unnecessary walls to create gathering places for modern living.
Determining potential return for any remodeling project can be tricky because of so many variables in the market, but Central Construction Group can help you develop a plan that fits your budget and happiness goals. Call us today at (317) 213-6246.