If you are considering renovating your home, you are not alone. In 2018, 58 percent of homeowners reported that they planned to complete a home renovation or improvement project within the next year. Making renovation plans with home value in mind can help recuperate a large percentage of your costs. Not only do you get to enjoy the upgrade until you decide to sell, but you can also easily add thousands of dollars to the price of your home
For homeowners interested in investing in high-value renovations, here are a few tips to get you started.
Exterior Elements Are A Big Part Of Design Value
Often, we tend to focus on design with an interior lens. However, it’s important to remember that elements on the outside of your home also play a significant role in elevating the look and feel. For instance, the color and materials for your roof, exterior paint, window treatments, and landscape and architecture, all work together to add value to a home. What’s more, these design elements are cost smart improvements. Siding replacement, for example, can recover up to 76% of its cost, and the addition of a new deck will get you similar results.
Prioritize Design For Rooms That Get The Most Use
If you want to maximum value for your design dollars, focus on areas of the home that receive the most traffic and attention. Remodeling a den or guest room is fine. However, it is likely they will never have the same impact in driving value as a stunning new kitchen or beautifully remodeled bathroom. These are showplaces to any home, so the key is to focus on them first. On average, remodeled kitchens and baths, recover somewhere between 70% and 83% of their value. That’s money well invested.
See How You Can Increase Your Square Footage
According to a recent estimate, the median home value is $130 per square foot. In other words, if you can find ways to increase the square footage available in your home, it will have an immediate impact on your asking price.
Homeowners do not have to invest in an entire addition to add square footage, either. Consider finishing a portion of your attic or basement to serve as an additional bedroom or recreational space. If you have a back patio or a sunroom, look at how a remodel can help convert it into a family room, a laundry room or additional living space.
Maximize The Appearance Of Space Available With Interior Design
Good interior design can elevate your home and add value by helping you maximize the appearance of the space available. You want the rooms in your home to feel open and welcoming, ready for new potential owners.
Furniture selection can be key in home design. Therefore, make sure that the furniture in the space properly scales to the size of the room. Oversized furniture, even if it offers additional seating, often makes the area feel smaller and cramped. Open it up to help buyers imagine the possibilities.
Paint color and natural light can also help broaden space. Applying the right color paint, adding windows or opening up blinds to let in additional natural light will contribute to the full potential of the room.
Helping the room look beautiful and accentuate the benefits of the space can increase the dollar value of your home by as much as 5-10 percent!
Consider Comparable Homes In The Neighborhood
Before beginning any design or improvement project, get a good lay of the land in terms of home values in the neighborhood. After all, returnable value will not be obtained if you invest in improvements that price your home well above comparable homes in the area. Yes, you want to increase the value of your real estate, but only to the point it becomes the most desirable home in your neighborhood.
A home renovation or redesign not only can help you explore your creativity, but it also offers tremendous potential for increasing your home’s value. Understanding what buyers want to see in a home and determining what interior design or architectural upgrades you can do to increase the price tag on your home, will ultimately lead to a good return on investment.If you are interested in completing a home renovation but need help getting started, contact us today to speak with one of our expert interior designers. We look forward to learning more about your goals and how we can help increase the value of your home. Get in touch today.