We have sat in many kitchens over the years with prospective home sellers, discussing the merits of home improvement projects; in terms of which will yield the biggest bang for their dollar.The question often begets, how long are you planning on staying in your home? If you have a 5 -10 year time horizon, then a full blown kitchen remodel you'll be able to enjoy now makes sense. However, if your time frame is in the next few years, you'll want to focus on projects that capitalize on existing space. And lastly, no matter when your timeline, you can never go wrong with focusing on The BIG THREE: paint, lighting and flooring. Below are our top picks of home improvement projects,resonating with today’s home buyer.
01 Curb Appeal Is Key
Buyers often won't consider looking at a home if they don't like the exterior. According to a recent HomeLight survey, you can yield an ROI of 238% for investing an average of $3,467 on curb appeal projects. A fresh coat of paint, a
landscape upgrade and a new front door can go a long way towards sending a message to a buyer that your home is well-maintained.
02 Home Office
Since 2009, the number of people working from home has risen by 159%, according to stats from Global Workplace Analytics. Therefore, dedicating existing space for a home office is likely going to be a good investment. Mid-2020 data from HomeLight indicates that a home office adds over $10,000 in resale value, and that number may be even higher now as Americans settle further into their remote work routines.
03 Facelift Updates
Doing a big kitchen or bathroom renovation may not pay off at sale time. Instead focus on smaller projects like refinishing hardwood floors, or cosmetic updates for the kitchen and baths, including new light fixtures, cabinet hardware, tile backsplash and countertops.
04 First Floor Ensuite
We are seeing an increase in demand for a first floor bedroom-full bath or the feasibility to add one down the road; as both intergenerational living and the ability to age in place gain traction. Multigenerational living is becoming more popular as children are moving in with their parents (or the reverse). In addition, many homeowners (particularly Baby Boomers) are pushing off retirement and staying in their homes longer as rising rates and prices make it difficult to leave a paid-off home for sunnier shores. Therefore, having an ensuite arrangement on the main living level will be a value-add when it comes time to sell.
05 Enhanced Outdoor Space
Now more than ever people are placing a premium on outdoor living space. One survey of 2,000 homeowners found that participants spent 14 hours a week outside, or three hours more than before the pandemic. Enhancing your outdoor living area, whether by adding a patio or upgrading your landscaping will go a long way. While you're at it, consider adding a fire pit which can be super economical if you choose to go the freestanding route.
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