5 Home Renovation Trends that Boost Property Value
Despite rising inflation and the pandemic, the house remodeling market has witnessed continued expansion. According to the JCHS of Harvard University’s Housing report, the home improvement market in 2021 reached $221 billion and has grown ever since.
While there is a continuous boom in the house remodeling industry, most homeowners are undertaking such projects for various reasons. For instance, people are willing to add more square feet to their houses to add remote working space. Similarly, people who live in a warm and humid climate like Tampa, Florida, may prefer energy-efficient remodeling projects to ensure cost-saving in the long run, and it doesn’t come without reason. According to a Harvard Housing Report, the home renovation market in Tampa is booming.
That said, one of the biggest reasons people undertake such projects is to boost their property value. So, if you, too, wish to increase your property’s value to attract potential buyers, read on. In this article, we will discuss the five home renovation trends that will help you navigate the current market and boost your home’s value effortlessly.
Spruce Up Your Bathroom
Talk to any experienced real estate agent, and you will know that bathrooms are the spaces that sell homes. While this space is mostly neglected during renovation projects, you can easily gain 100% or an even higher return on your investment by remodeling your bathroom. However, the ROI in each case is variable and solely depends on your budget and selected finishes. With that, it is also important to hand over the project only to the most trusted and certified bathroom remodeling company in Tampa to ensure the best outcome without spending a fortune.
Also, you can still start with minor upgrades if you don’t have the budget to complete an overhaul. For instance, following the current trends, you can install a durable and stylish tub, replace worn-out wallpaper with a textured/faux finish, and add more lighting or a large mirror to create a more modern look.
Additionally, you can replace old fixtures like showerheads, faucets, and toilets with more water-efficient and aesthetically appealing fixtures, let alone low-flow plumbing fixtures, to benefit both the environment and your pocket by reducing water consumption.
Open-Concept Floor Plans
While the open-concept floor plan is not a new trend, it has always been the most in-demand renovation project that helps boost the overall appeal of your house. For those unfamiliar, it is about connecting two or even multiple rooms without walls or partitions. This helps create an open space with a modern look without adding a square foot to your house.
This concept is still quite popular because it helps make moving from one room to another easier with better traffic flow. It makes your house feel more spacious and open and encourages natural light and airflow, making your living space more comfortable and energy-efficient. Moreover, the open-concept floor is easily customizable, affordable, and suits the preferences and needs of any family, regardless of their size.
Thus, if you want to make the most of in-demand home trends to attract potential buyers and boost the value of your home, add more gathering space in your house by opting for an open-concept floor plan.
Invest in Energy-Efficient Fixtures
If you are a savvy homeowner, you would know that energy-efficient fixtures don’t seem promising initially. However, they can help you save a ton of money in the long run while increasing your home’s value, helping you to attract potential buyers while reducing your utility bills. While you can make many eco-friendly or energy-efficient improvements, some notable improvements include installing energy-efficient appliances, lighting fixtures, doors, windows, and siding.
Moreover, you can install solar panels on your home or opt for landscaping to ensure energy conservation. However, remember that the initial cost of undertaking such a project may be slightly more expensive than others, but you can rest assured knowing you’ll save money in the long run.
Upgrade Your Kitchen
The kitchen is indeed the heart of a home with the potential to impact the value of any house regardless of its size. This is why potential buyers prefer a modern and functional kitchen over any other feature when purchasing a house. A modern kitchen is not only in demand but also an excellent opportunity to increase the resale value of your house by tenfold.
Also, just like the bathroom, you can start renovation by making small upgrades like replacing outdated appliances with more energy-efficient models. It not only helps in reducing energy bills but also improves the overall aesthetics. Likewise, you can replace old cabinets with newer and modern options or update dated countertops with granite. Moreover, you can also maximize the storage space by making smart design changes to create a sense of openness, like removing non-load-bearing walls to create a more spacious look.
However, if you don’t have the budget for the changes listed above, you can still transform the kitchen with a fresh coat of paint, install modern fixtures and lighting, or simply a kitchen island.
A Fresh Coat of Paint
Sometimes, superficial changes can create a more lasting impression on homebuyers than intensive renovations. Thus, getting a fresh coat of paint is another trending, cost-effective, and simple improvement to boost your house’s value and overall look. It is not only a low-cost upgrade; we all know how vibrant, clean, and fresh a space looks when freshly painted.
However, before undertaking this project, consider different paint colors and types. Most homebuyers, for instance, prefer to go with neutral shades. Also, a crisp, fresh paint job of modern neutrals or pastels like putty and gray can show off your house to the best advantage. It makes a house look and feel more visually appealing and desirable for potential buyers.
While it doesn’t mean you should completely avoid bright colors, remember that bolder color choices often fail to meet buyers’ preferences, let alone impress them in the first go.
The Final Words
Boosting your house’s value by following the latest renovation trends helps you grow equity and earn higher ROI. So, start implementing the simple and most budget-friendly renovation trends discussed above and update and beautify your home effortlessly. However, remember that some improvement projects may require more effort and attention than others, and not all may work in your favor. Thus, it is better only to choose the ones that are easily manageable for you and make the most sense for your situation.
Good luck!
