What Upgrades Increase Home Value?
There are so many options one can do to their home, but if you are looking to increase your home's value here is what you need to know.
1. Convert or build a home office
Buyers care about a home office more than they care about whether the home is move-in ready or is of a minimum square footage, our survey found. In some cases, buyers are seeking out multiple home offices.
2. Finish your basement
If you have an unfinished basement, you might have room for storage, but you’re missing out on livable space for future buyers to enjoy— whether as a home office or space for entertaining.
In fact, finishing a basement of 400 to 1,500 square feet has a potential ROI of up to 75%, according to HomeAdvisor.
3. Open up the floor plan
Knowing that, knocking out the right wall can create the spacious layout on many buyers’ wish lists. NAHB’s survey shows that 85% of buyers want an open layout between the kitchen and dining room; 79% favor an open arrangement between the family room and the kitchen, and 70% like an open layout between the family room and the dining room.
4. Replace your garage door
Garage door looking a little dingy on the outside or making strange noises? Or perhaps the style is now dated compared to what your neighbors have? A new garage door is also likely to be worth the investment. According to HomeLight’s research, top agents say a new garage door costs an average $1,200 but adds an average $2,797 in resale value for a 133% ROI.
5. Cook under the stars with an outdoor kitchen
Once viewed as an add-on reserved for luxury homes, these days, it appears everyone wants an outdoor kitchen. In addition to a built-in grill, outdoor kitchens often include features such as cabinets, a bar, a sink, standard kitchen appliances, and sometimes a flat-screen TV. They can be lavish or basic, depending on budget.
The value an outdoor kitchen adds to a home has increased from an estimated $6,100 pre-pandemic to $9,800 in the current market. Has it always been your dream to make shrimp scampi al fresco and serve it to guests al fresco? Go for the outdoor kitchen — buyers will love it for the same reasons when the time comes to sell.