Top Renovation Projects to Increase Your Home’s Value in 2022
While COVID-19 brought with it a mountain of financial hardships, there’s a simple way for current homeowners to recoup from any losses suffered thanks to the pandemic: selling your home.
The housing market becomes increasingly favorable for sellers each day. During the pandemic, buyers surged to the market, heavily incentivized by low mortgage rates. While buyers entered the market in record numbers, sellers decided to press pause. This led to extremely high demand matched with extremely low supply. The result? Home prices are currently through the roof.
While selling in the current market will be simple with the help of a top-notch real estate agent, realtors always recommend some simple home maintenance in order to sell for the best price.
Unsurprisingly, the COVID-19 pandemic shed light on the importance of certain amenities, including updated outdoor spaces, home offices, and more. Keep reading to find out what top real estate agents say are the best renovation projects to tackle in order to please your future buyers and sell for top dollar!
Buyers Search for Complete Outdoor Living in Their New Homes
During stay-at-home orders and city-wide lockdowns, those stuck at home realized the importance of outdoor space. Families trapped in tiny apartments learned their lessons quickly, and buyers quickly surged to the market looking for homes with both indoor and outdoor privacy.
If you have an outdoor space already, a few small investments will transform your casual space into complete outdoor living. Top outdoor amenities buyers are looking for in their outdoor space include fire pits, built-in grills, outdoor lights, and comfortable outdoor furnishings.
If you have some extra spending money, consider adding a full outdoor kitchen, complete with a grill, sink, mini-fridge, wet bar, and even a flat-screen TV, to your property. While installation costs for a basic outdoor kitchen can reach around $5,500, the value of an updated outdoor kitchen increased during the pandemic. Homeowners can expect outdoor kitchens to add around $9,751 to your property, so you’ll recoup your entire investment plus a little extra with this addition.
When you’re finished focusing on your private outdoor space, consider your curb appeal next. In the real estate industry, a buyer’s first impression of your property is crucial, but it doesn’t take much investment to achieve excellent curb appeal.
Mow your overgrown lawn, trim down your shrubs, plant some colorful flowers in the garden, and give the front door a new coat of paint. Welcome mats, pronounced house numbers, and modern mailboxes are all safe investments that’ll really impress your buyers.
Outdoor Fireplaces Have Become the Symbol of Outdoor Luxury
According to HomeLight’s Top Agent Insights for End of Year 2021, buyer interest in outdoor fireplaces has spiked since March of 2020. Likewise, the value of an outdoor fireplace has drastically increased since pre-COVID times.
Back in March of 2020, the outdoor fireplace was valued at about $3,337. Now, homeowners can expect an outdoor fireplace to add about 72% more, estimated at approximately $5,753. Depending on the region, outdoor fireplaces may even be worth much more. In warmer regions, for example, outdoor fireplaces are worth about 123% than they were in March of 2020.
While outdoor fireplaces are considered the epitome of outdoor luxury and will certainly bring in plenty of buyer attention, complete building costs for an outdoor fireplace are hefty. Real estate agents estimate that an extravagant outdoor fireplace can cost upwards of $20,000. If you’re simply doing renovation projects for the return on investment, an outdoor fireplace might be a risky move.
Remote Work Sheds Light on the Importance of the Home Office
Since the beginning of the COVID-19 pandemic, companies all across the nation quickly shifted to permanent work-from-home environments. If you’ve been working from home for the past year, you won’t be surprised at all to learn that home offices have become one of the top amenities buyers are looking for in the current housing market.
In fact, many realtors claim the home office is at the top of their clients’ wish lists. Nobody wants to work in the same area they relax, so having a designated office is crucial in a post-pandemic society.
Luckily, a home office is easy to achieve even without a huge renovation budget. An extra bedroom, for instance, can easily be transformed into a home office by simply purchasing a desk and some filing cabinets. If you don’t have an extra bedroom, don’t worry. Find a corner of your home that’s not being utilized to its fullest potential, purchase a desk and some organization tools, and simply keep the area neat and decluttered. Even without privacy walls, a small corner of your home can easily double as a home office.