In spite of a global pandemic, the United States housing market is still soaring. In the fourth quarter of 2020, median home prices increased nearly 15%.
The demand for single-family homes is partially driven by an exodus from the cities. Thanks to a remote working trend, more people can work from home without commuting to the city. There is greater flexibility for the American worker.
Interest rates also remain near-record lows. Borrowing money is cheap and homeowners are taking advantage.
Some homeowners are using low-interest rates to finance property improvements. Read on to learn ways to improve property value. Explore seven property improvements that are certain to increase your home’s sell price in 2021.
1. Update the Bathroom
The bathroom may be the smallest room in your house. Who would have guessed it has the most bang for the buck.
By updating the bathroom, you can recoup over 100% of the investment cost at resale. The bathroom is also a great project because there is a wide range of things you can do.
Installing a standup shower with glass doors is a popular upgrade. Also, many homeowners install a modern sink or an oversized bathtub.
The flooring is a critical piece of the bathroom look. Installing new tile gives an upgraded appearance. Recessed lighting over the shower and new fixtures over the bathroom mirror are effective.
There also improvements you can make on a budget. Projects like repainting the walls and re-caulking the tub are great for appearances.
2. Renovate the Kitchen
The function of a home’s kitchen has changed significantly over the past few decades. In the past, the kitchen was purely a place to cook and store food.
The growing popularity of open floor plans changed the dynamic. Now, kitchens are the center of entertainment. It is the central location to host guests and is the heartbeat of a home.
Renovating the kitchen is one of the most expensive projects in a home. There is so much going on from appliances to cabinets. Other considerations are flooring, lighting, countertops, and more.
The kitchen island is often the focal point of the modern kitchen. They are practical as there are storage cabinets underneath. You can also serve food and beverages on the island countertop.
There is so much new construction occurring in the United States. In many areas, lots are growing smaller. Unless you own many acres of land, a fence is critical for creating a physical barrier with your neighbors.
Fences provide privacy from neighbors and others in the community. They also give a sense of security as children cannot get in or out unattended.
In some cases, fences are required by local ordinances or insurance policies. For example, pool owners often need a fence around the pool as a barrier. This way, there are no unintentional drownings in the pool.
You are only going to recoup a fraction of the upfront fence costs at resale. However, fences do increase property value and help sell your home faster.
Prospective buyers recognize that fences are expensive. They will have to spend thousands on a new fence if you do not have one.
For many homeowners, a white picket fence symbolizes the American dream. This article on https://www.buttefence.com/the-ultimate-guide-to-fence-pickets-and-wood-fence-panels/ helps explain how picket fences increase property value.
4. Outdoor Living Space
Homeowners are moving beyond the walls to increase functional space. Today’s homes are no longer bound by the interior. Instead, people are finding a practical use for their outdoor space.
Decks and paver patios immediately come to mind. Here, you can add outdoor sofas and dining room tables to entertain guests. Also, fire pits and powerful outdoor heaters allow your guests to stay warm when the temperature dips.
Homeowners with a larger budget can take their outdoor space to the next level. There are outdoor kitchens with beautiful countertops.
They center on a grill and work outward to include bar seating and storage. The most expensive options include a wet bar and refrigerator. Some homeowners are mounting outdoor televisions to the side of their home.
Another major change is adding a sunroom. Homeowners screen off an area of their backyard to create a quasi-interior living space. Inside the sunroom, you can put furniture, flooring, and other amenities for your guests.
Lighting is another consideration. If you have an awning, ceiling fans with lights can be installed. String lights are another popular trend. They create a warm and welcoming environment to host guests at night.
In real estate, first impressions are everything. A well-manicured lawn and landscape are likely to entice buyers to walk in the front door.
A fresh cut and routine fertilization go a long way. To improve property value, add hardscapes to your front and back yard.
Also, consider planting perennial flowers and evergreen shrubs in mulch beds. The finishing touch is to add spotlights so that the community can see how beautiful your home looks at night.
6. Finish the Basement
Finishing the basement is a great way to add square footage to your house. In the past, people strictly used basements for storage space.
Now, homeowners are seeing endless possibilities with the basement. Some are adding movie theater rooms. Others are turning them into game rooms for their children and friends.
Completing the basement is a project costing $10,000 or more depending on the size and scope. Adding hundreds of feet of square footage to your home is certainly going to increase property value.
7. New Siding
Nothing alters the appearance of your home more than replacement siding. There are many modern siding colors out there to make your house stand out.
Replacement siding recoups most of its value at resale. Besides a great return on investment, new siding makes your house look brand new.
Most homeowners are always looking for ways to improve. Not all upgrades and projects have the same impact on value.
Certain projects like replacement siding and bathroom upgrades are certain to boost property value. Others recoup less investment cost at resale but help your house sell faster. Either way, making improvements is almost always a positive thing.
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