In the past, homeowners were often faced with a decision of whether or not to invest in home improvements. However, today’s environment is different, and it would seem that homeowners are now more inclined to make these investments instead of avoiding them. In fact, according to a report done by the National Association of Home Builders (NAHB), one out of every five respondents says they will be investing at least $10,000 this year on various upgrades for their homes. This is an increase from just two years ago when only 14% said they planned on making such a significant investment into their homes. With so many people willing to upgrade their homes and spend money on repairs and renovations, it may be time for you to consider investing in your own home!
How do renovations and improvements add value to your home?
Renovations and improvements can be a great way to add value to your home. There are three main areas where you could renovate or improve: the exterior, the interior, and the yard. Whether it’s adding an extra bathroom in your basement or replacing all of your windows with triple-pane ones, there is a lot you can do to increase the value of your home. Of course, the cost of these renovations will vary depending on what you have planned for your project. However, don’t let the cost scare you away from going through with it! You’ll reap the rewards down the road if you’re smart about how much money goes into each area so that everything balances out at the end.
Below is the 2021 cost vs. value report by Zonda media, an analytic firm focused on housing market research and analytics, to provide you with some necessary insights into what might be worth paying for your home renovation and improvement project.
What are the most popular home improvements right now?
The housing market is constantly changing, and the most popular home improvements right now are vastly different than they were even just a few years ago. Gone are the days of simply adding on to your house or renovating an old kitchen. Nowadays. it’s all about smart homes, efficient heating/cooling systems, and eco-friendly living spaces.
In a recent survey conducted by bid-on-equipment, 870 American homeowners were asked about their most recent home improvement projects. Exterior remodeling was the most popular home improvement among the homeowners. This is followed by bathroom remodeling and kitchen remodeling. On the contrary, the least popular home improvements among the survey participants were the basement, bedroom, and entire home renovation.
The Best Home Upgrades that Add Value to Your Property
Kitchen remodeling is a great way to increase the value of your property. It’s also one of the easiest ways to update your home without having to move in and out. There are many different things you can do with kitchen remodeling, from simply updating cabinets or countertops to adding open shelving or as extravagant as installing an island for extra storage space.
The average cost for a kitchen renovation is around $25,000, which will often pay off in just over two years! Many homeowners find that they have more room in their kitchen after a renovation, and it gives them a sense of accomplishment that they couldn’t achieve by moving somewhere else.
A common misconception about the bathroom is that it’s just a room for showering, taking care of business, and getting ready. The truth is that the bathroom can be an extension of your living space with some simple upgrades. An updated, well-decorated bathroom will not only make your home more liveable but also add value to the property while you’re at it! While you might think this upgrade would cost a fortune, there are many ways to do so on any budget. From adding new fixtures to updating outdated fixtures or painting walls, these minor changes have huge effects on the overall look and feel of the space.
The range of prices for a bathroom upgrade varies depending on the size of the project you have in mind – from updating essentials with just over $3K up to more than 25k if extensive changes are needed for any given bath or master suite.
The best home upgrades are the ones that add value to your property. Outdoor renovation is one of those upgrades, which is why it’s so popular with homeowners. Whether you’re looking for a new deck or backyard patio, adding outdoor living space can be an investment worth making. Studies show that homes with lush landscaping and amenities like patios and pools end up selling at higher prices than comparable properties without these features. Outdoor renovations will never go out of style because they allow us to spend time outside in our beautiful natural world while also improving our health by getting fresh air and sunshine!
A total backyard renovation costs $15,000 on average. For a modest remodel, including new sod and plants, you’re looking at around $5,000. However, if you want a more extravagant outdoor renovation or patio construction, that could quickly go over $100,000.
Interior Design Improvements
The best way to improve the value of your home is by investing in interior design. It’s one of those investments that can make a house feel like a home and create memories for years to come. In addition, interior design is among the cheapest upgrades. You can have an entirely new look with just some furniture, paint, plants, decorating items, and other minor updates.
Smart Home Automation Systems Installation
Smart home automation systems installation can help increase the value of any home and give homeowners more control over their lives. With smart technology like voice-activated thermostats and remote security cameras that let you keep track of things from anywhere, upgrading with these new technologies is the best way to stay on top of all aspects of your life. Smart home automation system installations are easy to install yourself or by professionals. Either way, it’ll only take a few hours for them to get set up in your home for maximum convenience.
5 Renovation Mistakes You Should Avoid Doing For Your Home
Choosing a Low-Quality Contractor
There are many low-quality contractors in the industry today. To make sure you get the best contractor for your job, be sure to check their credentials and ask for references. Many people have had bad experiences with these contractors because they don’t know what they’re doing or use cheaper materials that won’t last as long. By choosing a quality contractor, you’ll have peace of mind knowing that your home’s value will not decrease over time due to shoddy workmanship.
Setting Unrealistic Budget
Many homeowners often set unrealistic budgets for home renovations, only to find they don’t have enough money left over for the paint or new furniture. You can avoid this problem by setting a budget that is realistic and within your means. This way, you will be able to enjoy your newly renovated space without feeling like you’re living in an unfinished house.
Confusing Style and Art with Function and Design
Homeowners and potential home-buyers often overlook the importance of function when it comes to design for renovations. This is a costly mistake, as homeowners will spend more money on things they don’t need or use just because they look nice. When considering your next renovation project, consider how you will use each item in the day-to-day life of your household and family before you make any purchases.
Ignoring the Small Details
Negligence for certain aspects of a renovation project can cause an owner to pay more in the end. Moreover, it can also lead to major headaches, such as having your contractor point out that you’ve overlooked something during the construction process. This is why it’s crucial to consider even the small details, so you don’t have any regrets down the road.
Using Low-Quality Materials
The best way to prevent any potential problems with your home is to use high-quality materials in your renovations. Low-quality materials will always have a higher chance of breaking down prematurely and causing damages, which can be costly in the long run.
Top Reasons Why Homeowners Upgraded Their Homes
The COVID-19 pandemic had a considerable impact on the home improvement industry. For many people, it created an opportunity to spend more time and money in homes than they ever did before. Presented below are the top reasons why homeowners in the United States upgraded their homes based on the survey conducted by Statista, a company based in Germany that primarily collects, organizes, analyzes, and markets consumer data.
The number one reason Americans did home improvement projects during the pandemic was that they had more time. On the contrary, only five percent said it was to prepare for a baby on its way.,
How to Save Up Costs When Renovating Your House
Renovating your house is a big decision. You have to consider the cost, time, and effort it will require and how you want your home to look in the end. So whether you’re looking for a simple update or a major overhaul, make sure that before making any decisions on renovations, you’ve got all of the facts about what’s involved with each project.
Stick to your set budget.
As you tackle the long list of things to do, make sure not to forget about the budget. We all want our homes to look like they belong in a magazine, and that’s completely understandable! However, if you don’t set a spending limit before starting your renovations, then it’s easy to go over budget without noticing until it’s too late. That would only leave you with two options: either take out more loans or live with what you have for years until the loan is paid off. Those are not very good options so remember this when deciding how much money to allocate for renovations.
Never pay for materials or services with a credit card.
If you are a homeowner, there is no need to use your credit card for any materials or services. There is always the option of using cash, and this will save you on interest charges and protect your credit score. However, your credit score can be damaged by high balances on your cards and maxing out those limits.
Get good deals.
As a homeowner, you want to make sure that you get good deals on essential pieces when you are renovating your house. Whether it is a new kitchen or bathroom sink, there are always ways to save money and get the best value for your investment.
Choose the right contractor.
Renovating your house can be a stressful and challenging process. But with the right contractor, it can also be enjoyable and fruitful. The key is to find someone who has experience in renovating houses like yours. Ask for references from people you trust, such as friends or family members who have recently renovated their homes. You should also ask contractors about past projects they’ve worked on to give you an idea of what types of challenges they are used to encountering when working with your type of home.
Frequently Asked Questions About Home Improvements that Add Value
What features in a home add the most value?
The value of a home is the most crucial factor in deciding what features to include. The answer will vary from person to person, as many factors determine how much someone values their home.
What improvement projects will make the most significant impact on the value of my home?
Homeowners often want to update their kitchen or bathroom before selling their homes. Still, these are usually not good investments for people looking to maximize profit since kitchens and bathrooms are easy updates to make after purchasing a new home. If homeowners have any significant improvements they would like to do for them not to feel so attached when moving out of their current residence, then they should consider replacing aging windows or painting walls with neutral colors instead of updating the kitchen or the bathroom.
How do I decide if a home improvement project will be a worthwhile investment?
Choosing the right home improvement project can be a daunting task for many homeowners. When deciding which projects to do, it is essential to consider your needs and what improvement project you have time for.
Call Paragon Remodeling and inquire about which best home improvements can add value to your property.
When deciding what home improvements will add the most value to your property, you have many options. A qualified home remodeling contractor can help you decide which project is best for you and your budget. However, if you’re not sure who in your area would be a good fit, give Paragon Remodeling a call today. We offer free consultations and provide you some recommendations on how you could make your house more valuable by making it safer or more energy efficient with our remodeling services.