We’ve never been at home more than we were in 2020. With so many businesses sending employees home full-time, homeowners are looking for new places and spaces to call home. Without having to worry about a commute to or from work, families are packing up and moving out of urban areas. The trade-off? Lower prices and more space.
Whether you’re thinking about relocating in the near or distant future, improving your home will help big time when it’s time to put your home on the market.
What upgrades increase home value?
The decision to sell your home is a big one, but it’s not the last big decision you’ll have to make--updating your home will help increase its curb appeal and entice potential buyers. But before you go rushing off to replace every appliance in your kitchen with stainless steel models, make sure you know which home upgrades are worth the investment.
Upgrades that net major return on interest:
- Garage door replacement
- Exterior updates (stone veneer on exterior, siding, and vinyl window replacement)
- Adding a wooden deck
- Kitchen upgrades
- Bathroom remodel
These upgrades have been shown to give you the largest return on investment (ROI) for their cost. But there are other upgrades and trends to consider before starting on your upgrading spree.
Current popular home upgrades:
- Hardwood floors
- Flexible floor plans
- Updated systems
- Energy-efficient appliances
- Quartz countertops
- Walk-in showers
Research shows that these upgrades are in high demand by millennials--who are now the top buying population in the United States. But how do you choose the right project(s) for your home?
1. Kitchen upgrades
The kitchen is one of the most essential (and busiest) rooms in your home. First-time home buyers are looking for a space that’s as good for entertaining as it is for Sunday morning breakfast with the family.
Stainless steel appliances are always a great investment, albeit an expensive one. Quartz countertops have also had a spike in popularity, likely for their durability and versatility in decor. Instead of spending your entire renovation budget in one room, pick and choose what amenities would improve the look of the kitchen overall. Sometimes all you need is a fresh coat of paint and a decorative backsplash to flip a space on its head.
Expensive renovation: New countertops and stainless steel appliances.
Renovations on a budget: DIY a backsplash, paint the cabinets, update sink fixtures.
2. Energy-efficient appliances
The past few years, we’ve seen a massive uptick in a focus on sustainability—at work, in public, and in our homes. According to a 2020 report on generational home buyer trends, these were the top five eco-friendly features a home could offer:
- Commuting costs
- Heating and cooling costs
- Windows/doors/siding
- Energy-efficient lighting
- Energy-efficient appliances
Replacing siding or vinyl windows are also two of the top upgrades in terms of ROI--this is likely because you can add as much as 30% to your heating or cooling costs from energy loss due to drafty windows.
Expensive renovation: Installing solar panels, updating siding, and replacing windows.
Renovations on a budget: Invest in LED bulbs and regular HVAC maintenance.
3. Flexible floorplans and additions
Young couples are looking to invest in their futures--which means they’re searching for a home that will adapt to their changing needs throughout the years.
- Flexible floor plan - While some feel that open floor concepts are out (thanks to working and learning at home), flexible floorplans allow that extra room to be a home gym or an office.
- Wood deck - Adding a wood deck is a great way to entertain friends and family during warm months, and it’s an upgrade with great ROI.
- Finished basement - If you have a basement, adding a bar, living space, and bathroom recoups approximately 70% of its cost.
Expensive renovation: Adding a wood deck, changing floorplan.
Renovations on a budget: Add mirrors and light-colored curtains to make rooms seem more spacious and open.
4. Bathroom remodel
Bathrooms are the most heavily trafficked rooms in your home, and upgrades can add major value to your home.
Larger projects like replacing the tub or shower can cost a pretty penny, but research shows that millennials seek homes with walk-in showers since they’re safer and easier to use. There are many ways to make your bathroom feel brand new without sinking too much money into the endeavor.
If you can’t afford to replace your bathtub (or the tub is still in good condition), consider recaulking as a good alternative to a full replacement. Adding some textured wallpaper or a fresh coat of paint can make the bathroom feel freshly renovated--even if it hasn’t been.
Expensive renovation: Replacing the tub, adding a walk-in shower.
Renovations on a budget: Painting cabinets or walls, installing new fixtures, recaulking a bathtub.
Invaluable Home Improvements
All these projects will add value to your home, but maintaining your heating and cooling equipment is a long-term investment. Even if you don’t think you’ll ever sell your home, regular maintenance appointments keep your system running smoothly and efficiently so you and your family can enjoy the benefits of a comfortable home (without a massive energy bill).
Owning a home is expensive, and adding outdoor areas or completing large renovations aren’t cheap either. The best way to upgrade your home is to consider what your area has to offer. Then choose two large-scale projects to add value to your home. You can supplement the rest with smaller DIY projects that make your home feel refreshed, open and inviting.
For all your heating, cooling, and electrical needs, talk to the experts at A-TEMP Heating, Cooling & Electrical. Contact us online or by phone at (503) 694-3396 to schedule an appointment or speak to a member of our team today!