Your home is not just a place to live; it’s an investment in both your daily comfort and your financial future. But how can you make upgrades that enhance your day-to-day life while also increasing your home’s value? It’s a challenging but necessary question for anyone who plans to stay in their home for the next three to five years, but also plans to eventually sell.
Start With the Heart of the Home: Your Kitchen
The kitchen is, without a doubt, the most important room in the home – practically, functionally, and financially. While it’s possible that your kitchen is a rare exception to this rule, it’s unlikely.
According to a study of over 2,000 American families, the kitchen is the room that gets the most use in the house. As the New York Post explains, “They found that adults spend an average of 67 minutes per day in their kitchens — the equivalent of over 400 hours annually.”
It’s important to point out that this is just the average. There are plenty of families that spend two hours or more in the kitchen per day. And that’s why the kitchen tends to impact a home’s value more than almost any other room.
With all of that being said, it makes sense to start your upgrades in the kitchen. It’s common for a well-done kitchen renovation to achieve a 70 to 80 percent ROI. And in cases where the original kitchen is super dated, you can actually outpace the investment and achieve returns above 100 percent when selling within the next six to 12 months.
If you’re looking for some ideas, focus on aesthetic upgrades that don’t break the bank. This includes lighting fixtures, backsplashes, or countertop refreshes. New cabinets, hardware, and appliances are other worthwhile investments.
Invest in Outdoor Living Space
If there’s one thing that homebuyers almost universally desire, it’s outdoor living space. Having a good outdoor living area can instantly add major value to your home. Not only that, but it provides extra enjoyment by extending your usable square footage beyond the four walls of your house. Here are two ideas:
- Build a patio. Constructing a well-designed patio can provide a versatile space for outdoor dining, relaxation, and entertaining. Choose materials that complement your home’s exterior and consider adding features like a fire pit, outdoor kitchen, or comfortable seating.
- Build an outdoor kitchen. There’s something special about having an outdoor kitchen where you can cook meals ‘al fresco’ and entertain guests. You can decide how detailed you want to be, but outdoor kitchens can include things like bars, grills, outdoor refrigerators, sinks, appliances, and entertainment systems. Here’s some outdoor kitchen design inspiration.
In addition to outdoor patios and kitchens, it’s a great idea to invest in professional landscaping to give your backyard a more cohesive look. This is something that will take your enjoyment to the next level.
Give Your Bathrooms a Refresh
Your bathroom is your private sanctuary – a retreat away from the rest of the world. So if you want to invest in your sanity and emotional well-being, it makes sense that you would give your bathrooms a refresh.
Upgrading your bathroom can encompass various elements, including fixtures like faucets, sinks, and toilets. Choosing water-efficient and aesthetically pleasing fixtures can modernize your space. Creating an elegant walk-in shower with rainfall showerheads is another upgrade that’s well worth the cost.
Like kitchens, bathroom remodels can yield a pretty significant ROI. Depending on the upgrades you make the discipline you use with a renovation budget, this can really increase the perception of your home for potential buyers.
Aim for Quality Over Quantity of Upgrades
As a homeowner, it’s tempting to want to do everything at once. You spend a few minutes browsing Pinterest with your spouse and suddenly you have a list of new projects and renovations to start. But here’s a word of caution: Don’t let the quantity of upgrades overshadow the importance of making quality upgrades.
At the end of the day, it’s better to invest in one high-quality renovation to your home that’s functional and adds value than to tackle half a dozen cheap DIY projects that don’t actually do much.
Keep your priorities straight and you’ll have good results!