Over the years strategic home renovations have become a way for homeowners to maximize the returns on their investment in their home. While every room in a home contributes to the appeal of potential buyers, renovating key rooms can provide you with a better payoff. Three rooms to consider when it comes to renovating your home so you can boost your home’s value are the kitchen, bathrooms, and multifunctional rooms. From modernizing the kitchen to creating unique and useable spaces that cater to the demands of the family, these renovations are sure to make an impact on potential buyers and help raise the price of your home.
The kitchen is always the best room to start with when renovating to boost the value of your home. Traditionally, considered the heart of the home, the kitchen is a room where functionality and aesthetics combine. Potential buyers often prioritize modernized kitchens with up-to-date décor and appliances.
The kitchen is always the first room buyers want to see when touring a property. Potential buyers in today’s market want a modern kitchen with high quality materials from countertops to floors and cabinets. Buyers are also looking for high quality appliances, so if it is within your budget when renovating, the kitchen is the best room to start with.
Start by looking at the current state of your kitchen. Outdated appliances, stained countertops and even the layout of the kitchen can deter potential buyers from purchasing your home, even if they like the rest of it. Consider investing in energy-efficient, stainless-steel appliances, and replacing those out-of-date countertops with more durable materials like quartz, granite or even marble. These additions to the kitchen will not only enhance the overall look of the space but provide much needed functionality.
Kitchen cabinets are typically the most expensive part of the kitchen to renovate. For those on a tight budget consider hiring a professional painter to paint the cabinets instead of installing new ones, says Kelly Mardis, Owner of Marcel Painting in Phoenix, Arizona. “If you are on a budget and can’t afford brand new cabinets, painting them is a great way to freshen up the space for a lot less money,” he said. “The painters can also install new hardware after the painting process is finished.”
If you have a smaller kitchen, consider opening the space. Knock down a wall or add an island to create a more inviting and spacious area. A well-designed kitchen provides functionality and improved looks that will create a higher return on investment when you do sell the home.
Bathrooms are another area where renovations can provide you with a higher return on your investment. Today’s homebuyers are prioritizing relaxation spaces like bathrooms, considering them a sanctuary for a few moments away from the rowdy kids or just a place to forget about the troubles of the day for a few minutes. A well-designed bathroom will create an impression on potential buyers and can greatly contribute to the overall price of your home.
Start off by changing outdated fixtures, cracked tiles and upgrade the storage in the room. Consider installing modern fixtures including faucets, showerheads, and cabinet hardware to provide a bit of luxury to the space. Also, consider upgrading to water saving toilets to grab the eye of potential buyers who may be eco-conscious.
If your budget allows, always invest in quality materials for the bathroom such as porcelain or marble that add a bit of elegance to the space. Install additional cabinets or add a closet area to provide better storage which will make it more appealing to buyers.
As we have seen over the past few years more people are working from home than ever before so having a dedicated space for those at-home workers can provide an eye-catching room for these buyers. When renovating your home, convert a spare bedroom or underutilized space to create a functioning office space. A well-designed home office space will not only cater to those working from home but can be converted later into a multipurpose room such as a play area for kids.
Consider adding built-in storage, durable flooring, and windows to the space to make it more inviting with natural light.
If you are on a tight budget even a coat of paint will go a long way in making an old room feel new again. “Stick with neutral colors for these spaces because it leaves the room as a blank canvas for people who may want to make their own upgrades after purchasing the home,” Mardis said. “Having versatility in these spaces is key so keep that in mind when renovating these areas.”
When undertaking home renovations with a goal of increasing the value of the property for resale, attention to key rooms can make a critical difference. By prioritizing the kitchen, bathrooms, and multifunctional rooms, you are not only enhancing the living space while you still live there but you are positioning your home as having a higher value for potential buyers. Having a well-thought-out renovation will add value so you make more money on the sale of your home.
Author: Rebecca Hidalgo Rains is the Managing Broker for Integrity All Stars @Berkshire Hathaway HomeServices in Chandler, Arizona. Rains has worked in Phoenix real estate for nearly 30 years helping Arizonans find their dream home.