Bolster your home's value with modern upgrades
Posted on Friday, January 20, 2017 at 11:11:44 AM
Home improvement spending has increased for several years now, showing that the American population is resurgent financially and choosing to invest their excess money into their own properties. The next 12 months are expected to produce plenty more gains in the home improvement arena, with one study from Harvard University's Joint Center for Housing Studies forecasting $317 billion to be spent this year, which would represent 6.7 percent growth from 2016.
If you are looking to make some improvements to your home, keep in mind that certain ones will add more value to your house than others, including those that are centerpieces of modern trends buyers desire.
Real estate brokerage Redfin recently released a list of some of the biggest fads in home improvement and upgrades according to its data, and a few are notable given their popularity in today's marketplace. This, of course, includes the integration of 'Smart' home technology, which includes automation and remote control of various features throughout the house. Another option that is just as in vogue today, Redfin explained, is a built-in bar, which homeowners can often tackle on their own in a do-it-yourself fashion.
The real estate agency noted that quartz is also gaining steam in the upgrade department, especially in kitchens.
"Homebuyers don't want to have to change anything after they purchase a home. So, a home could sell faster and for more money if a homebuyer sees that a home was recently upgraded and won't need to be remodeled anytime soon," Redfin Baltimore agent Timothy Maller stated. "That's why picking the right home improvement project to tackle before listing could make a big difference in how long the home stays on the market and the final sale price."
Other major projects that might come with a higher price tag can be even more valuable for those owners who are looking to further siphon their investments into their properties. However, just as you want to know which ones will have high returns, you should also stay away from the projects that will not pay off all that much.
A recent 24/7 Wall St. article argued that bathroom additions, backup power generator installation, backyard patios and deck additions are not quite powerful of money-makers today, all producing around 50 percent returns on investments within a year. A master suite addition, which is among the most expensive undertakings of all, would only return an average of 59.9 percent of the investment, the news provider noted. Furthermore, all of these projects were tagged in the tens to hundreds of thousands of dollars.
It is worth noting that not every project is meant to be leveraged to sell the home down the road, as some will simply be pursued to make the abode more comfortable. Regardless of why you are launching a remodeling or upgrade project, remember that home improvement financing programs are readily available to you.