Maximizing Your Home’s Value: Renovations That Can Boost Your Bottom Line

Are you considering selling your home? If so, you’re probably looking for ways to increase its value and attract potential buyers. Fortunately, a recent report has identified several renovations that can generate a significant return on investment (ROI), helping you maximize your profits.

• By strategically investing in the right upgrades, you can not only increase your home’s value but also make it stand out from the competition.
• One of the most effective ways to boost your bottom line is by upgrading your kitchen. According to the report, kitchen upgrades can yield a remarkable ROI, with steam ovens and pizza ovens being particularly lucrative options.
• Adding these appliances can potentially increase your home’s value by up to 5.3%, which translates to a significant boost of over $17,000 for the typical home.

Another renovation trend that can enhance your home’s appeal is the introduction of she-sheds.

• These dedicated retreat spaces for the woman of the house can add value and charm to your property. While it may take a bit longer to find the right buyer for a she-shed, the report suggests that they can boost sales by 2.5%.
• The unique and personalized touch offered by a she-shed can be a major selling point for buyers seeking a private sanctuary within the home.

In addition buyers are increasingly drawn to unique features that exude luxury and sophistication.

• Materials like soapstone countertops and terrazzo floors can add a touch of elegance to your home while making it stand out from others on the market.
• These features can contribute to a higher perceived value, ultimately helping you sell your home at a premium price.

If you’re considering renovating your home before selling, working with a realtor is crucial. They provide valuable market insights, helping you choose the right upgrades for maximum return on investment. Realtors have access to market data, coordinate professionals, and ensure compliance with regulations. Their expertise ensures you make informed decisions, increase your home’s value, and sell it for a higher price.

To assist you in your decision-making process, here are some of the top features that can increase a home’s asking price, based on the report:

1. Steam oven (+5.3%)
2. Pizza oven (+3.7%)
3. Professional appliances (+3.6%)
4. Terrazzo floors (+2.6%)
5. Shed (+2.5%)
6. Soapstone (+2.5%)
7. Quartz (+2.4%)
8. Modern farmhouse features (+2.4%)
9. Hurricane shutters/storm shutters (+2.3%)
10. Mid-century features (+2.3%)

If your goal is to sell your home quickly, there are certain features that can help speed up the process. Here are the top features that can help homes sell faster, according to the report:

1. Doorbell camera (5.1 days faster)
2. Soapstone (3.8 days faster)
3. Open shelving (3.5 days faster)
4. Heat pump (3 days faster)
5. Fenced (back)yard (2.9 days faster)
6. Mid-century features (2.8 days faster)
7. Hardwood (2.4 days faster)
8. Walkability (2.4 days faster)
9. Shiplap (2.3 days faster)
10. Gas furnace (2.3 days faster)

By considering these features and their potential impact on your home’s value and marketability, you can make informed decisions about the renovations that will bring the greatest returns. Remember, the key is to tailor your upgrades to the preferences of potential buyers in your area, ensuring that your investment boosts your bottom line and helps you sell your home successfully.