It’s no secret that home repair and remodeling projects have become all the rage thanks to the pandemic. With many Americans still working from home, and the housing market still in full swing, these upgrades to our living spaces are likely here to stay.
The question becomes: which remodeling projects are worth the cost, particularly when it comes time to resell your home?
A Look at the Data From a 2022 Remodeling Impact Report
According to the National Association of Remodeling Industry’s 2022 Remodeling Impact Report, Americans spent $420 billion on home remodeling projects in 2020, with 83% of consumers stating they would have remodeled regardless of the pandemic, and 86% saying that remodeling one part of the house inspired them to keep going with additional upgrades.
The remodeling professionals took a look at the Recovered Project Cost for interior home renovation projects, and how they added value to resale.
The highest cost recovered was refinishing hardwood floors at 147%, new wood flooring at 118%, and insulation upgrade at 100%. From there it’s basement conversion to living area at 86%, closet renovation at 83%, attic conversion to living area at 75%, complete kitchen renovation at 75%, bathroom renovation at 71%, kitchen upgrade at 67%, add a new bathroom at 64%, and add a new primary bedroom suite at 56%.
Other Types of Remodeling Projects That Add Value to the Home
The good news is that not all home remodeling projects need to be pricey, nor do all require the hiring of an outside professional (although some certainly do!). Here are a few more suggestions in addition to updating floors and insulation for worthwhile home remodeling projects:
Upgrade Your Outdoor Living Space
Front porches, back porches, screened-in porches, and decks are all staple outdoor features that have been popular with home buyers for many years. Today, you could step it up to include a grill, outdoor fireplace or fire pit, and/or a hot tub. Smaller but significant upgrades could include staining the wood of the deck, or even putting out deck planter boxes.
Replace the Entryway Door & Garage Door
A steel door replacement is a solid investment in your home. They’re secure and stronger than wood or fiberglass doors, and they’re aesthetically pleasing, making a bold statement right when prospective buyers walk up to the home.
Remodeling Magazine’s 2022 Cost vs. Value Report cites garage door replacement as top of the list for best projects to ensure a return on your investment. Comparatively speaking, this is a fairly inexpensive upgrade to make that has the added perk of contributing to curb appeal.
Convert a Room to an Office (or Add a New Room)
With regards to individual rooms in the house, homebuyers are typically most concerned with the living or family room, the primary bedroom, and the kitchen/dining area. Right behind these crucial spaces is the home office.
It’s recommended to keep a home office within the style of your home (it shouldn’t resemble an office cubicle). You can get a little bit creative with the closet, perhaps switching out clothing racks for shelving conducive to an office environment, or you could even add a drop-down desk. Don’t forget adequate lighting!
If you can afford to add a new room to your house, office or otherwise, adding additional square footage to the home always equals a better resale value.
Keep Accessibility Front of Mind When Remodeling
Photo credit: Alan Nudi
It’s worth mentioning, that finding an accessible home created with “universal design principles” in mind is an important consideration for many in the market today, particularly if individuals are looking to make this house their forever home, or retirement home.
If you are looking into major changes or have the budget to do so, widening doorways, ensuring a step-less entry into the house, or adding a shower or tub to the downstairs bathroom can do wonders.
Lake George & Adirondack Area Considerations
When it comes to houses for sale in Lake George, NY and the southern Adirondack region, homeowners may want to give careful consideration to upgrades that enhance the outdoor experience. From hiking to fishing to whitewater rafting, to cold-weather sports like downhill and cross-country skiing and snowshoeing, we are fortunate to live in an area that is abundant with recreational opportunities.
For this reason you may take into account a mudroom renovation or addition, so adults and their children have a place to remove snow boots and winter weather gear. Bonus points if the space includes room for storage of snowshoes, skis, hiking poles, and maybe even camping gear.
Have a waterfront house for sale in Bolton Landing? Trying to sell your home in the Adirondacks that has a view of High Peaks in the distance? You might want to invest in adding or upgrading a patio or deck, where prospective buyers can imagine themselves hosting friends over for an evening of lake-gazing and conversation.
A Little Can Go a Long Way
Remember, you don’t necessarily need to do a “full” upgrade for every undertaking. If the thought of remodeling your entire kitchen has you hyperventilating and double checking your savings account, tackle small projects that can make a big difference: upgrade the lighting and the appliances, add a wine refrigerator, or install backsplash tiles.
Need help deciding what areas of the home to remodel to sell your Lake George, Adirondack, or Saratoga area home? Contact me today to discuss your real estate needs. I’m also an ASP accredited home staging professional!