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Whether you see your home as your sanctuary or a means to grow wealth, you want to make it as comfortable as possible and increase the value, right? Of course you do! This is definitely the case for those who are hoping to put their houses on the market in the near future and take advantage of this hot seller’s market. Heck, of the 1,000+ real estate agents who participated in Homelight’s Q3 2020 survey, 92% say they’re experiencing a strong seller’s market and 77% say most of their listings get multiple offers!
Pretty sweet, right?
If you have some extra cash to invest into your home (or you just want to make your home a little more comfortable), here are some renovation projects that’ll appeal to buyers and raise your home’s value.
If you grew up during a time homes with swimming pools were few and far between, you know how important these vats of chlorinated water are in the summer! Pools are still the ultimate form of at-home summer entertainment, especially since the pandemic basically ruined the summer! In fact, 22% of agents report that they have buyers who put swimming pools at the top of their “must have” list.
Should you decide to install a pool, you’re looking at an investment between $14,000 and $42,500. Yes, this is a big chunk of change, but you’ll see a 51% return on investment and your family will enjoy it too!
2. Energy efficient windows
We all know that if you have an older home, chances are the windows haven’t been replaced. Old windows tend to be drafty, which makes your HVAC unit work harder (and longer) to maintain temperature. If you were to replace old windows with Energy Star-qualified windows, which could cost between $270 to $800 per window without labor, you’re not just saving money on your energy bill (about 15% per year!), you could see a 70% return on your investment.
3. In-law suites
It’s becoming more common for families to have their elderly loved ones stay with them, especially now that COVID-19 has made people nervous about long-term care facilities. Even college-aged children are staying at home instead of living on campus. As a result of multi-generational living arrangements, 26% of agents say homes with in-law suites or apartments are a great selling point.
Now, this project isn’t going to be quick or cheap, depending on what you want to do. You can add a bathroom onto an existing bedroom, which is about $5,000 on average. Or, you could go for the full-monty and build an addition for an in-law apartment, which could cost up to $250,000!
Don’t let this worry you too much because you have options where you’ll recoup your investment.You could have your family member live with you and they could help with the bills, which adds up over time or you could rent it and get 100% over time. Oh, or you get 60% to 70% return when you put it up for sale.
4. Gym or Sauna
Homeowners who are all about self-care were pretty disappointed when their local gyms, spas and saunas had to close because of the pandemic. Yes, home gyms and saunas are luxury features, but 22% of agents say these are popular among clients.
If you’re interested in adding one of these features (or both), you’ll spend about $11,200 on a gym and $7,100 on a sauna. But! You’ll see a 51% return on that gym and 42% on the sauna!
Investing in your home doesn’t just make your home worth more when you list byway of renovation projects that are worth the effort, they’ll improve the quality of your life. Heck, it’s a win-win all around!