During the pandemic, most employees are now at home working. With that, I noticed that people are getting interested in having a well-designed workplace. And that is a new market that we are capitalizing on, says Tal Shelef, Realtor and Co-Founder at CondoWizard.
Remodeling parts of any property can boost its resale value at any time. But this is especially true now, when people are looking for nicer, bigger properties where they can work from home. Of all the properties that are currently being looked at and bought through my property company, ones with lots of light, office space, and nice outdoor space are the most popular.
Tony Martins, Founder of Profitable Venture thinks that if you’re wanting to remodel to add value to your property, then adding bigger windows for more light, expanding it to add an office, or cultivating a good outdoor area would make it much more in-demand.
As for John Stevenson, Marketing Specialist of My GRE Exam Preparation, remodeling your property such as repainting your wall, upgrading the technology and appliances, renovating your kitchen into a more spacious and fully equipped can add value to your property. Strategically, remodeling has the potential to boost the return of your investment and it will always be worth it. Also, note the projects that will not add value to your property, as this will save your time and finances.
There are certain home improvements that give you the most resale value boost, especially during the pandemic. The conditions have changed, and we started to spend the overwhelming majority of our time inside our home. That’s when inside started to matter a lot more than what’s outside, says Matt Bigach, Co-Founder of Nexus Homebuyers.
Some of the most common remodeling trends include:
A year ago, families often went their separate ways to enjoy meals out. However, quarantine has urged people to start cooking and dining together – all at home. This movement towards home cooking has left an impact on creating a cohesive, multifunctional kitchen. Now it is essential to turn these spaces into gathering areas so families can fill up on good company and food with comfort.
When a family of three or more spends their days inside, there will be at least one argument over bathroom occupancy every week. In that case, adding a new bathroom would be money well spent. You can consider extra rooms, closets, or areas under stairs that you could convert.
Creating an Office
Remodeling previously wasted space into an office, meeting room, or reading room rose to popularity because it’s a simple and affordable way of creating additional space where you can have a few minutes alone.
Tyrone Evans Clark, CEO & Founder of TYRONE EVANS CLARK Incorporation added that pools and gym features will tremendously include a super boost for house resale value during this COVID-19 pandemic. A lot of people around the world desire going out to restaurants, on vacations, gyms, special events, etc. Unfortunately, we can’t due to this virus outbreak, but if you buy a home that has these features you will save money and a lot of headaches.
Investing in the kitchen makes a lot of sense, as studies have shown as many as 80% of home buyers list the kitchen as their favorite room. When your kitchen is updated, buyers may also be more forgiving of other outdated areas.
Enhance Minor Features
Are your cabinets in great shape or just looking a little outdated? Sharon L Sherman ASID CID CKD of THYME & PLACE DESIGN LLC suggests that you paint your cabinets. A bright warm white hue will change the whole look of your kitchen. Another easy change is the hardware. Updated knobs or pulls are like the frosting on a cake. A new sink and faucet will bring sparkle to the space. A counter top upgrade to Quartz or Stone provides a big bang for the buck. Replace the appliances for a quick pick me up. These simple remodels can help you sell your home.
Lastly, High tenant turnover rates, coupled with extended periods without a buyer, often cause real estate investors to neglect home upgrades that could remedy these issues since home values are dependent upon constant nurturing and not just seasonal market fluctuations. Increasing the value of your home can successfully be completed on a budget; two such examples of this are low-cost cosmetic upgrades and fixing small issues promptly.
Budget-friendly upgrades, such as changing exterior or interior paint, can be a cheap way to make your home more attractive, while quickly fixing small issues such as a leaky faucet can avoid issues spiraling out of control into serious structural damage and save major costs in the long run, says Victoria Evans, Account Coordinator of Flackable.
To sum it up, the major factor in getting the most value from your home during the pandemic is to make it look as attractive as possible to potential buyers. The good news is that making these changes doesn’t have to be expensive or costly. Using your creative mind will go a long way in making your home remodeling a success, as well as making it easy for you to sell your property.