When people crave new spaces, they usually consider which between a renovation and a new home is more worth it. Of course, the answer depends on different factors. For example, if the current location of someone’s home is a big deal, then buying a new place would make more sense, even if it’s costlier. Alternatively, if the location poses no problem, then a renovation is the logical choice.
But not all home renovation projects are worth the splurge. Have you ever thought of building a pool in your yard? Experts say it’s not worth it. Pools don’t truly add value to your home. However, the circumstances have changed because of the pandemic, making pools a valuable feature in homes now. Still, when things go back to normal, everyone would flock resorts to swim again. Your backyard pool will be unused by then.
To avoid devaluing your home because of a flashy renovation, narrow your options down to these projects:
1. Home Automation
If you want to make your home more sustainable, consider a cutting-edge smart home installation instead of buying solar panels. While solar panels do make your abode a sustainable one, they don’t typically increase home resale prices and recoup much value. The costs of installing them play in between $11,144 and $14,696 after solar tax credits, and the average return is just 10% of those.
You can rent solar panels to save some money, but that might devalue your home even more. Since leased solar panels belong to the solar company, they don’t add value to your home. On the other hand, a smart home system boosts the convenience of your abode. They connect your electronics and make them accessible through a single central point, such as your smartphone, tablet, or laptop.
Game consoles also work. All you need to do is open an app on your device, then use it to control the switches of all your electronics. You can also issue voice commands, like “lights on/off” or “open/lock the door.”
A smart home system also improves the security of your space. But of course, you can’t fully rely on smart technology to lock your doors and windows. Combining manual and automated operations is still the best security measure. If you resell your home, your buyers consider the high-tech features and strong security major plus points.
2. Kitchen Remodel
Kitchen remodels are one of the most popular home renovation projects during the pandemic. But even before the health crisis, kitchen remodels have always been the top choice of homeowners craving a new space. And that’s good for them because kitchens sell houses. A house can be old and dated in design, but buyers will make an offer if it has a spacious, well-maintained kitchen.
Even though most people stay in their rooms all day now, the kitchen is still and will always be the heart of the home. After all, that’s where we gather to eat and bond as a family. And, of course, our sustenance is made in the kitchen.
Its importance makes an average kitchen remodel pay off more than a high-end renovation. A major remodel would cost $68,490 on average, and a homeowner can recoup $40,127 from it, which is 58.6%. That’s way more than what you can recoup from a pool.
3. Bathroom Remodel
Bathroom remodels are another booming home renovation project during the pandemic. Like a good kitchen, functional and spacious bathrooms are a key selling point in homes. However, certain bathroom additions or upgrades can also be a deal-breaker, so you must be careful.
The average cost of a bathroom remodel ranges from $12,000 — $90,000. If the project is done correctly, homeowners can recoup 50% of the costs. According to experts, the bathroom updates with the highest ROI are a new vanity, flooring, and tub or shower.
Hence, buying a new chandelier or steam bath isn’t necessary. Focus on the basics, and make the bathroom’s ambiance relaxing and luxurious. Get rid of the harsh white lighting and basic square tiles.
4. Home Extension
Like a bathroom remodel, a home extension will only add value if done correctly. It doesn’t need overly major upgrades like luxurious flooring materials and wall cladding. Just plan it accurately, ensuring that the new space will serve a specific function and be versatile. For example, if you intend it to be an additional kitchen space, make sure it serves as an entertaining space for guests.
Also, whichever project you want to choose, work with a trustworthy builder. Don’t fall easily for builders with the lowest bid. That could be someone who doesn’t know what they’re doing. Check out their previous projects and read customer reviews first. Your renovation can yield more returns than you expected if it’s done with high-quality craftsmanship.