All over the world, people have been relegated to staying at home in a global effort to reduce the spread of COVID-19. In the United State, people have grown tired of looking at the same decor and design. They want to improve the functionality of their homes and even add more value to their homes. After all, houses are a great investment and like any other investment, you want to improve upon it!
Image by Orna Wachman
This trend is reflected in HomeLight’s 2020 Q3 survey. The survey shows that a large number of homeowners have started taking on home renovation projects. Here are the top 5 renovation projects that increase the value of your home.
- In-law suites for multi-generational family living
Of all of the demographics hit hardest by the virus has been elderly patients living in nursing homes – about 84,000 have died as of October. As a result of this, families have taken their elderly loved ones out of long-term care facilities and are setting them up in a spare room.
However, 26%of surveyed real estate agents said their clients are adding a full-fledged in-law suite so their loved ones have a private space, complete with a full bathroom and sometimes even a kitchenette and living/dining space.
If you’re going for a full-on addition, it’ll cost $44K on average but it can go as high as over $100K!
- Space outdoors for exercise and entertaining
Homeowners who’ve spent a lot of time indoors will appreciate having outdoor space where they can stretch their legs, get some fresh air, and even entertain – once it’s safe to do so again. Patios, al fresco dining spaces, and decks are among the most popular projects homeowners are taking on and 20% of agents report that these features are in high demand among buyers!
- Walls and doors for increased privacy
How many times have you scanned popular home listing sites and the homes you’ve seen have open floor plans? Sure, these floor plans give the home a nice flow, but it lacks privacy! That’s why 10% of buyers are looking for homes with designated rooms with doors!
Even if you’re not listing your property, you can create interior walls on your own. With that said, the average price to frame an interior wall can range between $900 to $1,500, so budget accordingly!
- Smart devices for security and comfort
Technology has made its way into many facets of our lives, so it shouldn’t be a surprise that we could see 300 million more smart homes popping up all over the country. You can add smart features like thermostats, security systems, lighting, and entertainment that all can be controlled through your phone. These devices can cost as low as $35 for a smart plug up to $250 for a smart thermostat.
Of course, if you want to take these devices with you when you move, you can easily remove them.
- Space for remote learning or work
With another lockdown on the horizon, it’s unlikely that students and employees will be able to return to work/class anytime soon. As a result of this, home offices are in high demand. Now this project can be as simple as clearing out a spare room and turning it into a dedicated workspace or you could go as big as finishing the basement or attic. It all depends on the space you have available to work with, how many people will be using the space, and your budget.
On average, you can expect to spend about $100 per square foot and it encompasses built-in furniture like desks, cabinets, and bookshelves, new lighting and flooring, soundproofing, and more.
Whether you’re doing a simple project like creating a small home office in a spare room or you’re going as big as building an addition for a full-on in-law suite… make sure you create a budget and stick to it. Materials, labor, and decor can add up a lot quicker than you’d think! Also, don’t get stressed out if things don’t go as planned. Remind yourself that once your project is completed, you’ll reap the rewards in terms of added value and quality of living.
