Thinking of upgrading your home but unsure what features to invest in? Not all renovations deliver the same return, but some home features can actually increase the value of your home when it comes time to sell. From functional upgrades to stylish enhancements, choosing the right features can make a huge difference. We’ve gathered a list of five features worth investing in to help maximize the value of your home.
#1: Energy-Efficient Upgrades
In a survey conducted by Zoocasa, 1,000 website users were asked how they would spend $10,000 after purchasing a home. Nearly half (48%) of the respondents said they would invest in energy-efficient upgrades. This data shows that energy efficiency is a feature with high demand in the market. Although solar-powered energy may not be considered essential, it’s attractive to home buyers for multiple reasons. The biggest motivator is reducing utility bills, while being environmentally friendly is a close runner-up. For example, a thermally reflective roof is a popular choice for upgrades as it helps reflect heat from the sun, reducing the amount of energy needed to cool your home.
#2: Kitchen Remodel
The second most important upgrade among homebuyers, according to the Zoocasa survey, was a kitchen remodel, with nearly 20% of respondents selecting it. The kitchen is one of the most closely examined areas when buyers are touring a home. A kitchen that’s both functional and visually appealing signals to buyers that the home is well-maintained. Kitchen remodels can offer a high return on investment, typically ranging from 50% to 96% depending on the scale of the remodel. Minor kitchen renovations could include updating appliances, repainting cabinets, and replacing countertops, while a major kitchen remodel can involve custom-built-in organization systems, soft-close cabinets, and premium finishes.
#3: Smart Home Technology
Smart home technology has become increasingly popular among homebuyers due to the added layer of security and convenience it provides. According to Forbes, smart home features are one of the most sought-after by buyers, and homes equipped with these systems can sell up to 30% faster than traditional homes. Smart home technology can include indoor and outdoor cameras, video doorbells, smart locks, alarms, and motion sensors, all of which help homeowners monitor and protect their property. In addition to enhancing security, smart home technology makes day-to-day life easier, with features like smart thermostats, smart lighting systems, voice-controlled assistants, and automated window shades.
#4: Renovated Basement
A finished basement adds valuable living space that can be used for a variety of purposes, from a home gym or office to a media and entertainment room. Modern renovations often include updating flooring, finished walls instead of concrete, new lighting fixtures, and adding additional storage, creating a space that is both functional and welcoming. By renovating your basement, you expand your home’s usable square footage, with a return on investment ranging from 65% to 75%.
#5: Garage Door Renovation & Storage
Upgrading or renovating your garage can add an extra 5% to 10% to your home’s overall value. Approximately 80% of homebuyers consider the garage an important part of the home as it’s not just a space for vehicles but also serves as extra storage, a workshop or even a recreational area. Common renovations include replacing an old, heavy garage door with a lighter, automatic one, improving both functionality and curb appeal. Other updates include updating flooring, motion sensor lights, and extra storage spaces.
Maximizing Your Home’s Value
Investing in these strategic home upgrades not only increases the value of your home when it comes time to sell, but also makes everyday living safer, easier, and more enjoyable. Even small feature upgrades within one of these areas make a noticeable difference, helping your home stand out in the market.
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