Did you know that the concept of home improvement has been around since World War I? The quest to improve personal preference and comfort in the building process began in 1914 and has shown tremendous growth since then. This boom has been exponential, with the post-WWII period recording an enormous increase in home renovation and remodeling. Fast forward to the 21st century, the process of mass homeownership has necessitated an increase in renovation services. The various technological changes and improvements in market efficiency have revolutionized the market and made it one of the few investments that guarantee a return on investment.
Whether you are dealing with tenancy or homeownership, improvement projects aim to increase usable space, customize homes based on preference or perform essential repairs. As a trickle-down effect, these processes improve home comfort, visual appeal, and property value. Note that up to 60% of homes in the United States were built during the cold war (1980). This figure shows that most of these houses require regular repair and maintenance. Home improvement has established a vast market, with over 76% of owners renovating their homes in 2020 according to Zippia. It is a multi-billion dollar industry with a market value of $1 trillion. The fundamental question is, why is home improvement necessary, and how can you increase the value of your house today?
1. Home Automation
From the release of the first smart home technology in 1975, the use of technology to increase home network efficiency has built a vast market of top-tier platforms. The boom occurred between 1990 and 2000 and is the primary reason the real estate industry has increased its market share. Equipped with machine learning, this technology has facilitated a network where homeowners can operate security, HVAC, and home appliances remotely. This increased convenience has made homes more appealing to buyers and increased the value of garden variety properties.
Smart home automation is the latest industry trend today. It is transforming the market and leading sector expansion. This technology has generated almost $30 billion in revenue in the U.S. alone. The boom in millennial entry into the home buying market is also part of the reason home automation has become an attractive prospect. Some notable advantages of smart technology include energy efficiency and remote security management. A fully automated system can increase the value of a house by 5-8%. Extras such as smart security systems boost this figure to around 19%. Although this technology is cost-intensive, it is one of the few techniques with a high ROI.
Professional landscaping is an overlooked utility in the real estate industry. It is cheap to establish and adds thousands of dollars in property value. It is a short-term strategy that improves aesthetics and makes your home look more luxurious. According to BobVila, soft-scaping adds between 5 and 13% to the purchase price. It creates an excellent first impression and is achievable with cheap artificial turf installation. Planting a $200 vegetable garden translates to a $40000 dollar increase in property value. This process adds texture and is a brilliant solution for homeowners on a tight budget.
3. Roof Repair and Replacement
The National Association of Realtors estimates that installing a new roof gives you over 100% in recovered home value. This figure translates to a 70% return on investment and around a 60% increase in property value. While a new roof may cost as much as $12000, a homeowner will recoup a significant portion of this investment in resale value. A house with a new roof has more appeal and is more likely to attract a higher purchase price. A project undertaken by professional residential roofers will eliminate inspection issues, improve home efficiency and increase aesthetic value.
Roofing is the most conspicuous part of the house and is a critical component in the value assessment process. It is the first thing a potential buyer sees and is crucial to decision-making. Home buyers will judge a roof based on the quality of materials used, roof state, color, and features. If roof replacement is beyond your budget, consult a professional roofer to help you weigh options on the best restoration practices. If you don’t know where to find residential roofers, simply search on the internet.
These features add a unique look to your home and establish a focal point. Using manufactured stone also adds character and texture to your outdoor living space and improves visual appeal. Asphalt paving companies are a tremendous resource when redesigning your home because they outline the most effective ways to increase property value. Most hardscaping projects are pocket friendly and very efficient. All you need is an expert hardscape paver to transform your outdoor space. These features add functionality and decrease overall maintenance prices. Driveway contractors can give you estimates of cost and help you make a decision on the best course of action for hardscaping.
Did you know that the value of a house is determined by comparing its extra features to the surrounding environment? This means landscaped, beautifully fenced homes will have a higher market value than other properties. This determining feature indicates that the more extras you have on your home, the higher the valuation. Fencing offers protection for your family. Statistics show that 33% of new home buyers prioritize a sturdy and professionally built fence when making a purchasing decision. This figure includes the state and how it blends into the rest of the environment.
Fencing also facilitates privacy. It enables homeowners the luxury to relax on their property without distraction. It allows you to customize your outdoor space as you see fit. Privacy is a primary concern, especially for people who live in urban areas. Real estate experts indicate that fenced homes fetch a higher price in many locations. The placement by fence installers, quality of materials used, and maintenance level all influence how much value you add to your property.
6. Prioritize Energy Efficiency
According to the National Association of Home Builders, energy efficiency lowers utility costs. Including extra insulation, adding new windows, and replacing your HVAC system are effective ways to increase your home’s energy efficiency. These systems reduce costs by as much as $1000 every year. You can opt for renewable energy solutions or assess the existing systems through whole-house restructuring. This process includes replacing high-energy lighting with renewable solar energy. You can also install larger windows to increase the absorption of natural lighting. Other options include the installation of cool roofs, advanced house framing, and high-efficiency home appliances. All these practices improve home functionality and make energy bills lower.
7. Upgrade Your Home Interior
The inside of your home is critical if you want to increase property value. According to the National Association of Realtors, adding a home office increases the value of a house today by 30%. In the wake of the global pandemic, the number of people working from home increased by 159%. This means that a significant percentage of home buyers today prioritize this area of a home. Features such as adding a new coat of paint, clearing out your basement, and opening up your kitchen space also contribute to this percentage. Improvements such as higher ceilings and a more spacious living room also drive up the cost of your home and make it look more luxurious.
Well-maintained furniture, veneer flooring, and low-cost stair upgrades are some of the pocket-friendly makeover tips that you can use to increase visual appeal. You can also go for crown molding and smart lighting to make the space look more elegant. Interior wall colors such as white, ivory, and cream create a feeling of luxury and make your fixtures look more expensive. Blending these features with other high-quality materials is an excellent way to make your house more visually appealing.
8. Increase Square Footage
Clutter and overcrowding significantly reduce your floor plan. Having a lot of furniture makes your home look smaller and congested. The easiest way to improve usable space is to reconfigure your home by removing items that do not add value. This practice gets rid of clutter and opens up the living space. You can also go for a floor expansion plan that involves opening up an area to blend with your home exterior. This process requires a qualified contractor to ensure the extra room fits the existing infrastructure. Adding a second floor is viable because it provides more bathroom area, living room space, or a new bathroom. Homeowners can also close off patio space or convert the front porch to work as a front garden.
Adding this area increases property value from between $100-$150 per square foot and makes your home look more spacious. There are several ways to achieve this process-including building an extra room or expanding other places in the existing structure. Most buyers are attracted to homes with large spaces. This practice helps you maintain a competitive edge. Bathrooms and bedrooms generate a 90% return on investment and rank as the most effective home improvement projects.
9. Improve Curb Appeal
Curb appeal can be anything from a new front door installation to replacing a worn-out garage door. This exterior upgrading involves simple and inexpensive processes, such as tree trimming and general landscaping. The aim of these processes is to create outdoor visual appeal and attract potential buyers. A tree business can help in pruning and mowing to make your living space neat and more comfortable. You can replace your home siding using a fresh coat of paint. This upgrade has a 90% return on investment, especially if a professional contractor does it. Investing in curb appeal means you have a better seller’s potential and makes your home stand out. While most people reserve a good portion of their makeover budget for interior renovations, experts insist on exterior maintenance as an influential project. The focus is not only on selling your home; increasing exterior appeal also gives the homeowner the joy of a beautiful home.
10. Improve Your Systems
A significant part of home efficiency requires all your systems to operate at an optimum level-this means that electrical, HVAC, and plumbing systems should all be well-maintained. The best practice is to ensure all these systems are regularly checked during a home inspection. Home improvement projects can damage these systems or reduce their efficiency. Effective structures provide better energy usage and facilitate lower utility bills. It is paramount to replace any aging systems during the home improvement process, especially if you live in an old house. Electrical systems are fragile and can be affected by wear, dirt, or weak insulation. New high-tech homes require a more robust set of structures to accommodate new devices and increasing electrical needs.
The return on investment for system upgrades varies substantially. A new HVAC system has a 70% return, while a new plumbing system guarantees an 80% ROI. Electrical upgrades improve safety standards and maintain a 93% return. System replacements may be costly and time-consuming, but they are necessary for a more efficient home. They give you peace of mind and make your home an excellent prospect for realtors and buyers.
Note that costs vary when planning home improvement. Several renovation endeavors are expensive but offer little in terms of investment returns. Consult a professional contractor to understand critical projects that are pocket friendly and increase the value of a house today. Improvements that stand out are your best bet and improve the current situation of your home. Take professional recommendations seriously and use them to plan all your home renovation projects.