In our last blog 7 Costly Home Improvement Mistakes to Avoid we told you that over half of U.S. adults completed a home improvement project within the last 12 months, and that the home remodeling market has grown steadily with more growth expected this year. It’s an industry that is no doubt not slowing down.
But what remodeling tips are most relevant in 2016? These home improvements are most attractive to buyers today, and the projects that will help you to recoup the most money when you sell.
Adding/Remodeling a Fireplace
Fireplaces are at the top of buyers’ list. A stylish, functional fireplace adds to your home’s value – as much as $12,000 says the National Association of Realtors.
Hardwood flooring may or may not affect the final selling price of the home, but they do enhance your home and help it to sell faster. Most buyers prefer hardwood over carpet. The only place buyers sometimes prefer carpet? Answer: the bedrooms.
Replacing the front door with a better quality door can increase the home’s selling price significantly. Fiberglass doors have a ROI (return on investment) of 72%, while steel doors increase the return by as much as 101.8%.
Because so much time is spent in the kitchen home buyers look at the kitchen as a room that can make or break the sale. On a minor kitchen remodel, the national average payback was 79.3% in Remodeling magazine’s 2015 Cost vs. Value Report, while a major kitchen remodel (over $20,000) brings in a bit lower ROI at 65%.
Adding an Extra Bedroom
We’ve been talking about the value of adding extra bedrooms and living spaces for a few years, particularly to move in aging parents or to house young adult children not quite ready to leave the nest. Some recent data suggests it’s also a beneficial selling point as simply turning an attic space into a bedroom can increase your home value by $39,908. This may be in part due to the fact that a bigger family demands more living space and is willing to pay for it.