Top 8 Renovations to Increase Your Home’s Value
In today’s bustling housing market, home renovations have taken center stage as a strategic move for homeowners looking to maximize the value of their properties, especially in competitive housing markets like Syracuse, New York.
The city’s real estate scene is nothing short of a frenzy, with homes in Syracuse receiving an average of four offers and selling in just around 13 days. In such a competitive landscape, staying ahead of the game with renovations can make all the difference between a swift and successful sale or the arduous process of lingering on the market.
These renovations are not just about enhancing the aesthetic appeal of your home. They are an essential step in ensuring that your property stands out in the crowded market, making it more appealing to potential buyers. The right improvements can breathe new life into your home by updating its features, adding functionality, and enhancing both its interior and exterior aesthetics, as well as curb appeal.
But it’s important to note that not all renovations are created equal when it comes to return on investment. To make the most of your efforts, it’s crucial to strategically choose projects with proven value-boosting power. Various factors, including current market trends, the quality of the work performed, and the specific type of upgrade, can all significantly influence the outcome.
For instance, while simple cosmetic fixes may offer some improvements, comprehensive renovations tend to yield higher returns. So, if you’re looking to elevate your property’s value in today’s competitive housing market, here are some of the top renovations to consider.
Energy Efficient Upgrades
In a city like Syracuse, New York, where the weather can be quite challenging, these energy-efficient upgrades take on even greater importance. With harsh winters that bring frigid temperatures and heavy snowfall, having well-insulated, modern windows is vital to keep the cold at bay and the heating bills in check.
The low-emissivity coatings on new windows provide an extra layer of protection against the elements, ensuring that your home remains cozy and energy-efficient throughout the year. It’s crucial to get the right professionals for this job.
Wondering how to do that? Just search for the keyword best window installers near me online and read through reviews and ratings of different services. To choose the one that fits your needs and expectations, carefully go over the consistently well-reviewed services, paying close attention to customer feedback and overall satisfaction.
Moreover, in this climate, a high-efficiency furnace and tankless water heater cut energy use, especially in winter. Solar panels reduce grid dependence and harness sunshine. LED lighting complements sustainability efforts, appealing to buyers in Syracuse’s unpredictable weather.
A renovated kitchen is a top priority for most buyers. To maximize your return on investment (ROI), consider adding new cabinets, countertops, flooring, and appliances. These upgrades can yield an ROI of about 70% or more.
Aim for a modern, open layout with chef-friendly features like a gas range, a pot filler, and an island. Prioritize finishes and fixtures over size to avoid reducing dining space significantly. When remodeling a kitchen, choose timeless styles and materials that will attract future buyers.
Opt for neutral cabinetry colors like white, gray, or wood tones instead of bold choices like bright red or lime green. Quartz and granite countertops add value, while trendy concrete-look laminates may lose their appeal. Stainless steel appliances maintain their timeless style.
Just like kitchens, bathrooms are a significant selling point. Replace outdated elements such as linoleum floors and avocado green tubs. Install stone surfaces, frameless glass showers, and vessel sinks. Update lighting and hardware for a polished appearance. Adding a master bath or a second bathroom also increases the home’s value.
When updating a bathroom, start with replacing old fixtures and finishes. Dated tub surrounds, faucets, toilets, and lighting cry out for an upgrade. Consider replacing the tub with a spacious walk-in shower for a more luxurious feel. Change out vanities and choose quartz or marble countertops. You can also consider installing new flooring like porcelain tile or waterproof vinyl planks.
Small exterior upgrades like new front doors, house numbers, lighting, and landscaping can provide a high ROI. Sprucing up your home’s exterior can make a big difference. Start by cleaning the siding and outer surfaces. Apply a fresh coat of neutral-colored paint to the front door or choose a complementary color that suits the home’s style. Upgrade old house numbers with more modern and visible options.
Enhance exterior lighting with stylish sconces to illuminate the home and yard in the evening. Plant colorful flowers and shrubs in the front yard and add hardscaping like stone paths or a paver patio to enhance curb appeal. A well-kept exterior can leave a great first impression on potential buyers.
Garage Door Replacement
Investing in an insulated, contemporary-style garage door made of composite, glass, or metal can boost curb appeal for under $4,000. Modern garage doors come with features like built-in windows, WiFi connectivity, and smart home integration. Replacing an old, worn garage door with a modern, upgraded option makes a significant visual impact at a relatively low cost. Opt for an insulated door to reduce energy costs.
Buyers highly desire original hardwood floors in good condition, while worn carpets and dated vinyl flooring can deter them. Refinishing existing wood floors or installing new hardwoods, especially oak or maple, adds natural beauty and value to a home. Avoid trendy “gray-washed” hardwood tones that may go out of style. Tile flooring in bathrooms and waterproof luxury vinyl planks elsewhere are also good options. When selecting materials, go for durable, high-quality floors that will last.
A fireplace adds coziness and character to a home. Stone or brick facades and sleek gas inserts can modernize dated electric or wood-burning fireplaces. Switching to gas inserts eliminates dirty chimney maintenance.
New stone or brick surrounds refresh the look. If you don’t already have a fireplace, adding one can recoup over 90% of your investment. Built-in electric and gas units require less remodeling. Avoid trendy painted brick finishes, which buyers may view as dated. Clean lines and natural stone materials make the most appealing statement.
Transforming an unfinished basement into a livable space like a rec room, home gym, media room, or in-law suite adds valuable square footage. Finish the walls, ceilings, and floors to create a clean, inviting area. Incorporate natural light through larger windows or egress wells. Install recessed lighting, pendant lights, sconces, and outlets.
Ensure proper ventilation with exhaust fans, dehumidifiers, and air conditioning. Appeal to families by creating a fun basement playroom, game area, or home theater. Turning unused basement space into functional living areas brings excellent return on investment.
Strategically updating and upgrading your home before listing it for sale maximizes the return on your investment. Focus on renovations that improve functionality, modernize amenities, and boost visual appeal. Kitchen and bathroom overhauls, curb appeal upgrades, additions, and eco-friendly improvements offer some of the highest resale value. With proper planning, you can recoup over 80% of your renovation costs and sell your home faster and for top dollar.