Which Home Improvements Have the Best ROI in 2018

We Asked The Pros:

 Which Home Improvements Have the Best ROI in 2018

By Tara Mastroeni January 9, 2018 | Freshome.com

These are a few home improvements that will give you the biggest bang for your buck in 2018.

Every homeowner wants to get the biggest impact possible out of their home improvements. Whether you’re looking to make a move in the near future or are planning on staying put for years to come, it’s comforting to know that your investment of time and money is worth the effort, that the work you’re doing will add value to your home.

With that in mind, we decided to take the issue to the experts. We asked the leading minds in real estate to tell us which home improvement projects are set to have the best return on investment (ROI) in 2018. Read on below to see what they had to say and to learn where in your home your sweat equity will ultimately have the biggest impact.

Smart home technologies

Expect smart home technologies to start popping up everywhere.

1. Smart home technologies
“According to the most recent Luxury Portfolio Global Luxury Real Estate Report, 76% of buyers agree: Having a ‘smart home’ is very important to me. In particular, safety is a top concern. Of those surveyed, 39% are looking for a convenient, centralized network that securely controls smart-home and internet connections; aka the ability to operate a home security system through a mobile device.” — Stephanie Anton, EVP of Luxury Portfolio International

Outdoor living space

Let an outdoor living space draw in buyers.



2. Outdoor living space

“According to a recent survey, 51% of home buyers find outdoor living space the most attractive quality when searching for their perfect home, more so than open floor plans and curb appeal. As such, outdoor spaces are becoming an ideal investment, not only for current homeowners’ enjoyment, but also for sellers looking to bring added value to a home for future sale.” — Joe Raboine, National Design & Training Specialist for Belgard in Atlanta

Energy-efficient kitchens

Energy-efficient options are set to be a smart investment.



3. Maximizing energy efficiency

“Making energy-efficient upgrades will give you more bang for your buck in 2018. When thinking of energy efficiency, people often go straight to solar panels. However, smaller changes like upgrading your HVAC, water heater, or windows can also cut energy costs — resulting in an accumulation of savings over time. You can even make improvements as simple as adding solar-powered lighting to your front yard, which will help increase overall savings.” — Sacha Ferrandi, Founder of Source Capital Funding Inc., San Diego

Modernized bathrooms

As always, modernized bathrooms make a big difference.

4. Modernized bathrooms

“Modern bathroom trends are staying the same in 2018 as in 2017. Clean lines with rustic touches. Adding grays into the color scheme is also very popular right now and most consider this the greatest non-offensive tone to go choose from. (Beige is out.) Be careful, though, buyers like a very light gray. Some darker grays can come across as purple in certain lights.” — Sotereas (Teris) Pantazes, CEO & Founder of EFynch in Baltimore

Fresh finishes

Sometimes fresh finishes are all that’s needed.

5. Refreshed finishes

“Not all renovations have to be huge. I like to suggest that homeowners update their finishes before they go to sell because it’s not always easy for buyers to visualize the potential of a space. If a space is really run down and a buyer thinks that he will have to redo everything, it’s easy to either over or underestimate the cost to achieve what it could look like. Older finishes also eliminate a big chunk of the buyers out there who just aren’t willing to do the work.” — Ori Goldman, CEO of Loftey in New York City

ROI in 2018

These are the projects to keep in mind when ROI matters most.

Home improvements can be a bit of a gamble. On the one hand, while you’re living in the space, it’s only natural to want to create a space you’ll enjoy. On the other, if you intend to sell, you also want to make changes that appeal to buyers. That’s why we asked the pros to help you weigh the risks. They told us which home improvements will probably have the best ROI in 2018, so you can make sure to get the most bang for your buck.


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Super Bowl Is Over, But What About That Awesome House Party?

Yesterday was pretty intense, there’s lots of activities that come attached to Super Bowl Sunday: house parties, eating a lot of pretty unhealthy snacks, buying an awesome new TV (and surround sound system), and having a flow of people constantly coming through your home. Which brings the question to mind, what is a great setup for home entertaining? You have to admit having friends come to your home and say that you have a great home is a pretty good feeling, right? There are some homes that are designed for entertaining and some that just aren’t. Here are some things to look out for if you plan on entertaining in your new home.

Backyard

Yes, there is a pretty big trend of living in housing complexes because of the convenience and affordability. It’s where all the young and hip people live, but you have to watch out for restrictions on these types of places because even though they may offer a common area where you can cook out and hang out outdoors, you may still run into the problem of having no privacy or they may have ban on cooking out. Being able to have a cookout can be a big part of entertaining especially when it comes to things like the SuperBowl: hot dogs and cheeseburgers!

Ample Living Room Space

Having an outdoor space to entertain so you can have a cookout or a fire pit is great, but you can’t always entertain outside. For those days where there is less than ideal weather, you need to be able to bring a big crowd inside. When shopping for a new home, you shouldn’t compromise living room space and a dining room area. Even if you don’t have a big group of friends you may still want to have loved ones over and accommodate everyone comfortably. Make sure that you have easy access or even open space leading to your kitchen. Speaking of kitchens...

Kitchen

Being able to cook and talk to your guests as you prepare meals is important, especially if you’re the kind of person that likes to cook for others. This way there isn’t interruption of entertaining and conversation when people are over. This also makes it easy to transport food and drinks from point A to point B. The kitchen should also have enough room to prepare food and fit more than one person at a time, if you plan on having people over regularly, a small kitchen could be a deal breaker. Also, look for room for appliances such as double ovens or a dishwasher since this could simplify the way you entertain. 

Wired Right

Whether you’re planning on installing a ceiling fan to control the flow of hot and cold air, installing a new surround sound system or a new flat screen tv, you want your home to be outfitted with all the right outlets for it. Some houses are going to need new wiring but that can add to the cost of your home so try to make sure that what you shop for has most of these outlets and wiring installed already. In addition to the right wiring, make sure that your home receives your preferred cable and internet providers since there are areas that not all companies service, this is especially crucial if you plan on hosting parties for any kind of sporting event. Different companies will carry different sports TV packages. 

There will be other things that you want to look for such as making sure you’re entertainment areas are on the same floor as the main entrance and that you have a bathroom near the living room but for now, these are the things you want to look for when buying a house and you’re planning on entertaining. 

Why You’ll Regret Not Buying This House

I listed “Beaverwood” less than two days ago for $259,900. It’s a beautiful home with four bedrooms and three and a half bathrooms about a mile away from Pocahontas Park. This home is spacious, priced reasonably and in a nice location. Most buyers will look at this house and say: “Well, that’s a lovely home! I can see myself living there since it meets all my requirements, however I think i’ll just shop around and see what else comes up”. In fact, most buyers will have this mentality. Unfortunately, as a Real Estate Agent I can tell you with confidence that this property won’t be on the market very long, let me tell you why...

This house can easily accommodate four people, has the bathrooms to support it, is in a convenient location and has a great price. Richmond has been blessed with a rapid recovering economy and more and more people keep moving to the area. We have good schools, a booming job market, several shopping districts and we are centrally located in Virginia. If you’re someone who is moving from, let’s say, DC or NOVA anything in the $250,000 range is a bargain! Everything up north is going to be at least double if not triple for the same amount of space and type of home. Richmond is becoming attractive to more and more people from bigger cities and honestly I can’t blame them.

The biggest problem is that we are not building enough houses and people are not listing their houses on the market quick enough. This makes conditions for a buyer difficult because there isn’t a lot of inventory out there. To break it down in to lamest terms, if there is a high demand for housing but not enough of it, prices will eventually go up. What it means for you as a buyer right now, is that you have more competition out there fighting for the same thing. The days where you could afford looking around for a house for months is over, if you see something that you like you better jump on it or it will be gone before you know it. I’ve seen this happen too many times recently where I have interested parties on a home and they think that they have more time than what they really do. My advice to you as a prospective buyer is to come prepared! See how much house you can afford and get a pre-approval letter from the bank, this way when you do find a home that fits all your desired criteria including pricing, you can get on it and close on your home quickly. 

We can’t predict what the market will do but what we can go off is the information that we have right now and if things keep going the way that they have, it will be more expensive to buy a home in the feature and you will be facing stiff competition. 

For a visual tour of this property click here

Or if you'd like to see the house in person, make sure to give me a call to schedule a showing

(804) 815-0642