Straight from
ConsumerReports.org are these great tips on where to put money into your home. Not every home is perfect because it matches the lifestyle of the owner before you. It’s also ideal for many buyers to move into a place that could use a few improvements. Making updates yourself potentially means a bigger return on your investment when you decide to sell. The somewhat lengthy Consumer Reports article outlines trends in the Real Estate Market that favor the biggest home buying group in the country— millennials. I have attempted to concentrate the reasons why each improvement is considered valuable as well as include the article’s awesome
“Value-Added Buzzwords” because when you’re listing a property, these things really do get more foot traffic for your home! So when considering whether or not to purchase a home that needs renovations, getting ready to sell, or just updating the space to fit your needs, here are the best improvements to make when trying to get the highest return on your investment.
Kitchen.
It’s the heart of the home. It’s where everyone gathers at the end of a get-together, over the holidays, and where you take your everyday meals. It's also where the big money goes into appliances. It’s especially popular to have a “modern/updated kitchen" when trying to attract millennials, according to Consumer Reports. If you are planning to stay a while, any investment can prove worthwhile, however, if you are updating to sell, small tweaks can get the job done. Just adding new kitchen cabinets, modern hardware and a fresh coat of paint can create a cohesive look.
Buzzwords:
Stainless steel
Quartz countertops.
Multi-Functional Floor Plans.
Also known as, an open floor plan. Lots of people work from home these days, or prefer different types of entertaining. An expanded kitchen with a larger island could be preferred over a formal dining room, or a home office instead of an extra family room. Adding square footage to the downstairs by moving your laundry to the upstairs is becoming increasingly popular as well. According to Consumer Reports, finishing the basement is a great way to add usable square footage to your home.
Buzzwords:
Flex room
Mother-in-law apartment
Upstairs laundry room
Energy Efficiency.
This is true for homebuyers across the board, not just millennials. If there is a way to lower living costs, take advantage of the savings in the long run by buying energy efficient appliances. Updating windows, insulation, and your water heating appliances, while not especially adding curb appeal, seriously increases the desirability of your home.
Buzzwords:
High-efficiency windows
LED lights
Low-Maintenance Living.
The way of life these days is more about making things simple. While wall-to-wall carpeting may seem luxurious, to today’s busy homeowner, it’s just extra work. A lot of new, first-time homebuyers are looking for move-in ready homes where they can live comfortably and entertain without having to worry about getting their home in order. This includes things from hardwood floors to central air, which eliminates switching window units seasonally. It also includes bigger ticket items like roofing. Replacing a roof is a huge undertaking, and buying a home knowing you’ll have to replace it soon could be a hassle new homeowners don’t want to deal with.
Buzzwords:
Updated systems
New roof
Hardwood floors
Multi-Generational Living.
We start saving for retirement as soon as we can, when making renovations, why not build for retirement as well? Forward thinking renovators are ditching steep staircases for aging-related improvements, making it easier to navigate the hallways no matter how old you are. Seniors are among the biggest home buying markets as well, with very little options to choose from when it comes to living comfortably.
Buzzwords:
Walk-in shower
Master on the main floor
Comfort-height toilets
Paint!
Not only does it look fresh, but it protects your home. Giving high-traffic areas like the kitchen and bathroom a new coat can make your space look as fresh and clean as the day you moved in. Which is especially important if you’re planning on showing it to potential buyers. If there are scratches from pets or stray soccer balls, they need to be taken care of.
Buzzwords:
Neutral color scheme
High-quality paints
Curb Appeal.
While adding a deck or patio doesn’t technically add square footage to your home, it certainly does expand your seating options. Entertaining outdoors, or taking your morning coffee al fresco is something millennials value more than previous generations. A simple fire pit can do the trick as well as easily cared for landscaping is a no brainer.
Buzzwords:
Curb appeal
Water-smart yard
Smart Home.
DON’T build in your sound system, DON’T buy trendy technology because you will lose the money you put into it. Technology improves on a daily basis and what is hot one year might be old news the next. However, automated features on your home like a programmable thermostat and remotely operated home functions such as lights, locks and security systems really pay off for the generation that grew up with smartphones. These features also relate to saving money on energy costs.
Buzzwords:
Programmable thermostat
Whole-house generator
Hopefully, some of this advice has motivated you toward a great new project on your home. Check out the rest of the article
here, because it’s full of even more valuable information as well as great statistics and facts on how and why these features are a smart investment.
