A major shift in market trends in 2024 led homeowners to change their property management strategy. Given that the housing market is unpredictable and the interest rates are always changing, many people are choosing to enhance their existing homes rather than buying and selling another house.
Are you currently searching for strategies to increase the value of your home this year? Or are you planning on selling your house in a few years? As the housing market shows signs of easing up, interested homeowners can make the most out of their property. Recent trends have seen people remodel their homes with the ultimate goal of increasing their home’s appeal and increase their resale value. Finally, you should determine which improvements will have the greatest impact on your home. It is important to consult with a professional when choosing which renovations to undertake!
Understanding these trends, 23 Legal has put together a list of the top 10 remodeling strategies for the highest ROI. These home remodeling tips are useful for anyone who has intentions of putting a house up for sale and for those who would wish to improve the quality of their homes. Let’s dive in…
Best Home Renovations in 2024
According to a survey by Discover Home Loans, more than 50% of American homeowners prefer renovating their existing houses rather than purchasing new homes. This change in perception clearly points to the rising significance of repairs and renovations in the real estate industry in recent times. This is due to several factors, including the increasing value of homes, the ease of being close to home, and the need to build houses. Furthermore, people are beginning to realize the financial value of upgrading their homes rather than moving to another one.
The “2024 Cost vs. Value Report” by Remodeling, a respected trade publication, provides valuable insights on how much of a potential ROI can be gained from such investments. This report shows a comparison of the average costs of 23 remodeling projects in 150 markets in the U. S. The most interesting fact is that three of these projects have the highest ROI of 100% or more. This implies that these particular projects can be helpful in getting a full return on your investment in case you are willing to sell or refinance your house. Some of the projects include front porch additions, garage door replacements and attic bedroom additions. There are other projects that can return up to 80% of the investment, like minor kitchen renovations and mid-range bathroom renovations. It also gives useful insights into the ROI of different projects in different markets.
The ROI for remodeling projects has slightly decreased since 2021 but still offers house owners good returns on investments. According to the statistics indicated by Peter Clark, a top-producer real estate agent in the Portland, Oregon area, the cost of updating or remodeling a home results in an average of seventy-four cents of every dollar invested. These statistics highlight the importance of strategic home improvements for increasing your home’s ROI in the current market.
Best 10 Home Renovations That will Increase Your Home Value in 2024
It is important to understand how home resale values are calculated. The age of the home and its condition, the trends in the market, and the location of the home are usually the most influential. However, the quality of your upgrades can also have a significant impact. Making some strategic changes that appeal to what modern buyers want can add a lot of value and marketability to a home.
Minor Kitchen Remodel
Homeowners who have remodeled their kitchen rooms have more significant real estate value. However, it is optional to carry out a reconstruction completely. You have to approach changes in innovations gradually and concentrate on improvements that matter. The easiest way to make your cabinets look updated is to add new hardware like handles or knobs. Improving the efficiency of energy consumption in appliances only benefits the buyer’s purchase and contributes to environmental protection.
Bathroom Updates
An updated bathroom adds a refreshing look and enhances the value of your home. Minor bathroom remodeling tasks, like re-grouting tiles, replacing an old vanity, and incorporating modern fixtures, are enough to give the bathroom a new look. An eco-friendly toilet could be an interesting feature to the environmentally aware buyer and provide a potential water saving.
Energy Efficiency
Replace old windows with energy-efficient windows to keep your home cool in summer and warm in winter. Selecting the right insulation solution helps to reduce the carbon footprint of any house and also the cost of energy. These improvements can be further encouraged with tax credits, which would make future residents more interested in the property.
Smart Home Tech
Technology is advancing, and the smart home features add one more tool to our convenience and safety. A home today comes with a device that can automatically adjust the temperature in the rooms according to your schedule and needs, a security system that will make your loved ones feel safe, and smart lighting that can be controlled remotely.
Outdoor Living Space
It is crucial that many people have a place outside to relax. An extension of an indoor living area like a deck or patio helps you coordinate significant events or enjoy some moment of leisure when you become a new homeowner. The focus is on designing a space that is adaptable work, works well, and is visually appealing.
Exterior Improvements
Curb appeal matters. The first thing that a prospective purchaser will see when visiting your home is the exterior. A new front entrance, a remodeled garage door, or new siding can give your home an extremely attractive appearance.
Eco-Friendly Landscaping
In today’s world, where people are increasingly becoming conscious of the environment, landscaping of a home’s exterior in terms of sustainability leaves a lot to be desired. Think of native plants that require minimal maintenance and little or no watering during the dry seasons. By creating a natural, inviting outdoor environment, you’ll attract both beauty and practicality-seeking buyers.
Home Office
The home office is no longer an option but a necessity that resulted from the pandemic crisis. Converting a spare room into an office or creating a workspace that is centralized within the home can add a lot of value to a home. The functionality of a home office is another important factor influencing home office buyers.
Attic or Basement Remodel
A home’s value will always grow with additional square feet. Many people are looking for additional space that they can get by converting their attics or basements into bedrooms, game rooms, or additional offices. These areas also have the capability of being flexible to meet the changing needs of an organization.
Fresh Paint
The benefits of a simple coat of paint will never be overestimated. Buyers will be interested in buying your house if you use neutral colors, which make it look bigger and brighter.
Why Remodel Before Selling Your Home?
It is important to note that even the simplest changes can significantly affect the value of a house when it is on the market for sale. Another factor that should be considered is a careful selection of the projects that are likely to attract future buyers and give you a good return on investment, regardless of whether you intend to do a few minor renovations or a major renovation.
You may be ready to build that “For Sale” sign in front of your home after upgrading it, but all the necessary processes might seem quite confusing. That’s where Ben Weaver and the 23 Legal team come in. Also, the whole legal system and documentation related to real estate becomes incredibly difficult to handle. But you don’t have to worry if you have an expert by your side. 23 Legal will help the business make selling the process as easy and hassle-free as possible. This is why it is time to make your home worth the effort and love you invested – now, let’s make sure you also get the money you deserve.
Selling Your Home in 2024 with 23 Legal!
Selling a home is often difficult as it is, and even more so in today’s complex market. But it’s not impossible – especially with the right real estate team on your side!
Millennial buyers are coming in strong, equipped with information and a professional agent by their side. By catering to their priorities, lifestyle needs, and interests, your chances at selling quickly are much better. We highly suggest hiring a realtor and attorney to make your home sale as smooth as possible. Read our previous blog about how to make a profit on the sale!
With decades of real estate law experience, attorney Ben Weaver is very familiar with the Illinois’ real estate market and well-versed in understanding buyer preferences. 23 Legal’s clients also benefit from Ben’s excellent negotiation skills, coveted local contacts, and his attention to detail when reviewing documents. Connect with us today to discuss the best strategy for selling your property!
Planning to sell your property and start a new chapter? We can help!
Accomplish your real estate goals with 23 Legal: (847) 447-6004
Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.
