The global house market is changing and evolving at an unprecedented rate, and it can be hard for homeowners to keep track of the value of their property and invest in the right renovation projects to boost their real estate investment’s ROI.
So, whether you are looking to increase the value of your current family home, or you wish to increase the market price of your property before selling, it is important to understand what are today’s market trends and choose the right renovation projects.
Working with an estate agent and designer is the best way to find a solution that works best for your home. However, if you are unsure what to expect, here are 5 of the best renovation projects to invest in this year to boost your home’s market value.
Carve Out a Home Office or an At-Home Gym
The rise of remote work has made it possible for millions of professionals around the world to work from the comfort of their homes. However, for those who are looking to make this shift permanent, it is important to have a dedicated home office tailored to their needs.
On the other hand, it has become increasingly more common for people to work out at home and choose to dedicate a corner of the house to physical wellness and fitness.
So, if you are looking to reflect the market trends when renovating your home, you can’t ignore the returns that adding a home office or gym could bring!
Remodel Your Kitchen or Bathroom
Kitchens and bathrooms are notoriously the most expensive and challenging areas of the house to renovate. However, a bathroom or kitchen remodeling project can help you boost your home’s practicality, energy efficiency, and overall market value.
Consider adding some sought-after features such as energy-efficient appliances and fixtures, side-by-side sinks in the kitchen, and walk-in showers in the bathroom.
Focus On Your Garden and Increase Livable Space
It is undeniable that the UK, as well as other countries like the US, are in a major seller’s market. This is due to the reduced inventory, soaring house prices, and a growing need for better living arrangements.
And, as homeowners take part in today’s “race for space”, it has never been more important to find ways to boost your home’s livable space. One of the best and most efficient ways to do so is to focus on renovating your garden. Adding a patio, veranda, or deck can be a great way to expand your livable square footage on a budget!
Invest in Energy-Efficiency
For homebuyers, energy efficiency is a crucial feature. Of course, the ongoing climate crisis has caused many homeowners to refocus their priorities on living a more eco-friendly, low-waste life. And, investing in energy-efficiency features – including solar panels, smart thermostats, insulation, and water-saving fixtures – is important to reduce a household’s impact on the environment.
But, as the energy crisis worsens and bills continue to skyrocket, investing in energy-efficient features is also important to reduce the cost of living and the financial impact of macroeconomic factors.