How to Increase the Value of your Home (from the inside)
As an interior designer, I love a good gut job, let’s get down to the studs and start from scratch! As a human, I love money: making money, spending money and making money from money. Ultimately, I love helping my clients make design decisions that will make them money!! So, let’s talk about how we are going to do just that for you!
I am going to tell you the best projects you can take on to increase the value of your home and how these projects will take your $$ to $$$$.
The ROIFor me there are several “why’s” associated with completing a home improvement project, your ROI and your general well-being.
A lot of us have property’s that we bought from someone else, who likely built that property decades ago and never touched it. This is a great buy for you, hopefully you paid fair (or below) market value and have enough left in your budget to put towards remodeling.
In some cases, only light updates need to be made, maybe just paint, floors and fixtures… Or maybe you’re going to go for a full remodel - both will increase your home’s value. I highly recommend starting by consulting with a designer (like me, or just me - you can get in touch here) or a general contractor. These professionals can tell you what’s happening in the homes around you, what people are looking for in your area and overall, where the highest ROI will be.
Quickly I’ll tell you that updating kitchen and baths (I will get more into what this looks like soon, so keep reading) will yield the highest ROI. And once these projects are complete, you will have increased the value of your home and can use that equity to continue making improvements.
The KitchenThe rule of thumb in a kitchen remodel is investing 10% of the value of your home into the remodel. As of this particular moment, the average cost of a home in the US is $418,000.00, so you have $41,800.00 to spend on your project. That’s not nothing. Am I right?
A major upscale remodel, including moving walls and plumbing, maybe adding doors or windows will increase your homes value by 31%, using the numbers above, that is roughly $129k! In this type of project you are poised for injecting functionality, increasing efficiency (in energy and productivity) and ultimately infusing your full personality.
If that’s not your jam, or maybe you don’t need to go that far, opt for minor updates with big impacts. I had a great time working clients last year on a job just like this. We painted cabinetry and updated the hardware, replaced countertops and added a solid-slab backsplash, and lastly, updated lighting and appliances. A project of this scope will get you a whopping 85% increase!
Regardless of which route you take, the kitchen is the heart of the home, even if you don’t cook in it. This space should reflect your family’s style and vibe as well as provide functional support for your daily life. By investing in this space and making it the best it can be, you’ll increase your ROI and your well-being. Win-win.
The Bath(s)I’m going to mostly speak to the primary en-suite here, it is undoubtedly the runner-up to kitchens in its’ ability to increase the value of a home. Besides that, it is probably my favorite space in the home, and I believe it deserves every penny thrown its’ way to make it a haven of relaxation and joy.
Before getting into that though, I want to give honorable mention to the half bath or hall bath. A place that most everyone who crosses the threshold of your home will visit during their time there. It is an amazing opportunity to showcase the fun side of you and/or your family, and updating it has a low cost, high return on both ROI and well-being!
Now, onto the en-suite.
For a major, upscale remodel homeowners can see around a 55-65% increase in ROI! What?! That is crazy. What constitutes a “major, upscale remodel?” A project like this involves some or all of the following: expanding, recreating or creating new space, adding functional components such as built-in storage and custom dual vanities, moving the location and increasing the size of the shower, adding a free-standing tub, and possibly creating a water closet for privacy when it really matters.
While all of these major changes to layout are super important to the increase in value, the fun is all in the finishes! This is the designers playground but can be a huge hurdle for homeowners! The options for finishes, like tile for example, range from basic to fully customizable. I recommend hiring a designer, he/she (she, because it’s me, I’m the designer) to help you narrow down the choices and find finishes that complement each other, as well as compliment the style & vibe of the homeowner. In the long run, this saves you time, money and mistakes!
A bit of inspiration for you:
In conclusion,Whether you are buying a previously loved house or are living in a house that you’ve loved for decades, considering a remodel is no small feat. And, while the investment of home ownership never stops the good news is that values are also always increasing.
I wanted to give you a small, albeit brief, look into how you can take advantage of investing in your home and seeing a substantial increase in its’ value! The intricacies of a kitchen or bath remodel are plenty and should be reviewed with and by professionals. It is our pleasure to work alongside homeowners to create spaces that feel like home and feel like you. I’d love to talk to you about your dreams for a remodel and see if we can make them become a reality, together!
I’m here if you need me!