Boost Your Home’s Resale Value with These Home Renovations

As a homeowner, you want to make your home as comfortable and enjoyable as possible. You want to make sure it’s a sanctuary for your family while still holding its value should you ever decide to sell. Naturally, if you can increase the value of your home, all the better! Especially in today’s strong seller’s market, as reported by 92% of the 1,000 real estate agents who took part in Homelight’s Q3 2020 survey. 

So, what can you do today that will increase the value of your home? What kind of renovation projects has the highest return on interest? Let’s take a look!

1. Installing a pool - any kind of pool

Swimming pools are a luxury that many of us dreamt of having growing up. If we had any friends with a pool, that’s where we spent all of our time during the summer! Today, homeowners have been relegated to staying home instead of visiting family members or going to the beach. So it shouldn’t be surprising that 22% of agents say their clients want a private pool (among other outdoor spaces). 

To install a pool, be it above ground (national average sits around the $2,811 mark) or in-ground pool (national average sitting around $35,000), you can expect a 51% return on investment. When you take into consideration how much your family will enjoy the pool, it’s definitely worth the investment!

2. Upgrading windows to energy efficient windows

The windows in older homes usually aren’t very energy efficient, which you may notice in your energy bill. By replacing the old windows with Energy Star-qualified windows, you’re looking at an investment of $270 to $800 per window, plus labor. However, with the new windows, you can save up to 15% per year on your energy bill plus up to 70% return when you sell!

3. Building an in-law suite for family

Multi-generational living arrangements are becoming more and more in demand due to the pandemic. Whether you want to call it a mother-in-law suite, a guest house, or an in-law apartment, 26% of agents say their clients are interested in homes with this feature. 

You can create an in-law suite by adding a bathroom to a spare room or it can get as elaborate as building a whole new addition. Just keep in mind that if you want to go with the new addition route, it could set you back up to $250,000. However, the average cost for a project like this is between $10,000 to $20,000. The return on investment is three-fold. You can rent it out and recoup 100%, you can get 100% in the long run, and you can get 100% when you list.

4. Home gym and/or sauna

The pandemic has caused gyms, saunas and spas to close all around the country. While these may not be essential for everyone, they may be the only way a person can workout and let go of the day’s stresses. 

When you take into consideration how much these little luxuries will cost each year, you can save quite a bit of money by adding a home gym or home sauna to your house. In fact, you can expect to see a 51% return on a home gym that’ll cost about $11,215 on average and a 42% return on a sauna that’ll cost about $7,126.

Homeowners who invest in their house by focusing their money on doing renovation projects with the best ROI are likely to sell their homes faster and for more than asking price - especially in today’s seller’s market. Not to mention the hours of enjoyment your family will have in the meantime!