HOME RENOVATION 101: Getting the Best Return On Investment for Your Renovation
The frenzy of building and renovation that started with the global pandemic that still plagues our nation and our world has not diminished–not one bit! For better or for worse, the way we live and work has changed, most likely, forever. As we continue to adjust to new routines, and new ways to balance work and family/personal time, we continue to try to make ourselves as comfortable as possible with an uncertain “landscape.”
Never is this more apparent than in the huge home improvement and renovation “boom” that we have experienced over the past year and a half. As travel becomes both more logistically challenging–and, therefore, often less appealing–individuals and families are valuing more and more the idea of making their home their haven. Besides the structural and design changes that improve the inherent challenges of the multi-tasking home (kids’ play spaces competing with adult work-at-home spaces, etc.) people are motivated to create a home environment that makes staying at home more pleasant and appealing than ever. Enjoying your home, and also having beautiful spaces that function optimally for every part of living–cooking, entertaining, sleeping, working, playing–has become a high priority for most homeowners.
The Top 5 Home Improvement Choices
So, if your budget is limited, and you want to make smart choices about improving the functionality and comfort of your home, how do you prioritize? This leads us to the questions about home improvements and return on investment. Not all of us are armed with bottomless resources, so most of us want to balance the comfort and pleasure we will get out of a major home renovation with the practicalities of wanting those improvements to add significant value to our homes. So, what kinds of home improvements and renovations will translate into a solid Return on Investment (ROI) when it comes time to sell? What kinds of improvements might be a mistake, and not bring you much in later (potential) returns?
There are some “tried and true” optimal ROI home improvements, and some others that can be valuable, but will depend more on the time of life, and/or particular needs and tastes of the new potential buyer. Based on our experience with the areas most homeowners want to improve, as well as collecting the insight and research of real estate professionals, we will give you the “TOP 5” list of the best home improvement choices–both from the perspective of the increased pleasure and comfort these renovations bring the homeowner, as well as from the ROI perspective.
1: Kitchen Renovations
Kitchens are, and probably always will be the heart of the home. A tired, poorly designed kitchen is an instant turn-off to both homeowners and future buyers. Even simple improvements– like resurfacing cabinets and installing new countertops–can be a huge game changer!
2: Bathroom Renovations
A comfortable, luxurious bathroom (or two or three) appeals to everyone! Families often note their greatest “pain point” as having cramped or poorly designed bathrooms that they have to share with other family members. And, let’s face it, there is nothing as unpleasant as an old, grimy tub or shower surround, or living with avocado green fixtures from the 70’s. Fighting over the toothpaste-bombed single basin is also not many people’s idea of fun.
Here are examples of two radically different bathroom renovations:
● One, in a beautiful house in Lincoln, MA reflects the more classic nature of the home. Although entirely new and fresh, we kept the look timeless by using a beautiful porcelain paver tile for the floor, crackle subway tile with a pebbled shower floor, and custom-made cabinetry, made of solid walnut. The effect is rich, timeless, elegant, and luxurious.
● The second bathroom is both more playful, and also taps into a completely different “vibe.” This bathroom reflects the spa-like, “zen” mood and sensibility that the homeowner wanted–complete with garden-style “pebbles” and the simple oval shape of the tub creating a harmonious feel within the space.
3: Additional Space
Newly finished attic spaces, basements, or sunrooms that add an entire additional level or large new area to the existing home. In the case of a basement or attic renovation, investing in finishing these spaces can mean adding (often) major increased square footage of living space to the existing footprint of the house.
Furthermore, for busy families, the ability to have a designated, separate space to send kids to play (or to “get away” themselves) is an enormous bonus! Ahh–a little peace and quiet and breathing room! And, you can even add some wonderful “adult friendly” features, like a gorgeous bar area!
4: New Studio/Office Space/Bonus Room
The appeal of adding a fantastic, beautifully designed office space, or “bonus room” space is now (almost) universal. With the increasing need to work virtually from home, many homeowners are re-evaluating and reconsidering how to design and structure different rooms in their homes for maximum efficiency, comfort, and yes–multi-tasking!
Below, the multiple skylights and beautiful perimeter track lighting made the space feel like it had endless possibilities, and felt like a creative haven. Big, drum-style pendants installed along the ceiling beam added to the drama and creative mood of the room.
The long rectangular room shown below was once an empty, white-walled room in my client’s home. The room lacked purpose, character, and atmosphere so much that my client (and her whole family) never stepped foot in the space until we re-designed it!
5: Built-in Cabinetry and Storage Features
Nothing is more frustrating (and therefore more desired by homeowners) than adequate, functional, well-designed storage features. Whether you need the ultimate kitchen pantry, the world’s best built-in book shelving, or an enviable closet system, creating built-in furniture, cabinetry, and storage features is a wonderful way to add value to your home.
Here are a couple of examples:
● In one kitchen, we designed an entire wall of deep pantry cabinets that provide the family with a vast and enviable amount of storage. With built-in storage like this, there is quite literally a place for everything, and everything has its place!
● In another home, a giant, sliding panel “wall” that covered the TV and book shelving when closed, and showed off the attractive collection of ceramics on the shelves when open. Practical and beautiful!
● In a more contemporary home, visual drama and beauty were created in a built-in hutch feature by highlighting the cabinet with three different kinds of lighting, adding practicality and aesthetic appeal.
Runner-up Home Improvements
● New Garage: Especially critical in places like the Western mountains and New England!
● Outside Living Features: Fire pits, patios, decks.
● Systems Upgrades: central air, radiant heat, built-in music systems, and other “smart house” features.
In Conclusion
Although I believe the “TOP 5” areas of renovation or improvement have definitely stood the test of time (as being consistently great return-on-investment options), it must be said that everyone has something about which they care deeply. So, whether it’s building your enormous, toy-intense man cave, walk-in closet, or a world-class wine cellar, ultimate value is in the eye of the beholder, or in this case, the homeowner!
As a long ago former boss of mine once said when asked about investing in fine art, “You should always just buy what you love.” Value may come and go, but when you invest in something because you love it, you will never be disappointed.
So, dream on, and explore your favorite “best home value” ways to make your home the ultimate “castle” for you. You are only limited by your imagination!
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