The pace of home improvement spending took off during the pandemic and hit a high of 19.7% in year-over-year increases by the end of 2022, according to the Joint Center for Housing Studies of Harvard University. So what’s in store for 2023? We hope our renovation tips will give you a clear idea of how to get the most out of the year ahead.
If you’re considering a home improvement project, it’s important to plan with an eye toward the future. Sure – tailor your space to suit your specific needs now and enjoy them immediately. But if there’s any chance of selling in 2023 or beyond, avoid costly personalizations that may be dated by then; focus instead on making sure your house stands out from other listings for maximum return on investment to get the best resale value!
Some Things to Consider…
Home renovations don’t need to break the bank. Potential buyers want to see updates – the last thing someone wants (you or the prospective buyer) is a kitchen from 1979!
From a major kitchen remodel to a luxury bathroom to the installation of custom carpentry, there are many ways to ensure your home’s renovation is functional, practical and has a high ROI.
New Renovation Plans for the New Year?
Element is your go-to team in the Cleveland area. Call us 330-523-6919 or schedule your consultation
Increase Square Footage
With an addition to your home, you can capitalize on the property market’s potential. You could add extra space for a growing family or guests, provide in-law suites with separate living quarters and amenities – or even rent out the additional room(s) as income! Transform neglected garages into functional spaces and finish off basements to make them comfortable havens; suddenly, many possibilities are available at once.
Homeowners may see this as an expensive route to increase your home’s value, but adding square footage is more than just a fresh coat of paint – it’s adding practically for your market, post-pandemic needs/wants and shows the importance of comfort and space with more family members under one roof.
Cost First, Value Later
When considering the interior design elements of renovations, you have to consider the cost. Home improvements must be done with the wallet in mind if our goal is to surpass the average ROI.
One major trend in remodeling projects is refacing existing countertops, cabinets and shelving instead of installing new.
For instance, kitchen renovating and remodeling projects hands down add value to a home, but they could take weeks, being counterproductive with family time and the editing experience. We recommend looking for a contractor that offers Kitchen Refacing, Kitchen Resurfacing or a Kitchen Refresh — all are one-in-the-same in ways and take away from costly remodeling projects that disrupt weeks at a time.
Small Spaces Equal Big Opportunity
A Bathroom Remodel may seem like the last on the list, but investing in small spaces brings sought-after features you may not think of. A bathroom remodeling project can easily add value to your home, from new lighting, flooring, storage and modern facades.
Ready to refresh your bathroom without breaking the bank? Investing in small remodels, like a fresh coat of paint or new tile flooring, can provide an impressive ROI with little effort. Plus, you can invest only what is necessary – some smaller jobs are doable yourself!
Search for a local contractor with countless positive reviews and an accredited portfolio for more advanced bathroom remodel jobs.
A second bathroom could be an excellent investment for your home! Not only is it an attractive selling point, but you can fit one in any space. Consider adding a powder room – it will come complete with a toilet and sink without taking up too much area.
Turn a Dungeon into the Perfect Space
Basements few and far between are mildewy, smelly and used for laundry. There are so many more possibilities!
Put your money where it will make the most difference! The remodeling industry thinks investing in a basement remodel is one of the best home improvements you can do to increase value, with reports revealing an average return on investment as high as 90.1% in 2023. That’s almost double what you put into it – transform $10K and turn that profit when selling up.
Transform your basement from ordinary to extraordinary! With a remodel, you can create an entirely new living space that will bring financial rewards while providing the perfect place for quality family time. Let your imagination run wild and turn it into whatever suits you best – whether it’s a playroom for kids, a home office, a gym or even an in-law suite – with this update; there are countless ways to add to your property value.
Know the Current Local Market
Homeowners can take advice from countless blogs, home and garden magazines and local MLS listings (IE. Trulia & Zillow) to see what others have done in their market to attract buyers and make a great first impression.
Sometimes, you may only need to update countertops, redo a shower, or install custom cabinets – Other times, you need to make your abode stand out from the rest with custom woodwork!
Craftsmanship brings a unique touch that sets your space apart – add shelving or cabinetry for extra style! From built-in bookcases to crown molding, you can bring charm and interest by elevating focal points like fireplaces, windows or other areas of importance.
What to Look for in a Contractor
Homebuyers are now looking for more than just kitchens and bathrooms – having a dedicated workspace or playroom can be equally as attractive. One-third of top agents in a HomeLight survey ranked “the desire to make homes a sanctuary from the world” as the number-one reason for renovations in their market.
It all starts with the professionals you choose for the investment in interior design and home renovations. Don’t just choose the first that appears in a google ad – Research, read reviews, study past work and take advantage of free consultations. You may have a dream, but that could involve a load-bearing wall and contractors know best.
If you are in the Cleveland market – Element Design Build Remodel checks all the boxes. We are Cleveland’s Top Home Renovation Contractors and realize that to see a healthy return – you need the team that can add the most value. Contact our team today and see what we can do to increase your home’s value in 2023!
