Who doesn't love binging home improvement shows whenever they're bored or in the mood for a change? It's fun to look at what renovations are in style and imagine how they'd look in your own home. However, if you need to sell your house, these shows aren't necessarily going to show you renovations that'll appeal to buyers in your area.
So, what do buyers want in their new home? What kind of renovations can you do that'll get buyers interested in your house and want to put in an offer? Homelight's Q3 2020 survey can help answer that!
1. Rethink open floor plans
Homes with open floor plans may seem like the bee's knees but not everyone is keen on the idea of no walls or doors. In fact, 10% of surveyed agents say their clients actually want clearly defined rooms with doors! Who could blame them after adhering to the stay-at-home orders thanks to the pandemic? We all need our privacy, right?!
2. Space for outdoor entertainment
Until now, you may not have had a strong desire to spend much time in the yard for one reason or another. However, since people were sequestered at home, the backyard seems like heaven for some homeowners who love nature.
In their market, 20% of real estate agents reveal that outdoor living spaces are high on buyer's lists. This means sellers who already have features like patios, balconies or decks are already ahead of the game - all they need is a good cleaning, repainting or staining, and call it a day! However if your home doesn't have these features, they're not a super expensive renovation to take on.
3. Office for remote working or learning
Our homes are our castles, but they've also become our office or classrooms, too. The pandemic has caused offices and schools to close down and people have had to find whatever space they can to set up their work stations, be it the coffee table, dining table, or even the bedroom!
A home office has become an important room in our homes and they can be as simple as putting a desk in a spare bedroom, or it can be decked out with built-in desks and shelving, organizational bins and so on. These rooms are so desirable and even essential, 7% of agents said they have clients that want more than one home office!
4. Energy-efficient windows
If you like tons of natural light, you may absolutely love large windows. However, if you live in an older home, those windows may not be the best at keeping energy costs down. Agents are seeing homeowners and buyers swap out the old windows and are installing large energy-efficient ones. Not only will they keep the rooms bathed in natural light, they'll help you save a decent chunk of change on your yearly energy expenses.
5. Multi-generational living space(s)
Whether you have grown children who weren't able to return to university or an elderly loved one you don't want to put into a long-term care facility, an in-law suite is a great amenity to have. In-law suites give your loved ones their own quiet space when they aren't up for socializing.
Now, these suites can be as simple as just a bedroom and a bathroom, but it could also be as grand as a completely new addition that's like an apartment! If you decide to build an addition, you could use it for your loved ones or you could rent it out and it'll pay for itself!
Before you tackle any home renovation project, you should always consider your budget because you may not always see a good return on your investment!
