When you decide to sell a property, one of the first steps you might consider is making renovations to make your home more attractive and increase its market value. However, not all renovations offer the same return on investment. To ensure that the money invested translates into a higher sale price, it's essential to know which renovations increase the property's value and which will be the most profitable in attracting buyers.
In this article, Clave Inmueble analyzed which are the most effective renovations to increase the value of a home and make it more attractive in the real estate market.
Kitchen renovation
The kitchen is one of the most important spaces in any home and is often a deciding factor for buyers. A renovation can increase your property's value, especially if you include energy-efficient appliances, quality materials, and a modern design.
Key aspects for kitchen renovation:
- Furniture and storage : Updating wardrobes and improving storage is a plus for buyers. Current designs with efficient storage and clean lines are very appealing.
- Modern appliances : Including energy-efficient appliances, such as a low-consumption oven and refrigerator, can make the property feel more modern and economical to maintain.
- Countertops and surfaces : Countertops made of quartz, granite or similar materials have good durability and give a high-end look to the kitchen.
A well-renovated kitchen not only increases the value of the home, but also facilitates a faster sale, as many buyers are willing to pay more for a kitchen in perfect condition.
Bathroom Update
A bathroom renovation is another investment that can make a property stand out. A modern, comfortable bathroom with an attractive aesthetic increases the perceived value of the home. Renovating the bathroom before selling can be especially beneficial if it's outdated or in urgent need of improvement.
Ideas for cost-effective bathroom renovations:
- New sanitary installations : Replacing the sink, toilet and shower or bathtub with more modern and efficient models gives a fresh appearance and increases functionality.
- Space optimization : If the bathroom is small, installing a shower instead of a bathtub or adding a compact sink can maximize space and make the bathroom more functional.
- Quality details : Changing tiles, including non-slip materials and choosing quality faucets improves the appeal of the bathroom without the need for major renovations.
A bathroom renovation has a high return on investment, since, like the kitchen, it is one of the rooms most valued by buyers.
Improved energy efficiency
Energy efficiency has become a key factor for home buyers, especially given rising energy costs. Improving a property's energy efficiency not only increases its value but also makes it more attractive to those looking to lower their utility bills.
To increase energy efficiency:
- Installation of double-glazed windows : This type of window reduces heat loss and helps maintain a stable temperature, resulting in energy savings.
- Wall and ceiling insulation : Investing in thermal and acoustic insulation can significantly increase the value of your home, as it guarantees greater comfort and savings on heating and cooling.
- Energy-efficient boilers and heating systems : Replacing an old boiler with an energy-efficient one or installing efficient heating systems, such as solar panels, can increase the property's attractiveness on the market.
Some of these renovations can be included in the energy certification of the home , which adds additional value to the property.
Floor renovation and painting
Although they may seem like simple renovations, updating the flooring and painting the walls can significantly impact a property's perceived value. These improvements are relatively inexpensive and can completely transform the look of a home, making it more appealing and modern to potential buyers.
Recommendations for renovating floors and walls:
- Neutral colors on the walls : Painting the walls in neutral tones such as white, light gray or beige helps to make spaces feel larger and brighter.
- Durable and easy-to-maintain floors : Opt for quality, easy-to-clean floors, such as porcelain, laminate, or vinyl, which are very durable and resistant to daily use.
- Uniform finishes : Avoid colors or textures that are too flashy, as the idea is for buyers to be able to imagine their own style in the property.
Although these renovations are less expensive, the impact of these changes can be significant, improving the first impression and increasing the possibility of selling the home for a better price.
Outdoor spaces
Outdoor spaces, such as terraces, gardens, or balconies, have become increasingly valued in the real estate market, especially after the pandemic, when many people began to appreciate renovations that increase property value in outdoor areas at home.
Exterior renovations that increase value:
- Maintaining the garden or terrace : A well-kept garden or terrace with attractive plants and furniture can enhance the appeal of a home. In smaller properties, a beautifully decorated balcony can also make a significant difference.
- Outdoor furniture : Investing in quality, weather-resistant outdoor furniture can make spaces look more functional and inviting.
- Outdoor lighting : Installing lights on the exterior improves the security and appearance of the property, creating a more attractive environment for nighttime visits.
A well-maintained outdoor space is a differentiating factor, especially in urban areas where having a terrace or garden is a great plus.
Space distribution and optimization
Sometimes, one of the best ways to increase a property's value is to optimize its layout. A design that makes the most of the home's square footage is key, as functionality and efficient use of space are highly valued by buyers.
Ideas for optimizing distribution:
- Remove unnecessary partitions : In homes with a closed layout, removing partitions and creating open spaces can make the home seem larger and brighter.
- Incorporate storage space : Built-in wardrobes and furniture with additional storage space optimize the use of space and are an attractive solution for buyers.
- Multifunctional spaces : In small properties, integrating multifunctional spaces, such as an office in the living room or a dressing room in the bedroom, is a plus that buyers appreciate.
Redesigning the layout may require a larger investment, but the return on this investment is usually high, especially if functional spaces are achieved that attract families or professionals who work from home.
Tips for maximizing the profitability of renovations
Before starting a renovation, it is advisable to consider some aspects to ensure that the return on investment is as expected:
- Define a budget : Determine how much you are willing to invest in the renovation and prioritize those that will have the greatest impact on the property's value.
- Consult professionals : A real estate advisor can help you identify the renovations that will truly increase the value of your home in the current market and set an appropriate price.
- Think about the buyers : Consider what potential buyers in your area are looking for, as needs can vary. For example, if you're selling in an area with young professionals, a modern kitchen might be more appealing than a large garden.
- Maintain a neutral and modern style : Renovations should have a style that appeals to most people. Avoid overly personalized or flashy styles, as these can diminish the home's overall appeal.
Conclusion
Knowing which renovations increase a property's value is essential for maximizing the sale price and reducing the time the home spends on the market. From kitchen and bathroom renovations to energy efficiency improvements and outdoor spaces, each renovation brings unique value that can help you attract buyers.
Remember to plan each renovation with the goal of maximizing your return on investment, and consult a professional if you have any questions about the best improvements for your specific situation. This will help your property stand out in the market and achieve the highest possible selling price.
Source: https://claveinmueble.com/
