Selling Your House? Do These Renos and Raise the Asking Price!

Isn’t it frustrating when you have an itch to take on a renovation project because your home needs a change, but you don’t know where to start? Maybe you want to put your house on the market and you want to do something that’ll appeal to buyers and hopefully get some offers pretty quickly.

HomeLight surveyed 1,100+ real estate agents from all over the country on what renovations are popular among homeowners in their area. Here are just a small handful of responses, which can be found on their Top Agent Insights Survey for Spring 2021.

1. Fun in the sun with pools

Going swimming at a public pool or the beach are the bees’ knees when it comes to outdoor fun during the summer. Homeowners discovered just how sorely they missed going swimming this summer due to the pandemic. So, it should be no surprise that homeowners are installing some kind of pool on their property.

While in-ground pools are the most popular choice among homeowners, it’s important to note that they aren’t cheap (on average, an in-ground pool could cost $42,000+!). But, because buyers are vying for homes with these large vats of summer fun, you could expect to see a 51% return on your investment. That means you could potentially add $21,000 to your asking price!

2. Installing energy efficient windows

If you have an older home, you probably already know that they probably don’t have energy-efficient windows. You may feel a draft or your energy bill could be through the roof! By installing energy efficient windows throughout your home, you can expect to see 9% to 31% per year on your energy bill – depending on your location and the type of window you’re replacing.

Oh, and if you’re worried about how expensive this project may be it won’t be in vain because you could get 72% of that money back when you sell.

3. Multi-generational living options

Of the surveyed agents, 26% report they have numerous clients who are searching for homes with an in-law suite or even apartment because they have family members living with them.

According to 26% of surveyed agents, mother-in-law suites or In-law apartments are incredibly popular right now due to the pandemic. More and more families are moving their elderly parents into the home or adult children are living with their parents for one reason or another.

This project is a costly one as well, but it really depends on how big you want to go. If you’re going to build a complete addition to give your loved one a studio apartment, it could cost up to $250,000. That would give them a kitchen, dining/living area, a full bath, and a bedroom. However, if you just want to add a bathroom to an existing bedroom or do a smaller reno, it could cost between $12,000 to $40,000.

Do keep in mind that if you do add a studio apartment, it’ll attract buyers for sure, but you also have the option of renting it out and making passive income, too!

4. Saunas and gyms for personal wellbeing

Folks who call the gym or a spa their happy place, this pandemic was especially hard because gyms, spas and saunas had to close down for quite a while. As a result of this, agents have said they have clients who are drawn to homes with a home gym, sauna or even a hot tub.

These amenities are alluring because you can workout and keep those pandemic pounds at bay, but you’ll also see a 42% return on your investment. That may not be as much as installing a pool, but when you consider how much money you’re saving because you no longer have a gym membership or spend oodles of money to visit a spa… It’s kind of worth it. Your home will lose more market value if it has been severely damaged by fire. Adding a price tag to it can help sell it.

Renovations can make you fall in love with your house all over again. Even if you’re thinking about putting your house on the market sometime soon, these renovation projects increase the value of your home! When you think about it, it’s a win-win. You get to enjoy your new features, improve the overall enjoyability of your home and build equity. Pretty sweet, huh?