Change should be the only constant, and this applies to homes as well. As trends change, so should your home. Upgrading a property is even more crucial when you decide to sell it, especially in a competitive real estate market. Hence, a home renovation project would not only make your home more comfortable and luxurious to live in but also add immense value to your property.
As of October 2023, the median price of a home sold in Austin was $549,000. The real estate housing market in Austin is known to be somewhat competitive, but there has been a 2.1% decline in prices compared to last year. With the constantly fluctuating Austin housing market, it can be hard to get your expected results with a sale. A home renovation project can help you increase the value of your property and also give you an edge over other listings in areas that might not offer the same features.
Here are a few projects that you can undertake to increase the value and comfort of your property:
Bathroom Upgrade:
Bathrooms can be the most overlooked and neglected rooms in a house. Even small changes can have a huge impact on the overall comfort and relaxation the space provides. Some basic upgrades could include updating the fixtures or regrouting the tiles. More expensive upgrades could be changing the bathtubs, renovating the shower area, and replacing the toilet.
Bathroom renovations can cost anywhere from $120 to $275 per square foot in Austin. The actual cost depends on the size of the space, the products used, the complexity, and the timeframe. A company experienced in bathroom remodeling in Austin can have a look at your requirements and provide a cost-effective estimate based on those. With any renovation, it’s always advised to have experts look at the space and give suggestions. This can help you achieve a better layout and maximize comfort.
Upgrading the lighting can also be an innovative upgrade. Lighting will instantly increase the comfort and functionality of the space. A dimmer can help you create soft mood lighting for relaxation, and installing wall scones and mirror lights can help you illuminate and brighten the space for grooming sessions in the morning or your skincare routine at night.
Kitchen Upgrades:
Often considered the heart of the home, kitchens can be the deal maker or breaker in a house sale. Remodeling or upgrading minor details in your kitchen can add value to your home. According to Remodeling Magazine’s 2023 Cost vs. Value Report, kitchen remodels in West South Central have an ROI between 80.1% and 85.7%.
In Austin, minor renovations might cost around $24,000 or a bit more, but kitchen remodels can give an ROI of 76%, making them totally worth the investment.
Cabinets are one of the main features of a kitchen; upgrading or improving them can change the whole aesthetic of the space. You can update, paint, or replace the cabinets. Updating the hardware can freshen up the whole look and make it look more polished and new. Painting the cabinets can offer a quick renovation that will give them a fresh look. You can try different hues of paint and have a brand-new kitchen.
Adding an island can be a nice new focal feature. They offer added storage and counter space in your kitchen, making them a highly functional and beneficial addition. Updating old, malfunctioning appliances can also add value, but it’s wise to keep your budget in check and not go overboard.
Upgrading your countertop can serve as a way to change the aesthetic of your kitchen. Trends have changed, and the materials that were popular 10-15 years ago aren’t highly regarded anymore. Upgrading the counters to more modern and in-trend materials can help you achieve a more contemporary kitchen that would appeal to buyers.
Exterior Improvements:
The outside of your house matters as much as the inside. Working on upgrading the exterior can change the overall look of your home. The outside of your home makes the first impression on a prospective buyer.
One of the easiest exterior home improvement projects is painting the siding. It can help you change the whole look of your house, refresh it, and tidy up everything. While painting, you can also inspect and find any damage to the siding and replace any affected areas before they become a bigger problem. The same can be applied to a roof. The replacement of a roof is an expansive task, but frequent examinations and fixing any problems immediately can help you quickly fix them before they become more costly issues.
You can update your front door with something new and modern. Replace any old, malfunctioning hardware. Paint the awning and windows to match and look clean and fresh. Maintaining your yard and landscape can also increase your curb appeal. According to Remodeling’s 2023 Cost vs. Value Report, exterior house renovations have a higher return on cost value than other renovation projects.
Deck, Patio, or Porch Addition:
In the post-COVID world, the importance of having an outdoor space to step out and relax has increased tenfold. Decks and patios are sought-after amenities in many neighborhoods in Austin. As Texans love to BBQ and host cookouts, a deck or patio is the perfect addition to increase the value of your home and also add a nice feature to enjoy.
Both a deck and a patio offer an impressive resale value. However, patios are usually less expensive and have a higher ROI. Adding a pergola or a shade to your decks or patios can increase their functionality. On hot, sunny days, you can have ample shade and easily rest outside. There are different materials available to build the perfect outdoor space; you can find one that fits your budget.
The bottom line:
Upgrading your home doesn’t have to be an expansive and excruciating endeavor. You can undertake a variety of projects that fit your budget, skills, or aesthetics and make valuable changes. However, when you’re selling, we recommend you extend your budget a little to make your home stand out to prospective buyers. Putting in some money and effort can help you reap the rewards later and increase the value of your home.