The housing market has more or less resembled a roller coaster over the last decade complete with inclines and dips. Due to the drastic shifts homeowners have experienced with the house bubble burst and the introduction of the internet, it is no surprise that home sellers are looking for more ways to increase the value of their home in order to stay competitive with the increasing standard of houses on the market. There are near limitless options for homeowners to improve the value and appeal of their home; understanding the mentality of the home buyer can go a long way towards making wise investments and selling one’s home quickly.
Where the Water Flows, Trouble Goes
Nearly a quarter of all home buyers are first time home buyers between the ages of 20 and 30; these home buyers have grown up with the internet and are more poised to determine what areas of a home really cause the most significant financial losses. Energy and water bills can quickly add up, especially for older homes that may be subject to leaks; it is estimated that nearly one out of every 10 homes on the market have leaks that contribute to over 90 gallons of water losses per day. The Environmental Protection Agency suggests that leaky kitchen and bathroom faucets, loose toilets, and ill-fitted showerheads together waste a combined 1 trillion gallons of water in the United States every year — this is the amount of water used by over 11 million homes annually. By taking measures to fix these easily corrected water leaks through kitchen and bathroom renovations, homeowners can save around 10% on their annual water bills and increase the value of their home by decreasing its operating costs.
The Benefit of Bathroom Remodeling Jobs
Around 60% of surveyed homeowners stated that they had plans to renovate their master bathroom, as they believe this could add significant value to their home. The National Association of Home Builders found that bathroom remodeling is the single most requested job in the United States, accounting for 78% of all household renovations, thereby proving that the instincts of those home owners were correct. Replacing outdated sinks, toilets, and showers with modern, energy-efficient equivalents can help to save homeowners significant amounts of water every year — many homeowners believe that the added investment will actually pay for itself over time. Aesthetically speaking, having a modern design to a bathroom that incorporates beautiful sinks, granite countertops on a vanity, and modern bathing fixtures can offer an average return on investment of 86.4%, making bathroom renovations one of the most popular and profitable opportunities for homeowners to add value to their homes.
How a Kitchen Renovation Can Add Value to Your Home
Just behind bathroom remodeling, kitchen renovations totaled up to around 69% of jobs requested, and for good reason considering the amount of time most families spend in the kitchen. According to design experts, kitchens are some of the best canvases for homeowners to add a bit of flair to; there are a number of elements and designs to choose from to incorporate earthen tiles for a Tuscan feel, granite countertops for a regal look, or bold and solid colors to create a sense of modernism. Updated kitchen appliances and fixtures can go a long way to increasing the value of your home — a majority of those surveyed also stated that hardwood floors and granite countertops were must haves for a modern kitchen. If done correctly, even a minor kitchen remodeling can offer homeowners an average return on investment of 82.7%.