Nashville, or should we say Nowville, is experiencing unprecedented growth. Last month, Consumer Reports magazine did a case study of a home in Austin that underwent a $65,000 renovation that raised the home’s value by $142,000. The article said the renovation was smart and strategic but also had a lot to do with the market in Austin, 20% appreciation in the last 3.5 years. It got us thinking about Nashville. After looking it up, we learned Nashville appreciation rate for the last 3 years was 23.5, even more than Austin.
Renovations come in all sizes but at the end of the day, homeowner’s usually have the same thing in the back of their mind— resale value. Are the dollars going in going to generate a return on investment or are they going to fall flat. Sometimes it is a war between renovating for personal use and renovating for resale. Other times, it is a war between making luxury upgrades you will enjoy verses the fear of over-improving and never seeing a return for the work. BHD knows the struggle is real and we are here to help you find the perfect balance. Check out of list of top 10 ways to add value to your home and make sure to read Consumer Reports “8 Ways to Boost Your Home’s Value”!
B H D ‘ S T O P 1 0 W A Y S T O A D D V A L U E
1. Kitchen – The big decision with kitchens is whether to invest in a gut remodel or to work within the ex existing framework. Whatever the decision, make sure your kitchen is at the bare minimum clean and functional. This usually means new cabinet fronts or repainting, countertops, backsplash, hardware, lighting, and flooring. Buyers love stainless steel, hard stone surfaces like granite or quartz, and hardwood.
2. Floor plan – A lot of buyers crave open floor plans and are eager to buy properties that have already been renovated. When considering your own renovation, think about doing work to open up smaller rooms and how to create a good flow through your home. The range in this kind of work is extensive so talking to a designer will help you see all the options! If you do decide to get into major reno work moving walls, consider making the floor plan suitable for aging in place; In 2040, 21% of the population will be senior citizens and the current housing stock won’t be able to accommodate. Some elements are first floor master suites, non-threshold showers, and widening tight spaces to allow wheelchair or walker access.
3. Bathrooms – Like kitchens, any work done to your bathroom will likely add value to your home. Ranging from the most simple and obvious stuff like replacing medicine cabinets, lighting, countertops, vanity, flooring to the complete renovations, focus on creating a clean, functional space.
4. Flooring – Get rid of outdated flooring. Old carpet has to go. Linoleum has to go. Refinish hardwood floors. Add hardwood floors. Add tile. Whatever you do, unify the look of your home through flooring. It can make the whole house look bigger and it will do wonders to the overall character of the space.
5. Storage – Make your storage areas work for you and make sure to add storage areas if you undertake any renovation that either removes existing storage or reconfigures the floor plan. Homeowner’s love dedicated mudrooms, built-ins, pantries, walk-in closets, and other unique storage setups particular to your home. Find the opportunities and capitalize on every nook and cranny available.
6. Cosmetics – Cosmetics really come down to making your house feel like it has been well cared for. Make sure nothing is broken in your home and nothing screams outdated. Simple fixes like new lighting, new doors, new hardware, new faucets, and even new trim / molding are a surefire way to increase the value of your home. Also, don’t forget to paint, paint paint!
7. Landscaping – Take care that the outside of your home appears low-maintenance. Add value by replacing part of your backyard with a patio with seating, fire pit, and BBQ area. Make sure the curb appeal of your home is as good as it can be. Replacing the front door, stoop, and steps is a classic way to modify the front facade. You would be surprised what a significant statement those 3 elements make on the overall look! * Photo: Courtesy, Bagnato Architects of Austraila. Photo Credit: Axiom Photography.
8. Technology – Integrate technology whenever possible. Simple upgrades like USB outlets in bedrooms to programmable thermostats create the feel of a modern, renovated home. Consider creating a focal point in your home by adding a modern, linear fireplace or renovate an existing fireplace. Small investments can result in big returns upon investment when you consider the overall effect on the aesthetic of your home.
9. Energy efficiency – Make sure your home is as energy efficient as it can be. People love buying older homes but they don’t want to feel like the home is outdated. If you have a crawl space below your house or in the attic, make sure it is insulated. If your windows need to be replaced, look for Energy Star / Low-E coated windows. Buyers are savvy and will recognize the value added. An easy update is to buy new, energy efficient appliances.
10. Systems – Everything should be in working order- or in tip-top shape. Either you pay for it upfront and reap the rewards or the inspector finds all the flaws and buyers have leverage in their offer. Try to sell your home without punch list items that need to be addressed, anything from an old water heater to an outdated furnace. Nobody wants to feel like they are buying a house that has been fixed up cosmetically but is still rusty under the hood!