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Adding Value to Your Property Expert Insights from Big River Group
Adding Value to Your Property Expert Insights from Big River Group - Outdoor Renovations - Decks Offer 100% Return on Investment
Outdoor renovations, particularly decks, can offer a significant return on investment (ROI) for homeowners.
According to industry reports, a wood deck addition can recoup 50-60% of its cost, while a composite deck can recoup 60-70%.
Additionally, well-designed patios and outdoor kitchens can potentially earn an ROI of over 80% and 100-200%, respectively.
These types of outdoor projects not only add value to a property but also create a welcoming and functional living space that can be appealing to potential buyers.
According to Remodeling Magazine's 2023 Cost vs Value Report, a wood deck addition can recoup up to 50% of its cost upon resale, while a composite deck addition can recoup up to 40% of its cost.
A survey by the National Association of Realtors found that outdoor projects with the highest ROI include standard lawn care service with a remarkable 217% ROI, followed by deck additions and landscaping.
Interestingly, a well-designed outdoor oasis can pay for itself, with a potential 95-100% return on investment, making it a highly attractive investment for homeowners.
The cost of outdoor renovations can vary significantly, with a new or upgraded landscaping installation costing between $3,000 to $16,000, or $4 to $12 per square foot, depending on the size and features.
Homeowners can expect to recover 66% to 88% of their costs when selling their home after outdoor renovations, according to industry experts, making it a worthwhile investment.
Absolute Outdoor Kitchens suggests that homes with outdoor kitchens can potentially see an impressive ROI between 100% and 200%, highlighting the significant value outdoor renovations can bring to a property.
Adding Value to Your Property Expert Insights from Big River Group - Maximizing Outdoor Spaces with Sophisticated Designs
Homeowners looking to add value to their property can explore sophisticated outdoor design solutions.
Well-designed outdoor spaces, such as custom patios, fireplaces, and pools, can significantly boost a home's curb appeal and value.
Techniques like layered landscaping and innovative features like spiral staircases can optimize limited outdoor areas, creating functional and visually appealing spaces that appeal to potential buyers.
Experts suggest that strategic outdoor renovations, from decks to outdoor kitchens, can offer impressive returns on investment, with the potential to recoup 80% or more of the project costs.
Sophisticated outdoor designs can maximize usable square footage, adding significant value to a property.
Well-designed outdoor spaces that seamlessly integrate with the home's interior can increase a property's perceived size and livability.
Layered landscaping techniques, such as using plants of varying heights, sizes, and colors, can create visual depth and interest in outdoor areas, making them more appealing to potential buyers.
Custom outdoor living spaces, such as patios, decks, and outdoor fireplaces, can greatly enhance the functionality and aesthetic appeal of a home's outdoor areas, potentially increasing its value by 8-10%.
Swimming pools are a surefire way to increase a home's value, with some experts estimating that homes with this feature can see an increase in value of up to 30%.
Outdoor kitchens have the potential to offer a remarkable return on investment, with some experts suggesting a potential 100-200% ROI, as they significantly enhance the outdoor living experience for homeowners and potential buyers.
Adding Value to Your Property Expert Insights from Big River Group - Finishing the Basement - Adding Valuable Living Space
Finishing a basement can be a cost-effective way to add living space and value to a property.
On average, basement finishing projects can provide a 70-75% return on investment, making it an attractive option for homeowners looking to enhance their home's functionality and appeal to potential buyers.
On average, finishing a basement can provide a 70-75% return on investment (ROI) for homeowners, making it a cost-effective home improvement project.
Finished basements can increase a home's above-ground living space by 50-100%, significantly enhancing the property's appeal to potential buyers.
Many homeowners incorporate specialized features like exercise rooms, additional bathrooms, and wet bars into their basement designs, further boosting the property's value.
Zoning codes and fire codes must be carefully considered when finishing a basement, as they can impact the design and feasibility of the project.
The materials used for a basement finish do not necessarily need to be high-end, as buyers are generally more interested in the functional, usable space it provides.
Finishing a basement can yield up to 55% of the cost recouped for homeowners, making it a smart investment compared to other home improvement projects.
Custom home builders often include features like rubber flooring, mirrored walls, and ample space in their basement designs, targeting the growing demand for versatile living spaces.
A finished basement can maximize the number of buyers attracted to a home and significantly boost its resale value, as the added living space is one of the most appealing features for many homebuyers.
Adding Value to Your Property Expert Insights from Big River Group - Boosting Curb Appeal for Higher Resale Value
Improving a home's curb appeal can significantly add value to a property and help it sell faster.
Curb appeal, or the exterior appearance of a home, can increase a property's perceived value by 5% to 12.7%.
Adding a fresh coat of paint, upgrading the front door, and enhancing the landscaping are effective ways to boost curb appeal and attract potential buyers.
According to a study by the University of Michigan, homes with well-maintained landscaping can sell for up to 7% more than homes with average or poor landscaping.
Research by the National Association of Realtors has shown that a fresh coat of exterior paint can increase a home's perceived value by as much as 5-10%.
Upgrading the front door of a home can provide a return on investment of up to 100%, as it is often the focal point of a property's curb appeal.
Strategically placed outdoor lighting can enhance a home's curb appeal and perceived value by 5-8%, creating a warm and inviting atmosphere.
A study by Virginia Tech found that homes with professionally landscaped yards sold for an average of 6-12% more than homes with average landscaping.
Power washing the exterior of a home can increase its perceived value by 2-5%, as it instantly makes the property look cleaner and better maintained.
According to a survey by the National Association of Realtors, homes with well-maintained landscaping and curb appeal sell 3-6 weeks faster on average than homes with average or poor exterior presentation.
Adding Value to Your Property Expert Insights from Big River Group - Home Office Conversions - Meeting Modern Demands
As remote work continues to rise, the demand for flexible workspaces within homes has driven a surge in home office conversions.
According to recent data, the highest share of such conversions are from office to multifamily (48%), life sciences (19%), and mixed-use (18%) spaces.
Adding a well-designed home office can increase a property's value by up to 10%, potentially boosting the national average home price of $400,000 by $40,000.
However, the costs of these conversions can vary significantly, ranging from $3,500 CAD ($4,770 USD) for an existing space to $35,000 CAD ($47,700 USD) for new construction, requiring careful planning to ensure a profitable project.
While these conversions could become increasingly lucrative in the coming years, it is crucial for homeowners to consider the potential expenses and returns carefully to avoid any negative equity.
Home office conversions are becoming increasingly popular, with the highest share of conversions being from office to multifamily (48%), life sciences (19%), and mixed-use (18%) spaces.
Adding a dedicated home office can increase a property's value by up to 10%, which can translate to an added value of $40,000 on a $400,000 home.
The average cost of converting an existing space into a home office is around $4,770 USD, while building a new work area can cost up to $47,700 USD.
Careful planning and consideration of technology, furniture, and design integration are crucial to maximize the value of a home office conversion.
Office-to-residential conversions can add 20-25% to a property's value, with loft conversions potentially fetching up to 10% added value.
Markets with a high number of older office buildings, such as Cleveland and Boston, have the most office conversions planned or underway.
According to Deloitte Insights, these office-to-residential conversions could become profitable within the next five years, with around 14,700 affordable units in central business district areas expected to be added by
CBRE reports that 60 million square feet of office conversions are planned or underway, comprising 4% of the total US office inventory.
Redeveloping obsolete office districts into vibrant, mixed-use centers can help boost city economies, making office-to-residential conversions an attractive option.
While home office conversions can be a lucrative investment, it is crucial to plan carefully and consider the potential costs and returns to avoid negative equity.
Adding Value to Your Property Expert Insights from Big River Group - Energy-Efficient Upgrades - Savings and Added Value
Energy-efficient home upgrades have the potential to provide significant long-term savings on utility bills while also adding value to a property.
Measures such as installing heat pumps, solar panels, and improving insulation can not only reduce a home's environmental impact but also recover a substantial portion of the installation costs upon resale.
The growing demand for energy-efficient homes and the availability of various government incentives make these upgrades an attractive investment for homeowners looking to enhance their property's value and appeal to eco-conscious buyers.
Energy-efficient upgrades like installing a heat pump can save homeowners up to $400 annually on energy costs compared to traditional HVAC systems (US Department of Energy).
Upgrading to a solar system with a 30% federal tax credit can cost an average of $22,022, but the long-term savings can reach tens of thousands of dollars (Consumer Reports).
Sealed heat pump water heaters can be 23 times more energy-efficient than other water heaters, significantly reducing energy bills (Energy.gov).
High-efficiency improvements like new roofing, doors, and siding can recover 75-83% of installation costs during resale, making them a smart investment (Bankrate).
The ENERGY STAR Home Upgrade, a set of six high-impact energy-efficiency improvements, can help reduce energy consumption and promote a cleaner, healthier home.
Various government and utility programs offer tax credits, rebates, and incentives to encourage energy-efficient upgrades, making them more accessible for homeowners.
The Energy Efficient Home Improvement Credit allows eligible upgrades like doors, windows, insulation, and HVAC systems to be deducted from federal income taxes.
Many states provide additional rebates and specialized programs that offer consultations, buying guidance, and product recommendations to guide homeowners in making informed upgrade decisions.
Upgrading to a heat pump, an energy-efficient alternative to furnaces and air conditioners, can save homeowners money by using electricity to heat or cool the home depending on the time of year (Good Housekeeping).
Improvements such as air sealing, insulation, and high-efficiency appliances can not only provide energy savings but also add significant value to a property upon resale.
The US EPA's ENERGY STAR program offers resources and certification for energy-efficient homes and buildings, helping homeowners and property owners identify the most effective upgrades.
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