Have you been debating on doing some upgrades to your home? What are the most important or most wanted renovations for 2022? What will the most value or return on investment?
Did you know that research says that 72% of homeowners will consider at least one home improvement project this year, so if you’re thinking about a project, you’re not alone!
So, the first thing I’d like to advise is that you consider which renovations will add value to your home and then prioritize your projects to the ones that will give the strongest return on investment when it does come time to sell
So WHAT renovation projects will be most popular with homeowners in 2022.
Bathroom remodels are the #1 most popular project to tackle and comes in at 52% of over 1000 homebuyers surveyed. That means more than half of buyers feel this is most important or wanted. By the way, buyers are also willing to pay a premium for spa-like features, (which means if the cost were 3,000, buyers are willing to pay that, plus some. Items such as "curbless" showers, free standing bathtubs etc. So Bathrooms in particular are an excellent return on investment. Especially if you’re adding a new bathroom or expanding from a half-bath to a full.
NOW BEFORE I GET ANY FURTHER; Please let me strongly advise you to know the comps on your home, and how your home compares in your neighborhood. You REALLY want to know how you are positioned in the community. If you are at the high-end, you will want to tread carefully on upgrades, if in middle or lower end you should be safe. The last thing you would want to do is add value where your neighborhood comps will not support you in getting your money back.
Kitchen remodels are coming in as 2nd at 46% this year. Make a note that luxury amenities are hot! This will likely continue as people spend more time cooking and eating at home. This past year, listings that mentioned steam ovens topped the list for sale price premiums. Then pizza ovens, new appliances, quartz countertops and smart appliances all were in the top 10 of sale premiums.
Kitchens and bathrooms are both widely regarded to be the rooms that make the strongest impression on homebuyers and because of that, the projects that have the highest return on investment potential.
Number three coming in at 31% of surveyed; is adding or improving an office space! Of course, with so many working at home now, we could certainly expect this one!
Number four at 23% is finishing out an attic space. We all want more space!
Number five at 21% is adding an ADU or guest house.
As for the most popular projects surveyed outside of the “interior only” renovations:
- Landscaping at 97.1%
- First floor addition at 51.4%
- Deck at 34.3%)
- Backyard home (21.1%)
- Exterior and interior painting (both at 17.1%)
So to summarize the projects with the highest return on investment potential. These are the lowest-cost ways to add living space without impacting the original structure.
Susanna Gentry Realtor 512.987.0475. 10900 Lakeline Mall Dr, Austin Tx 78717
Susanna Gentry Realtor, Coldwell Banker is a Seller Representative Specialist and Real Estate Negotiations Expert, Specializing in luxury single family homes in Round Rock, Cedar Park, Leander, Georgetown and Liberty Hill. North Austin; Williamson and Travis Counties. Susanna sells Austin, Austin realtor, real estate agent, Austin real estate, real estate investor