Our homes are our sanctuaries. This is where we spend most of our free time, and now, where many of us spend most of our work time.
In fact, with the current global situation, we’re spending a lot more time in our homes than ever before. This means that homeowners and homebuyers are looking for renovations that prioritize space and functionality as much as aesthetics.
There are a lot of home renovation trends that come and go, but some will increase your home’s value more than others. After all, not all home renovations are made equal. Now, more than ever, homes are our safe spaces that need to be as functional as possible for day-to-day living. This rings true for those looking to update or to buy or sell a home. While homeowners and sellers are looking to update their space to increase their home’s value, buyers are looking for a home that accommodates their new ‘work from home’ needs.
As a top real estate agency in Toronto, we take pride in knowing the types of renovations that buyers are flocking towards and that will be most profitable for sellers. Consider these home trends that will not only make your home more appealing to you, but also to potential buyers.
Restoring What’s There
These days, the popular approach to home renovations is less “out with the old, in with the new,” and more, “fix the old, and make it like new.” Modern-inspired renovations were once the way, but now the emphasis is more on restoration.
Old and original features can be a great selling point for a home, but only when they are functional and not falling apart. One of the best home renovation ideas is to weigh your options between restoration vs renovation before you rip out and replace your entire floor. After all, restoring your floor to its former glory with some buffering and a coat of finish can be a more inexpensive and appealing option than a complete overall.
This is true for other restoration projects like power washing exterior bricks, restoring crown moulding, and polishing old brass hardware, like doorknobs and light switches. You’ll save on time, labour costs, and get to reap the benefits of your “new” pieces being an integral part of the home’s history.
All that said, there’s a fine line when deciding to refinish features rather than completely re-doing them. The best practice is to start dealing with contractors to identify what old features can be enhanced and which may compromise the integrity of your home.
Prioritizing Office Space
2020 completely changed the concept of working remotely. In fact, Forbes reported that remote work is expected to double in 2021, and that 70% of the workforce will be at least partially working remotely by 2025.
Now that we know that remote work is here to stay, home buyers are realizing that their kitchen workspace no longer cuts it, and there’s a strong demand for in-home renovation trends to have a dedicated work area.
Creating Endless Potential
When making renovations, consider the mood of a room and be aware of over-renovation and creating rooms with overly specific purposes. Avoid it even more if it means taking away a bedroom or bathroom, which both add to a home’s value. We recommend future-proofing your home and creating spaces that open the door to creativity, rather than limiting a potential new owner. It’s better to let buyers decide what to do with a space by creating an open, neutral space with lots of potential.
Credit: Blue Bird via Pexels
Landscaping
One of the best home renovations you can do is actually outside the house. According to an article by the Ottawa Citizen, landscaping can increase the selling price of your home by almost 30%. Trees, shrubs, and flowers can all add value to your home.
Landscaping not only adds curb appeal but can provide privacy and noise reduction to your home. Planting trees can provide shade for your yard, deck, and house, potentially increasing your energy efficiency. Be wary of getting too intricate in your horticultural designs, however, and lean towards easy-to-maintain greenery, as not everybody has a green thumb, and potential buyers may find inheriting a potential jungle intimidating. Also consider the Law of Nuisance before committing to any serious landscaping.
Unsurprisingly, one of the hottest backyard landscaping trends in the last year is an outdoor living space. With constantly fluctuating social guidelines and safety protocols, we all turned to outdoor gatherings. It’s been reported that 85% of experts agree homeowners are more likely to invest in outdoor living spaces than they would have pre-pandemic.
Having the option to cook, entertain, and even work all from our backyards is a great way to increase the value of your home. These spaces can also be further utilized for exercise, meditation, or dedicated play areas, depending on the enclosure.
A House of the Future
No longer a work of science fiction, smart appliances have integrated themselves as a hot trend in the housing market. In today’s society, we’re all about convenience, and with smart appliances, you can control everything in your house with the touch of a finger or the sound of a voice command.
Smart appliances can be used for everything from basic functions like your home’s lighting and HVAC systems, to more specific purposes like starting your morning coffee, running your vacuum on a schedule, and messaging you when your laundry is done.
Smart devices also offer a level of security to a home, with many allowing options for remote home surveillance and lock controls, and to receive notifications when a smoke alarm has activated.
Such convenience is a big draw for many home buyers and safety-conscious families, and can increase the value of your home by 3-5%. Just be wary of over-complicating things when following this home renovation trend, as you don’t want to scare away less tech-savvy home buyers.
