Low inventory is driving many Middle Tennessee homeowners to consider renovating rather than relocating. Ultimately, your renovation needs to meet the needs of your family but it is also smart to consider how your renovation will affect the value of your home.
1. Bigger is Not Always Better
Sure, adding square feet can add to the value of your home and in certain areas more really is still more. But, as anyone who has watched the TV show Tiny House Nation knows, there is a trend towards smaller and more efficient spaces. Smart use of space can be more important than merely having more space. People value a large kitchen but often do not require a large formal dining room or a formal living room. So, maybe expanding the kitchen into one of those spaces would enhance your living experience as well as the value of your home. Similarly, four larger bedrooms might be of greater use than five ’70s era small bedrooms. A designer or architect can help you re-imagine your space.
2. Your “Momma and Them”
One exception to the “less is more” trend is the in-law suite. As families grow and age, there has been an increase in demand for homes that offer an in-law suite. This can be part of the house, a converted garage, or a separate cottage on the property. These spaces can be converted into recording studios, home offices, or bonus rooms if an in-law suite is not necessary for future buyers.
Also, consider accessibility when renovating. Many homeowners are building large walk-in showers with seating in the place of garden tubs. Wider hallways and fewer steps inside and outside the home are also great ways to make your home more accessible.
3. Smart Choices
When renovating, consider ways to integrate smart home technology. If you are already purchasing new appliances, security systems, door locks or other features, why not make a “smart” choice that will enhance your experience as well as your home value.
4. It Does Not Have to be Shiny to be New
Unlike paint colors, which are relatively easily changed, appliances, countertops and tile are a longer-term commitment. Every year, we see posts and articles predicting design trends. Lately, matte finish appliances (or even hidden appliances) and matte surfaces are getting a lot of attention. You might consider suede finish quartz countertops and matte finish appliances to give your space an update that will stay in style for years to come. Texture is also rising in popularity. This could show up in textured wood floors, reclaimed wood accents or even artistic textured wallpaper.
In short, your home is an important and valuable asset and you should think carefully about how your renovation may enhance or reduce the value of that investment. If you would like a referral to a home design professional, please let me know!