Some of the first questions buyers ask when purchasing a home are “can this wall be removed?” or “can we move the laundry room here?” The typical answer to this question is usually “it depends on two things, money and imagination.” Almost anything can be done to a home, within reason, but not everything is actually worth upgrading. According to Homelight’s research, the average amount recouped for home remodeling projects is on the decline. While the pandemic has impacted this some, the data shows that below 70% of the value is recouped for remodels, and it is continuously falling (research is as of Q3 of 2020).
The Remodels That Matter
There are quite a few remodels that are tracked nationally to get the data mentioned above. Even though homeowners are recouping less for remodels, remodels are actually on the rise throughout the nation. This is largely due to the pandemic, higher savings due to stimulus and closures, and real estate activity. However, there are still remodels and renovations that actually do help home value.
Finishing Your Basement
In general, finishing a basement tends to increase the value of a home. The value added here comes from adding to the heated space, also known as “livable square footage.” Creating more livable square footage can be just what a homeowner needs to get their home into that next price bracket. According to research done by NAHB, high-income earners, particularly in the Northeast, Middle Atlantic, and Pacific Northwest state like basements. According to NAHB’s research, unfinished basements can add about $15-20k to home value, while a finished basement can bring up to $50k. Finishing a basement costs an average of $18,500, and most homeowners can expect to recoup as much as 70% of the cost.
Open Up The Floor Plan
Like we mentioned in the beginning of the article, this is everyone’s favorite thing to do. Knocking down walls, taking out doors, creating open kitchens all can help add value to your home. According to the same NAHB research, buyers tend to favor these open designs, particularly in the entrance ways, kitchens, and living areas. Open arrangements are common amongst new construction homes, but older homes were built to break up rooms. Nowadays, buyers will pay more for the open floor plan, instead of the older 4×4 style homes (four rooms with four rooms above). Opening the floor plan allows for more light, better movement and layouts. All these reasons impact the home value positively, and make the homes feel bigger.
Update Home Fixtures
Gold doorknobs, faucets, hinges, and cabinet handles are out (but kind of coming back, maybe?). The silver style has made a splash in the real estate discussion boards, and now buyers love them. No matter what color you do choose though, upgrading and updating these fixtures to match can peak buyers interest. Also switching out old light bulbs for newer LED lights can add to the look of the home. While trends vary from state to state, and even city to city, brushed nickel and matte finished stainless steel offer more classic looks. Bathrooms and the kitchen are where you should focus, but also replacing interior and exterior doorknobs help as well. Changing these fixtures is a relatively cheap and quick fix to help the value of your home and give it a more classic feel.
Homes In Lake Forest
Feature These Remodels
Homes for sale in Lake Forest can vary depending on multiple factors. The neighborhood started development in the early 1980s, and the growth has not slowed down since. Home prices in the subdivision vary depending on which home a buyer is interested in. Older homes in the neighborhood that were built around 25 years ago tend to make up the lower end of the range with new construction homes filling out the higher end. Homes prices in the neighborhood have a large spread, with the lower end being $275,000 and the upper reaching over $2 million. The inside of homes offer a wide variety of floor plans. Most styles that are on display in these houses are in line with what clients would expect to see in luxury homes.
Lake Forest Homes mostly display brick and stone venires to give homes the luxury look. Homes in the subdivision also benefit from beautifully manicured landscapes. Homes in Lake Forest offer what one would expect from luxury homes: granite countertops, upgraded fixtures, jaw-dropping primary bedroom and bathrooms, large kitchens, luxury hardwood floors and often finished basements.
Click here to look at the MLS listings for the Homes for Sale in Lake Forest. The neighborhood is a beautiful place to live and everything a resident could ever want or need is provided. An excellent location, great community, and beautiful homes make Lake Forest a wonderful place to live. Feel free to reach out to anyone on our team if you are interested in buying or selling your Lake Forest home. Additional statistics for Lake Forest are available here (for you statistics nerds).