Home upgrades help you add functionality to your residence, so it keeps meeting your needs. However, certain home upgrades can also add value over time. That can let you space out the expense of upgrades that boost resale value over a longer span of time. Even if you don't plan on selling anytime soon, boosting your home value can increase your total net worth and possibly even unlock more money through a mortgage refinance.
Open-Concept Living
The trend towards open-concept floor plans for the main living space has been around for a while, and it shows no sign of letting up in the coming years. If you can knock out any walls or awkward junctions to turn a kitchen, dining room, and living room into one continuous space, then you should do so.
Home Office
Remote work is here to stay. Freelancers already work from home a lot, but even many full-timers working for corporations are starting to do a lot of work from home. Many people that still report to an office or location still want a private space to work on personal projects and hobby income. Home office spaces are very valuable commodities and an expectation in many modern homes.
Swimming Pool
Most people love swimming, or at least playing in the water. Families enjoy having a space for the kids to have an outdoor activity while in the safety of their own yard, and nearly any homeowner loves having a place to gather up friends and family for a BBQ or party.
Improve the Bathrooms
The older your home is, the more your bathrooms have room for improvement. Think bigger, and think more. Adding an on-suite to any bedroom is a great move, and just putting in an extra bathroom can help the whole home. Have a powder room with a linen closet? See if you can knock out the closet to add a standalone shower and make it a full washroom.
Add More Space
Whether you finish an attic or basement as a bonus room or put a new hardwood floor on a deck or patio out back for enhanced entertaining and relaxation, anything you can do to add more functional square footage will also add to the value of your home.
In conclusion, there's no guarantee that any of these home improvements will absolutely boost home value over time, especially if your local market makes a downturn. Having said that, there are reasons why prospective home buyers look for features such as these, so consider them as good gambles.
