Homeowners should focus on energy-efficient, safety-oriented and work-accessible improvement projects when seeking to potentially improve their property’s value, says The Appraisal Institute, the nation’s largest professional association of real estate appraisers.
“In today’s competitive real estate market, the Appraisal Institute believes home remodeling and renovation projects are important and sometimes necessary aspects of homeownership when undertaken properly,” said Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS, “However, not all home improvement projects offer a full return on investment – cost doesn’t necessarily equal value.”
The pandemic has allowed many people to work from home. Although normal life is slowly returning, many still have the option to work remotely. Owners interested in remodeling or selling should consider the use of multifunctional rooms and updating spaces that can serve as study halls and work zones, complete with fast Wi-Fi connections, virtual meeting setups, comfortable seating and plenty of charging stations, according to another 2022 trend prediction. It is essential that the office space is organized, functional and bright. Homeowners should consider simple updates like paint or lighting changes. Instead of using the dining room table or corner of your bedroom as a space to focus, expect the trend to move toward carving out dedicated spaces for functionality.
“In today’s competitive marketplace, professional appraisers provide homeowners with the confidence to make practical remodeling and renovation decisions that likely will be smart choices financially,” Bishop said.
Homeowners may find it best to hold off on big renovations if they’re unsure how long they will be in their property. The longer a homeowner stays, the greater the opportunity for a potential return on investment. However, regardless of cost, some home improvement projects can be worthwhile simply because they improve the owner’s quality of life, Bishop added.