The Top 5 Areas To Consider Updating In Your Home
From basements to bathrooms and everything in between, see what updates make sense for your Colorado home
April 06, 2023
Bathrooms, basements, kitchens: oh, my! Updating your home can be exciting, overwhelming and expensive. Where do you start, what spaces have the largest return on your investment and what will you enjoy the most?
The answers may be different for every homeowner and home. However, there are five major updates that can make all the difference in a home both for the owner and for when the home goes on the market.
Here are our recommendations for successful renovation projects:
This 1950’s University Hills home (Denver) went through a complete makeover led by our team that transformed this old house into a stunning, modern and elegant home.
1. Bathroom
We have all heard it before, bathrooms sell houses. Over the years bathrooms have become a sanctuary within the home. Giving day spas a run for their money with exquisite design, calming color pallets and show stopping beauty. An updated bathroom can set any home apart from the pack. Depending on your bathroom, you can make a massive impact with cosmetic changes. Updates such as light fixtures, paint, faucets and vanities can be just enough to change the entire feel of a space. Other times a full gut and remodel (but not necessarily a floorpan change) is needed to create your dream bathroom. According to a recent nationally published study, an estimated 59% return on all bathroom updates can be expected.
2. Basement
The ever changing, flexible space a basement provides a home is unparalleled. From theaters to playrooms, man caves to gyms and everything in between the basement is a massive plus to any home. With an estimated 70% return by US Bank, basements are often the first update homeowners consider as it can dramatically increase the livable space of your home. And with remote work becoming a mainstay, the basement can often be turned into a quiet home office away from the hustle and bustle of the main living space. One unique feature of remodeling a basement is the ability to continue to use the rest of your home when updating the basement.
3. Kitchen
The kitchen is said to be "a place where memories are made and seasoned with love." A kitchen brings out the emotion in a home but is likely the most difficult and disruptive part of the home to update. However, it can also the most beneficial. To go without a kitchen can be tricky (but not impossible) and the finished product is worth it! Whether it is a cosmetic update - refinishing cabinets, countertops and hardware - or starting completely fresh, kitchen updates receive over a 70% return. Around the Denver market, an updated kitchen can be the star of the show when selling the home and, when combined with newer energy efficient appliances and modern touches, can make the difference to potential buyers looking for move-in ready homes.
The updated living room and fireplace is this Denver home (same as above) received a dramatic upgrade to modernize the home.
4. Living & Family Space
Aside from the kitchen, your main living area is often the heart of your home. Where you gather with those you love most should reflect your style and family. These spaces can be transformed through light fixtures, furniture, baseboards, paint and fireplaces. They can also be the most guilty of dating your home. For example, homes built in the 1990s often have large television cutouts that cannot hold the larger flatscreens that are now a household staple - a dead giveaway that it is time to update. With all the variety in these spaces it is hard to attach a return on this project. However, a working fireplace does add 10% to your value according to US Bank…imagine if what surrounded that fireplace was beautiful and appealing to buyers. The possibilities are endless!
5. Landscaping & Outdoor Spaces
2020 illustrated the importance of an outdoor escape and still three years later (and beyond), that realization is still having an effect on homeowners. Decks, patios, mature plants and sweet porches add so much character to a home. With an estimated 60% return on investment, creating or updating an outdoor retreat just makes sense. Adding to curb appeal and setting the home apart before stepping inside always gives an edge over comparable homes. In addition to decks and patios, doors - both front and garage - along with windows have a positive impact on curb appeal and efficiency of your home. Just as a renovated basement can expand the usable and enjoyable space in your home, modernizing your outdoor space allows Colorado homeowners more ability to enjoy our 300 days of sunshine a year.
Above: This outdoor living space at 3006 Franklin Street in Denver allows for enjoyment and entertaining throughout all the seasons in Colorado. The home was listed by Amy Kissinger while Jane Goulder represented the buyers.
Before starting any home updates, do your research and decide if you are a DIYer or if a professional is more your speed. Both have their ups and downs so be sure to know who and what you are dealing with before the first swing of a hammer. The process can be long and have a few bumps but loving a space that reflects the beauty of your home and adds to your home’s value makes it all worth while.
If you are house hunting or considering projects before selling your home, seeing past the ugly to get you a better price, better terms, and to help you make your affordable purchase everything you hoped it could be can create huge opportunities. Your home is the only investment you can live in, so work with a Realtor who has vision. We specialize in design and renovation projects that can help you prepare to maximize your sale!
If you are thinking about buying or selling anywhere in the Denver area, reach out to Allison Rankin, Jane Goulder, or Amy Kissinger at RGKColorado.com. Whether you are a first-time buyer, an investor or a seasoned buyer looking to upsize or downsize, we have the experience, resources and relationships to help and we would love to help you begin your next chapter in the Mile High City!
