Money’s list of 3 Home Improvement Projects that will Add Value in 2021

Time spent indoors last year sparked an increase in remodeling projects to make the stay-at-home experience more comfortable. With the ongoing effect of the pandemic, this year appears to be on the same path. “Many are finding themselves ready to adapt their homes to their new normal lifestyles,” said Nicole Straub, general manager of Discover Home Loans. “Many have reallocated their disposable income from investments in travel and entertainment into home improvement projects.”

Money magazine reports that the most popular home renovation trends for 2021 are projects that don’t have to cost a lot of money but can provide a big visual impact on a home’s look and feel. The mindset, says Mischa Fischer, chief economist at Angi, which owns HomeAdvisor, has changed to “the home isn’t just this asset that I own, it’s actually this place that has to perform all these services for me and, as a result, I’m willing to spend to get a good value on that front too.”

Bathroom remodels

Redoing a bathroom is the most popular planned renovation project this year, according to a HomeAdvisor survey. Let’s face it, we spend a lot of time in our bathrooms, so an upgrade that makes this important room more comfortable, efficient and practical makes a lot of sense and can be a selling point for any potential buyer. Changing tastes are going to show up first in bathrooms and kitchens. Modern toilets, faucets and showerheads are not only pleasing aesthetically but also conserve water and help to lower the operating costs of the home.

The cost of a bathroom remodel averaged $13,401 last year, according to HomeAdvisor’s True Cost Report. You could easily spend much more, but a bathroom remodel will be more economical than, say, a kitchen renovation, which averaged more than $35,000.

Interior painting

This was last year’s most popular project and is the second most planned project this year, according to HomeAdvisor. An interior painting project had an average cost of $2,007, a relatively inexpensive upgrade that can also make an eye-catching impact on a home. But experts advise that if you’re thinking of painting with an eye to reselling your home, be careful about the colors you choose. The buyer has to be able to envision their furniture in your home, so it’s best to look for neutral tones that can blend well with any style.

The same can be said of exterior painting. If the exterior paint is failing, new paint can make your home stand out from others in the neighborhood. Just remember that if your paint upgrade is with an eye towards selling your home, you might not want to paint it in the color scheme of your favorite baseball team.

New Flooring

Replacing your old flooring is the third most planned renovation project this year. It is relatively economical, with an average cost of $4,680. Replacing worn-out carpet, tile or wood with new flooring will not only make your home more comfortable but can also add a cool design feature that can make your home more attractive when it comes time to sell.

Consider the recent trends in flooring when you go to replace your old one to see what’s not only more durable but also what may enhance your home’s value. According to Realtor.com, in 2019 homes that had hardwood floors sold for 2.5% more than homes with other types of flooring and provided an ROI of an impressive 70% to 80%.

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