As we head into the middle of 2022, a lot of homeowners are intent on renovating and updating their properties — most likely in the hopes of selling favorably, thanks to the high home prices plaguing the real estate market. Homes are selling for extremely competitive rates, so there really isn’t a better time to sell.
Any top-notch real estate agent would attest to the importance of making some updates to your home before selling. If you have the budget to make some updates, keep reading to see what new architecture trends are on the rise this year.
Curb appeal projects that add value
When it comes to renovating in preparation for sale, return on investment (ROI) is the name of the game. According to HomeLight’s Top Agent Insights for New Year 2022, the average buyer will spend about 7% more on a property with top-notch curb appeal than they would on a home with an outdated exterior.
Done right, a great curb appeal will yield around $11,718 for a property. Since most real estate agents recommend spending about $3,467, you’ll be looking at a 238% ROI.
The best part? Curb appeal projects are some of the simplest to tackle. Basic yard care maintenance and applying fresh mulch to your exterior ranks the highest in terms of ROI, adding about $4,500 to your home, despite the low costs.
Next, consider replacing or painting your garage door, giving your front door a fresh coat of paint and even a pop of color, upgrading your landscaping with a new walkway, or adding a flower bed or some shrubs to the front garden.
Multifunctional spaces and the rise of the home office
Homeowners can thank the COVID-19 pandemic for the rise of home offices. Since companies were forced to send their non-essential employees home, remote work quickly became the new norm, and many companies have permanently adopted work-from-home environments.
Unsurprisingly, this makes prospective buyers on the hunt for a home office — or a multifunctional space that can double as a home office.
In fact, a vast number of real estate agents have noted that the home office is at the top of many of their client’s wish lists. If you’re wanting to sell quickly and profitably, adding a home office to your property couldn’t hurt.
A home office is easy to achieve, even with a small budget. If you have an extra bedroom, you can easily transform it into an office by simply adding a desk and some organizational tools. Without an extra bedroom, just find a corner of your home that’s not being utilized to its fullest potential. As long as you can fit a desk into the space, the area can easily double as a home office as long as it’s kept neat and decluttered.
Outdoor fireplaces have become the epitome of outdoor luxury
Along with home offices, COVID-19 also led to the rise in outdoor amenities, especially the luxurious outdoor fireplace.
Back in March of 2020, the outdoor fireplace added about $3,337 in value to a home. In today’s market, expect an outdoor fireplace to add about $5,753 to your property, an increase of 72% since 2020.
Not to be confused with the more casual outdoor fire pit, an outdoor fireplace is considered the epitome of outdoor luxury in the current housing market. However, real estate agents estimate that an extravagant outdoor fireplace can cost upwards of $20,000, so you’ll want to consider whether or not the investment is worth it before you start building.