1. Additional Dwelling Units
ADUs have seen a tremendous surge in popularity since 2020, as they provide extra space for people to work away from their families or for visitors and relatives. ADUs offer owners an opportunity to increase the value of their property, while also providing a source of income through rentals. Jean Brownhill, the founder of Sweeten, believes ADUs will be increasingly popular next year due to the versatility they provide. ADUs can be built from scratch or transformed from garages that may not otherwise be used; converting them into home offices, studios, and rental apartments. ADUs are thus incredibly beneficial investments that can offer more than just financial benefit – they can also improve quality of life significantly. ADUs have become an incredibly useful and advantageous tool for homeowners and a major value-add for home buyers.
2. Storage
For homeowners and renters alike, extra storage should be a priority. From additional backyard sheds to elegantly designed walk-in closets to city pantries, these purpose-built spaces can greatly increase the value of a home. This is also an upgrade that will not go out of style soon. Real Estate agent Allison Chiaramonte sees this as an advantageous feature for residences in 2021 and 2022; she remarks, “We all need more storage than we think for living supplies— items such as shelf-stable food & paper towels” Even those residing in urban areas where takeout and grocery stores are commonplace are recognizing the importance of having functional storage capability in their abodes—particularly given the number of people participating in home cooking since 2020. Adequate storage proves its worth too many times over – all residential properties would benefit from investing in it.
3. Outdoor Space
With outdoor spaces becoming the focal point in many cities and urban areas, buyers are continually looking for new and innovative ways to boost outdoor home living. Whether that means remodeling an outdoor patio, upgrading terraces with outdoor furniture or even landscaping outdoor spaces, outdoor living is transforming how we think about home-buying today. Not only is outdoor living becoming a priority, but a number of people are finding that it increases the overall value of their homes; thus making outdoor-living a great investment. As more buyers prioritize outdoor spaces when it comes to buying a home, this trend seems likely to go nowhere but up.
4. Laundry Rooms
Having the right laundry area in your home is a great way to add additional value and convenience. According to Brownhill, having a laundry space equipped with a sink, a line for drying delicates, a folding table, and shelves sets you up perfectly for efficient laundry management. While not all city apartments have the luxury of sizable laundry rooms, any apartment featuring an in-unit washer and dryer will suffice. This allows buyers to ensure they can handle their laundry independently of neighbors or shared facilities that may be unreliable or expose them to unnecessary contact with other residents. It is clear that laundry can be made easier if located closer to people’s apartments giving them more control over their clothing acquisitions and maintenance.
5. Updated Kitchens and Bathrooms
Whether replacing cabinetry or countertops in kitchens or bathrooms, the key is to choose quality materials. When renovating kitchens and bathrooms that experience high levels of wear and tear, high-quality cabinetry is essential Kitchen and bathroom renovations are a great way to add value to any home. Quality materials are key in order for kitchens and bathrooms to age gracefully. It is important for homeowners to pay close attention when choosing what cabinets are used during a renovation. From style to how much wear and tear the cabinets can take – good kitchens last a lifetime.
