Not all home remodeling projects are equal. Some of them help you attract the high-income market, who are willing to pay a heftier price tag. If you’re looking for ideas, begin with these:
1. Fitness Center
Americans want to be healthy, and they’re willing to spend money on it. In a Statista survey, over 40% across all age groups always look for healthy food. Almost 45% of the respondents said they searched for the good stuff when they’re shopping.
However, they struggle with keeping themselves well. In the same report, over 60% said they couldn’t easily access healthy food. An overwhelming 80% of adults and children don’t get enough exercise, according to 2018 data from the Cleveland Clinic.
Adding a fitness center at home, therefore, is sure to attract the growing number of health-conscious property buyers. The good news is you can be flexible with your options:
- If money is tight, converting your garage into a mini gym will already do.
- If you’re targeting families, make sure you have enough open lawns for outdoor play.
- If you can splurge, include a tennis or basketball court or even a bowling alley at home.
- If you want to capture older people, an accessible swimming pool is excellent since it promotes low-impact exercises.
Contrary to popular belief, privacy is everything for the rich–and yes, even for celebrities. It could be because they want to protect their assets or boost their sense of safety or security. Either way, if you believe your home has it, you can capitalize on that. Otherwise, consider adding the following in your home:
- Secure wrought-iron gate
- Tall trees and hedges that can further limit the view from the outside
- Motion sensor cameras or CCTVs
- Power locks
Despite the popularity of Uber and Lyft, most Americans still own a car. Over 80% get to work through it. From 2001 to 2017, a typical household has more than one vehicle.
For this reason, a garage remains an integral part of a home. Even better, if you have it, it can give you a resale value of over 75%.
The question is, how do you renovate a garage? Here are a few ideas:
- Strive to make it accommodate at least two vehicles.
- Provide enough space for someone to park vehicles with more ease (think of a long driveway).
- Consider automated doors. They’re much safer since car owners need not go out to open them.
- If you can, invest in smart garage doors. This way, homeowners can already control these doors anytime, anywhere.
4. Outdoor Space
According to an industry report, the sales for outdoor living products could grow by 3.3% in 2020. Around this period, the revenues could reach over $30.2 billion. The demand could also continue at least until 2024.
People crave for outdoor spaces in their properties for many reasons, especially if they’re filled with greenery. For one, nature can help them relax or decrease their stress levels. Others convert these spaces into an extension of their living rooms and kitchens where they can entertain more guests.
These projects can be more time-consuming and pricier than other home improvement ideas. However, they guarantee to make your property not only livable but also salable, even to high-income earners.