Your home is one of your largest assets and potentially the most lucrative investment you’ll ever make. However, home value in Portland always depends on the desirability of your home compared to other homes on the market. Knowing the various remodels that will increase the value of your home in Portland the most can help you maintain your home’s value and see the best returns on investment when you sell. To help inform your remodeling decisions, let’s look at the top Portland home remodels with high ROI, with a few tips on what you should avoid.
Remodels That Will Increase The Value Of Your Home In Portland
Additions
Increasing square footage to add more livable space is always a good investment. However, you want to be sure your addition makes sense for your property and doesn’t take away from outdoor space that potential buyers desire. Whether you create a dream kitchen, primary suite, great room, or guest room, that additional space can provide an excellent draw in areas where square footage is at a premium.
Accessory Dwelling Units (ADUs)
Different from an addition, ADUs are increasing in popularity in Portland. They provide additional living space separate from your home. ADUs also allow you to create a completely new space from scratch to suit your sense of style and fill a specific purpose, from an in-law/guest suite to a spacious home office, a pool house or games room, or a rental unit.
Kitchen Remodel
High ROI home remodels in Portland certainly include kitchens, the gathering place for most homeowners. However, the types of upgrades and design decisions you make will impact just how much ROI you’ll see. While you might think large-scale changes will drive value higher, it’s actually the minor updates that often see the best ROI. These could be as simple as:
- New appliances
- Upgraded countertops
- New or additional sink and faucet
- Updated flooring
- New trim
- New backsplash
- Fresh paint (or wallpaper)
These updates, while likely more affordable than a complete gut, may achieve a similar ROI that will appeal to the average buyer in your neighborhood.
Bathroom Remodel
Who doesn’t want a luxurious new bathroom? We want to feel pampered, and a new bathroom with modern fixtures and a functional layout provides that feeling that homeowners love. The same rules apply to bathroom remodels as was just discussed for kitchens above: pay attention to the basic details that will quickly improve the aesthetics of the bathroom while ensuring it remains functional for the average buyer. When the bathroom is part of the primary suite, expectations are much higher for these “retreats”; therefore, you can invest more and expect to see a better return.
Adding A Bathroom
Homes with a single bathroom or “one and a half” bathrooms will always see more value by adding another full bathroom. Whether it’s finding a way to add a shower to a powder room, fitting a completely new bathroom into the primary suite area, or installing a full bathroom in the basement, having enough bathrooms to service the number of bedrooms is always a bonus.
Avoid investing in an additional bathroom for a home that already has three bathrooms, unless it is for the primary suite or your home has over four bedrooms and tons of square footage. Also, when adding a primary suite bathroom, it’s usually not advisable to convert an existing small bedroom into the bathroom, but it’s perfectly fine to steal a little space from a larger bedroom or closet.
New HVAC & Other Systems
Although not overly exciting, romantic, or visually impactful, functioning systems are always important to home buyers. Very few people will want to move into a home with an outdated, inefficient HVAC system that can barely keep the home warm in the winter and cool in the summer. The same goes for outdated plumbing and electrical that can lead to inspection issues.
Outdoor Living Space
Nothing offers a bigger opportunity than transforming underutilized areas in your home into living space. And that includes taking advantage of your backyard. Patios, decks, gazebos, grilling areas, etc., are all spaces people want to have in the warmer, sunnier months after a cold, damp Portland winter. Other ideas include additions like sunrooms and screened-in porches that can be completely opened up in the summer months. Even adding easier access to the backyard with new patio doors transitioning directly out onto a deck helps accentuate your outdoor living space, adding value to your home.
Finished Basement
Speaking of underutilized space, transforming a dark, dank, dingy basement into a cozy, updated living space is an excellent way to increase home value. Taking advantage of existing space to expand your square footage is one of the easiest and most affordable ways to enjoy a new entertaining area, more functional home office, guest room, playroom, or even a rental space to generate more income. And let’s not forget in-law suites to accommodate multi-generational households. Other spaces you can create in your basement transformation include:
- Storage
- Laundry room
- Bathroom
- Workshop
- Gym
- Media room/home theater
Accessibility
The trend of aging in place is changing the way people look at their remodels. This isn’t to say all you 30-somethings out there should be immediately putting grab bars in your lovely steam shower. But it could start you thinking about things such as enabling a smooth transition into the shower to make it easier for someone with mobility issues to step in. Other accessibility ideas that might appeal to today’s downsizing generation or older homeowners would include:
- Wider halls and doorways
- Open concepts free of obstructions
- Level floors
- A main floor “guest bathroom” complete with shower
Thinking about these types of details in your remodeling plans will also make it easier for elderly loved ones who visit your home.
These remodeling tips can increase your home’s value and help you avoid common mistakes that can have the opposite effect.
Not sure where to begin? Call us today at 503-939-9782 or click here to submit your remodeling project details.