Let’s be honest: housing in Rhode Island is a bit wild right now. A low inventory of housing for a growing population in the second most densely populated state in the country (third if you count Washington DC) means 2024 is shaping up to be a seller’s market in the Ocean State. In fact, a recent article published by Zillow predicts the Providence Metro area will be among the top five hottest real estate markets in the country. Music to the ears of any homeowner hoping to turn a buck.
However, high mortgage rates are tempering this expectation. With more homeowners choosing to stay put, at least until rates cool down, investing in home renovations that add value to their properties is becoming a more appealing option. While depending on other factors like the neighborhood, local market conditions, and preferences of potential buyers, there are some general, time-tested home renovations that add value to your home.
It’s no surprise that kitchen and bathroom remodeling projects are among the most popular home renovations that add value to your home. Whether you’re a first-time homeowner or settling into your forever home, upgrades to these spaces make up the majority of our projects at Red House Design Build.
And it’s easy to see why. Kitchens and bathrooms–especially primary bathrooms–are focal points of the home. These are the spaces that potential homeowners tend to get excited about when envisioning their dream home. Not only that, but there are always new kitchen and bath products coming out that freshen these spaces, making the appeal of remodeling, well, appealing.
We’ve said it before: upgrading a home’s outdoor spaces does wonders for increasing home value. It’s not just about curb appeal, either (though a large part of it is indeed about curb appeal). During the pandemic, more and more people were prioritizing outdoor time. That’s on top of the increased focus on biophilic design, a still-growing trend that predates when we all had to stay inside for months.
What’s even better about sprucing up your outdoor living spaces? Adding or updating decks and patios or even adding a pool or outdoor kitchens can be massively attractive to buyers.
Just like the growing momentum of biophilic design, energy efficiency is a growing priority in the residential building sector. Armed with the understanding that we can all do more to combat the effects of human-caused climate change, sustainable building practices are becoming widely adopted by homeowners, builders, and local governments. Investing in energy-efficient upgrades like new appliances, smart home tech, high-performance windows, and renewable building materials can be particularly appealing, especially with Rhode Island and Massachusetts’ emphasis on sustainability.
Finishing basements and attics tend to be lower on the list of home remodeling projects. That is until the pandemic and housing woes hit Lil Rhodey. Finishing these once-overlooked areas are great home renovations that add value because they create additional livable square footage, a commodity that comes at a premium in Rhode Island, particularly in the Providence Metro.
Finally, In certain areas of Rhode Island, particularly those with historic homes, preserving and renovating historical features can add significant value. We love our old stuff here, and with such a rich history and robust legislature that protects heritage spaces, homeowners understand the importance and appeal of using historic building techniques for renovations. Typically, this means that buyers are willing to shell out a premium for a home that has preserved its authentic period details or restored them.
Whether you’re preparing to put your home on the market in 2024 or looking to start on your home renovations that add value for the future, it’s essential that you keep up to date on your local housing market. Understanding the preferences of potential buyers, where to focus your renovation budget, and, of course, working with an award-winning design-build firm like Red House makes all the difference when you’re finally ready to sell. If you’d like to start planning your home renovation with Red House Design Build, give us a call today. Your dream home awaits!