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Top 6 Home Renovations to Increase Value in Bethesda MD

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253

In 2024, the average return on the most common remodeling projects came in at about 75% nationally, according to the Remodeling 2024 Cost vs. Value Report, an assessment of typical household remodeling projects. From 2021 to 2023, the average ROI on remodeling projects saw a decline from 63.4% in 2021 to 60.5% in 2023.  Hopefully, the 75% average ROI in 2024 suggests that homeowners will be rewarded again as they remodel or upgrade and then sell.  Of course, not all home renovations are created equal - to twist a phrase from our founding fathers.  If you are thinking of upgrading your home, where should you spend your money? 

1. Curb Appeal

We all know that first impressions are crucial and you only have a few seconds to make a good one - so.....  if you are planning on putting your home on the market soon, pay attention to curb appeal. Make those buyers get out of their cars rather than just keep on driving past! 

Attend to basic yard care (cut grass, weed control, fertilization)

  • Spread bark mulch in a conventional color and texture. 
  • Tidy the landscaping (shrubs, walkway, and flower beds)  Power wash the sidewalks if necessary. 
  • Solar lighting on walkways or driveway

The 2024 Cost vs. Value Report found that you can often get the best ROI for renovations that buyers see before they walk through the front door — replacing your garage door, updating the siding, or adding a deck, for example, can lead to a higher ROI.

New siding or trim is expensive but it can add significantly to the value of your home because it changes its look.  Vertical board and batten siding can create that modern farmhouse look that you see on every other street in Bethesda now - and don't forget the black trim!  For more tips on upping your curb appeal, click here.

If you can't afford new siding, please please please scrape and paint any chipping or flaking exterior paint. Freshen up your front door and polish your mail box.  Wash the windows or clean the screens and add a fresh flower pot or two.  While the buyer's Realtor is fumbling with the keys, guess what the buyer is doing.  Looking at the exterior of your house and mentally tallying up what the cost of repairs is going to be.  Will they even walk in the front door? 

2. Create a more functional floor plan

If you love your home and plan on staying for a while, you should think about how your living space works for you now.  Is it time to create a more functional floor plan?  The Leave It To Beaver lifestyle of dinner with napkins in the dining room is not our lifestyle.  Does your home match your lifestyle? Maybe it's time to renovate - and the good news is that livable square footage often increases your appraised value which can be good when it comes time to sell.

Stand alone kitchens or bathrooms on the smaller side are seen as outdated, and buyers aren’t as willing to make them work as they used to be.  Consider reworking the floor plan or adding additional space to make the home more functional for modern living.  Larger bathrooms, open kitchens with more prep space and walk in closets will likely increase your enjoyment of your home and will certainly make your home more marketable when it comes time to sell.

One of the best ROI is finishing off an unfinished unfinished basement, adding flooring, drywall, and other touches to make it a livable space.  If you can add in a full bath then you have created a potential in law suite or man cave.  If you can't add more space to your home, then make it more functional by repurposing unused or underutilized space.  An unused bedroom can become a home office or craft space and that dining room can certainly serve other purposes - maybe a tv room to watch Leave It to Beaver and Father Knows Best.

If you can’t add more space to the home, make it more functional by converting unused spaces. Consider turning an unused home office into a bedroom or reworking an unused living room into a flex space.

3. Luxurious bathrooms 

Buyers quickly fall in love with bathrooms that feel like a spa experience. Consider upgrades such as rain shower heads, double-sink vanities, extra storage, soaking tubs, and anything else that contributes to a modern, spa-like experience.  Look for ways to create the illusion of more space by adding mirrors or reworking the floor plan. This upgrade is really tempting to me since I live in a solidly built 1959 colonial with tiny bathrooms.  I have no way to expand the space but I can certainly make my shower more enjoyable and the storage more efficient!  Definitely this is part of my to do list!

4. Upgrades to the Kitchen

We know that upgraded kitchens are always popular.  Consider adding an extra sink and dishwasher, a new fridge and flexible pantry space.  The good news is that we are slowly moving away from all white kitchens and embracing a variety of countertops.  

5. Modify your home for aging-in-place or intergenerational living

Housing market uncertainty means homeowners, including retirees, should adjust their expectations. At the beginning of 2023, 39% of HomeLight agents surveyed predicted that retirees would opt to modify their current home to age in place rather than sell. This trend can be expected to continue in 2024.

As a result, intergenerational living will become more popular, too. Of the agents surveyed, 22% think that renovations will increase to make way for children moving in with their older parents.

An accessory dwelling unit (ADU) is an innovative and affordable housing solution in high-cost areas, plus a way to house an extended family or add rental income to your property.

More buyers are looking for mid-price homes with ADUs, according to the 2023 Agent Insight Report. According to the L.A. Times, ADUs can add up to 24% to the value of a home.  Even people who don’t plan to use an ADU as housing love the space as a home office suite.

However, building an ADU can get expensive. The average cost to build an ADU is $180,000, but the costs can range quite a bit. The cost can be impacted by the type of ADU you build, material type, design of the space, labor costs, and the systems you equip the unit with.

6. Make your mudroom bigger and more functional

A mudroom or foyer with a place to drop off the day’s gear has long been a home design perk, especially in areas where storing winter shoes and boots is a must.  Adding a bench, hooks, and built-in cubbies to a small foyer or a garage entrance creates this natural stopping point and a perceived value-add.  Mudrooms are a great addition for families with young children. That cubby area alleviates some of those pre-school departure anxieties when the house is torn apart looking for the missing back pack or school project!   Mudrooms aren't just for families with young children.  Dog families love having that mudroom with space to clean off muddy paws after a raining day and to hang up wet raincoats. 

One of my functions as a Realtor is to have a good referral list.  If you live in Bethesda and want to improve your home, give me a call at 240-401-5577 or email me  at  lise@lisehowe.com.  I am always happy to share some of my contractors with you!

Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Good Morning Lise Howe 

This is a good blog post on the advantages of remodeling projects. At my age I was drawn to #5 Modify your home for ageing in place...

Oct 14, 2024 08:24 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Lise - to renovate or not can be the source of increasing conversation for homeowners regardless of where they live.  Your post provides more food for thought.  And the discussion continues.   Can I wait for a debate of diminishing returns. . . 

 

Happy Monday.  

Oct 14, 2024 08:26 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Lise,

I like your posting about the top renovations for the best ROI in 2024. I 've always believed good renovations made by sellers will be rewarded with a higher price and quicker sale!

Oct 14, 2024 08:28 AM
June Piper-Brandon
Coldwell Banker Realty - Columbia, MD
Creating Generational Wealth Through Homeownership

Lise, kitchens and baths always sell homes, but if the curb appeal isn't there buyers may pass the home by. Thanks for sharing.

Oct 14, 2024 09:17 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Lise and Thank You for the great information you are sharing with us here in the Rain.  Make it a great week.

Oct 14, 2024 10:05 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share.

Enjoy our good weather and have a great day!

Oct 14, 2024 11:51 AM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Hello Lise, I stress to our agents that even in our North Idaho area with the winter snow,  curb appeal should be paid attention to.  Clean shoveled walkways if necessary, and definitely do not have viewers walking on snow no matter the driveway or walkways.  Any type of color on a porch helps.  The last thing a seller wants is a perspective buyer thinking this is too much work and trouble before they even step into the house.   No different actually than an unkept lawn compared to a neatly mowed lawn.  m

Oct 14, 2024 03:27 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Lise Howe  : If improving your home adds value to your life and you intend to stay in your home, then the improvements are worth doing. If you are not planning on staying in the home, you better think twice 

Oct 14, 2024 05:09 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great advice, I generally tell my clients #1 is the key and the other stuff do not do since here in my market you are looking at $100-$300k to do that and six to eighth months of pain and suffering. Hence simple decluttering, and maybe a fresh coat of paint....Endre

Oct 14, 2024 09:22 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

These are really good tips and people should be doing these things over time before they are even thinking about selling.

Oct 15, 2024 05:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Real Estate Broker

Good morning, Lise. Number 5 about aging in place is would be top of the list for many today -- lots of us aging baby boomers!

Oct 15, 2024 05:37 AM
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri 314-775-2050 - Des Peres, MO
SelectAnn.com

Lise Howe ,

Great post!  I think more sellers should consider the ROI.

In sunny MO, 

Ann

Oct 18, 2024 11:13 AM