You don’t have to be a real estate expert to spot one of the most dominant trends in today’s industry. Simply browsing the front page of Pinterest or spending a few minutes channel-surfing will tell you that renovations are on every homeowner’s wish list this year.
The housing crisis lowered mortgage rates to unprecedented levels, which was bad news for those with underwater mortgages but brilliant news for interior designers, contractors and real estate agents whose clients were interested in flipping these homes for a profit.
According to the former president of the Greater Las Vegas Association of Realtors (GLVAR), Vegas homeowners have caught onto the nationwide trend. ?Certain upgrades offer particularly high returns on your investment, such as:
- Kitchen upgrades that incorporate modern appliances/fixtures
- Bathroom upgrades that replace outdated plumbing
- Room additions (bedroom, bathroom, den, etc.) that increase total square footage
While modernizing an essential room is a surefire way to elevate an otherwise functional home, there are some smaller updates, upgrades and flourishes that also stand the test of time and pay for themselves in the long run. Less expensive Vegas home renovations that retain their original value include:
- Fresh paint (usually replacing dark shades with lighter shades, to open up spaces and avoid outdated trends)
- New carpeting
- New countertops
- Tile accents
- Brushed aluminum accents
Whether you’re buying and selling a property right away or just looking for practical ways to spruce up your longtime residence, it’s important to make sure your investment is a sound decision. Some people succumb to the temptation to spend thousands on extensive renovations while ignoring structural issues altogether. Others fixate on small details that add up, rather than addressing entire rooms that need to be updated.
Make another sound real estate decision. Learn about homeowners insurance coverage in Las Vegas, Nevada, by contacting All Nevada Insurance today.