It’s normal to consider the resale value of your home when deciding what kind of upgrades that you want to make. This is especially true if you’re going high-end and want to spend on luxury upgrades. Homeowners usually prioritize renovations that offer a good return on their investment. They’re more inclined to spend more on a project if they think they’ll get it back and then some if they ever sell.
Luxury upgrades are always a bit hard to gauge on how they impact the value of your home. Some luxuries, like a pool, for example, can hurt the resale value of a house. You have to be careful not to put yourself in too much of a niche that it narrows the field of potential buyers. Not everyone wants a designer pizza oven in their kitchen, and jacuzzi bathtubs with dozens of buttons and nozzles aren’t everyone’s cup of tea.
If you want to make luxury upgrades to your house, you have to weigh how much it will cost now and also consider how much you’ll get back in a sale. Then ask yourself if it’s still worth it to you to have that fully outfitted theater room. There are, though, some luxury upgrades that all but guarantee an upswing in home equity. Here are some of the best ideas for luxury home upgrades.
New Kitchen Countertops
Redoing a kitchen is generally a good idea. A lot of a home’s equity is stored in the kitchen because it’s such a central gathering spot in a house. People spend a lot of time talking, cooking and cleaning in kitchens, so they want a kitchen they love. One of the best thing homeowners can do is replace older, outdated kitchen countertops with luxurious natural stone slabs. Marble is at the high-end of kitchen design and will instantly improve the look and feel of any kitchen.
Marble countertops usually cost anywhere from $75-$250 per square foot. We know that’s a wide range, but the price difference is owed to the fact that marble comes from all over the world. You’re going to pay more for a rare Italian marble than you would for a more common domestic strain of marble.
New marble kitchen countertops brighten the kitchen and evoke a sense of exclusivity. You’ll love walking into your kitchen every day, and if you ever sell the property, expect people to pay top dollar.
If you’ve ever stepped on a heated floor, you can understand why people pay so much to install them. They are fantastic, especially if you live in a place with cold weather. There’s nothing like stepping out of a shower or walking into the bathroom first thing into the morning and walking on warm heated floors. Heated floors are a fantastic luxury upgrade that increases a house’s value. It’s a perk that will bring a smile to the face of every person who tours your home.
People who buy expensive homes want luxury. One of the luxuries that affluent people appreciate the most is more time. Any update that cuts down on time spent doing routine chores is a major bonus and will increase the value of your house. These days, there are a ton of technology features you can add to your home electrical systems that make living easy. You can install automatic locks, smart doorbells, and smart lighting systems that change on and off from a phone or the touch of a button. When people tour your house, they’ll appreciate the fact that you went to so much trouble to do all the legwork. The best news is you get to enjoy the features while you’re still living there.
It may not be on the top of a lot of luxury upgrade lists, but it should be. Skip the wine cellar and swimming pool and install new high-end wood flooring and carpet in your house. The quality of the flooring is high on every homebuyers’ list. People don’t want to inherit decades-old floors. Flooring that’s in fashion changes every so often, so updating your floors is a great way to keep your house modern and increase its value.
Upgrade Your Patio
Installing a nice fixed-position grill and bar seating on your patio is a wonderful idea. When people visit your home, they’ll think about all the fun they’re going to have outside grilling and playing with friends. Patio upgrades are a cost-effective luxury upgrade that will pay off down the road. You can add a minifridge for drinks, a sink for food prep and a ton of other amenities that will make it a killer patio that will help close a sale. A nicely done patio becomes an extension of the home outdoors and makes the house feel even larger.