Multigenerational Home Renovations That Will Increase Your Home’s Value
Today, on Redhead Mom, I’m sharing a partnered guest post about multigenerational home renovations that will increase your home’s value.
You may be considering renovating your home but aren’t sure what upgrades to include to increase home value. For example, if you would like more space for yourself, your children, and your aging parents, you may want to focus on renovating your home to accommodate multigenerational living. But what is multigenerational living, and what features can you incorporate to make property value increase?
What Is a Multigenerational Home?
Multigenerational homes are homes where family members from several generations live in one household. It can consist of spouses with young children and much older children who are college-aged or older. A multigenerational home may also consist of aging parents.
Why Are They Popular?
In recent years, multigenerational living has become much more critical. Although this form of living was popular before the pandemic, it became increasingly more popular then as teens and seniors moved back into the home during the pandemic. According to a recent study by Generations United, houses with three generations or more increased by 271 percent from 2011 to 2021. An estimated 66.7 million people reside in such living arrangements. Also, economic pressures have influenced the growth of multigenerational homes.
Features That Will Increase Your Home’s Value
You don’t have to wait for everyone to move back home to renovate your home to accommodate multiple generations that will reside in it. Instead, you can get to work planning it now in order to have enough space for your family if they need to return home. Additionally, there are a few projects like getting roof repair for example, in which you benefit from having less people living in the home. This kind of work can get noisy, power might need to be cut temporarily, and there will at times be more than one person working, and more people walking around the house can only make the project more cumbersome. Here are a few essential items to consider when creating a multigenerational space.
- Slip-resistant flooring
- Safe bathrooms, especially showers, and flooring
- Bright lighting
- Large rooms
- Extra rooms, including bedrooms, bathrooms, and kitchens
- Multiple entrances
Besides considering these essential features when renovating your home, here are some other critical rooms or units to upgrade for maximum value.
Getting a kitchen remodeling is one of the most important upgrades you can make to achieve the best multigenerational living arrangement. Large, open-concept kitchens will provide plenty of space for families, especially young children, and seniors, to get around safely. According to Remodeling, minor kitchen remodels can recoup a return on investment of about 71.2 percent.
Fully Finished Walkout Basement
Since privacy may be a critical need for various generations in the multigenerational home, renovating the unfinished basement is a good idea. It is also a good idea to create a basement with a separate entrance so that family members who reside in this area can quietly come and go as they please. An unfinished basement isn’t typically counted toward the square footage of a home. However, if you have a finished basement with livable space, legal ingress, and egress, and it isn’t entirely underground, this basement counts as square footage. Having this extra square footage will not only add value to the home but could increase the resale value if you sell your home. Go to SanDiegoFastCash.com if you need to sell your house fast. Just make sure to do a basement waterproofing to avoid water damage.
Accessory Dwelling Unit
One more room you may want to add to your home is an accessory dwelling unit. This can be a converted basement or attic space. But many can also be detached units located in the back of the home. According to the National Association of Realtors, an ADU can add upwards of 35 percent of value to your home.
Living in a multigenerational home environment can have its perks. Such arrangements can improve overall finances and add value to your home. Ultimately, having a well-thought-out approach to multigenerational home renovation will allow you to invest in projects with the best return on investment.
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