Home Improvement Projects That Boost Property Value

Whether you’re preparing to move or just looking to refresh your home, a remodelling project is a big task. Hence, it’s important to determine whether the rewards will justify the effort. Identifying the renovations that yield the greatest return on investment is essential, as it enables you to command a higher price when selling your property. Ultimately, you will want to focus on the most effective home improvement projects that enhance your home’s value.

Before committing to a remodel, consider the cost versus the potential value it will bring. This assessment will help you determine whether the renovation you want is a worthwhile investment of your time and money. So, which renovations carry the most substantial impact on a home’s overall value?

Below are the top home renovations that have the potential to increase the resale value of your property.

Create an Addition

As your family expands, why not let your home grow with you? Explore the possibility of building an addition to not only increase the square footage but also add significant value to your property. By carefully choosing the right materials and paying attention to detail, you can maximize your investment and enhance your home’s overall value and charm. Whether you’re considering adding a new bedroom, expanding the living room, or creating extra space, making physical expansions can significantly transform your property. Remember, when you increase the square footage of a house, you are also increasing its value – because size matters!

Redo Your Kitchen

At the heart of any home lies the kitchen, making functionality a top priority. The idea of renovating the kitchen can bring excitement and satisfaction, especially when it’s customized to align with your needs and preferences. According to the 2022 Remodeling Impact Report from the National Association of the Remodeling Industry, realtors suggest that homeowners can potentially recover up to 75% of the cost of a kitchen upgrade when selling a property.

Renovate a Bathroom

An updated bathroom holds significant appeal for potential homebuyers. When doing a renovation, think about adding smooth surfaces to create a gleaming area that’s simple to clean and maintain. The same report by the National Association of the Remodeling suggests that homeowners have the potential to recover up to 57% of the cost of a bathroom renovation when they decide to sell their homes.

Homes with just one bathroom or a maximum of one and a half bathrooms can benefit from strategic upgrades. By adding a shower to a half bath or incorporating a half bath into a living area for guests, the appraised value of the home can see an immediate improvement.

Update Your Outdoor Living Space

Nothing beats having the option to entertain outdoors. Creating an outdoor living space can transform your home into a relaxing haven for gatherings and increase its value. Whether you have a limited budget or are ready to splurge, there are many options to update your backyard, porch, or patio, creating an enjoyable outdoor experience for all.

Enhance your outdoor area with a backyard patio or a screened-in porch. This great addition creates a perfect space for hosting gatherings and enjoying outdoor moments with friends and family.

Update Your Light Fixtures

Boosting your home’s value can be as simple as upgrading the lighting. Strategically placed pools of warm light can work wonders in creating an inviting and user-friendly ambience. When picking light fixtures, consider both their design and functionality to enhance your room’s overall charm. You’ll be surprised by how well-chosen lighting can transform your home.

The Bottom Line

When you’re remodelling or renovating your home, it’s important to prioritize your comfort and needs rather than just concentrating on boosting its value. While major home improvement projects can potentially increase your property’s worth, homeowners should primarily consider how the changes will cater to their personal comfort and lifestyle. Ultimately, striking a balance between personal satisfaction and the potential value boost is key to making meaningful and fulfilling home improvements.

Remember that the goal is not just to make home enhancements, but to make wise and valuable investments.

Sources:

“2022 Remodeling Impact Report,” National Association of Realtors, https://www.nar.realtor/sites/default/files/documents/2022-remodeling-impact-report-04-19-2022.pdf
“Which home improvements add the most value?” Bankrate, https://www.bankrate.com/homeownership/home-improvements-add-the-most-value/
“Top 15 Home Updates That Pay Off,” HGTV, https://www.hgtv.com/lifestyle/real-estate/top-home-updates-that-pay-off-pictures
“Do-It-Yourself Projects to Boost Home Value,” Investopedia, https://www.investopedia.com/articles/mortgages-real-estate/08/diy-home-projects.asp