Embarking on home improvement projects is not only about enhancing the aesthetics of your living space, but also a strategic investment that can significantly boost the overall value of your home. Whether or not you are planning to sell your property soon, or you just want to enjoy a few simple upgrades, there are several high return renovation options to consider.
An important thing to note is not all home improvements are created equal. There are short-term value and long-term value projects when thinking about getting the most out of the money invested into your home.
Long-term Value
Projects like additions, finishing the basement, or making upgrades to appliances, are value-adds that will last, because they do not rely on design trends.
Short-Term Value
Renovations, like kitchen and bath remodels, will add “short-term value” because in 20 years any aesthetic improvements made could potentially be out of style.
10 Best Home Improvements to Make
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Minor Bathroom Remodel: Returns an average of 102%
Average Cost: $10,500
Average Return: $10,700
There’s no need to gut the whole room, but giving each bathroom an updated look could go a long way. Try replacing the shower head to a rain shower, replace the vanity for something updated with modern countertops like quartz, and update the lighting for a refreshed and brighter look.
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Landscaping: Returns an average of 100%
Average Cost: $4,900
Average Return: $4,900
Curb appeal helps sell homes, and new landscaping could be just what your home needs to look renewed and appealing. The best landscaping designs are the simplest, well-trimmed and clean. A good landscaping job should look pleasant, but also not suggest a great deal of upkeep would be needed.
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Minor Kitchen Remodel: Returns an average of 98.5%
Average Cost: $15,000
Average Return: $14,600
Try minor upgrades that make a big difference. Start by replacing the existing appliances with better, newer ones. Next, instead of replacing the cabinets, try refinishing the existing ones. A fresh coat of paint or gloss could make old cabinets look new, and combined with new hardware, can completely transform a kitchen.
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Bedroom Conversion: Returns an average of 93.5%
Average Cost: $39,200
Average Return: $36,700
Homes with the luxury of having a convertible attic or basement should consider turning the space into an extra room. One of the best ways to increase the value of a home is to increase the number of available rooms. Therefore, anyone who can add to their current room count should at least consider the possibility.
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Major Bathroom Remodel: Returns an average of 93.2%
Average Cost: $26,000
Average Return: $24,300
Everything, from the shower pan and flooring to the lighting and plumbing would be overhauled. Upgrading the bathrooms completely, especially the main bath, can convince homebuyers they are making a good decision.
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Major Kitchen Remodel: Returns an average of 91%
Average Cost: $43,900
Average Return: $39,900
A major kitchen remodel would require everything be taken out and redone. One of the best things homeowners can do is remove an unnecessary wall that separates the kitchen from the rest of the house and incorporate an open concept.
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Entry Door Replacement: Returns an average of 90.7%
Average Cost: $1,410
Average Return: $1,280
Not unlike landscaping, an entry door will be one of the first things buyers see. Most people will decide whether they want to buy a home in the first few minutes of looking at one. Updating the entry door is a chance to make a good first impression.
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Deck/Patio/Porch Addition: Returns an average of 90.3%
Average Cost: $11,000
Average Return: $10,000
The addition of an exterior living space can add a lot of perceived value to a home and could be what convinces a potential buyer.
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Basement Remodel: Returns an average of 90.1%
Average Cost: $51,000
Average Return: $46,000
Not only does finishing a basement increase the usable living space but it takes something that may not look overly appealing and turn it into its own selling point.
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Replace Windows: Returns an average of 89.6%
Average Cost: $9,700
Average Return: $8,700
Aside from a fresh coat of paint, a new entry door, and perhaps a garage door replacement, a brand-new set of windows can give a home’s exterior major curb appeal. Plus, new energy efficient windows could save new homeowners a lot of money on energy bills, which can add to the appeal of your home.
Other Improvements to Consider
Hardwood floors
Most buyers favor hardwood floors rather than carpet. If your carpets are outdated or you have pets, it will be worth the cost to spend the extra cash on installing new hardwood.
Exterior siding
Your home’s exterior greatly impacts the perceived value of the home. If your home’s siding isn’t up to date, replacing it with a durable material will increase curb appeal, and in turn, a higher return on investment.
Smart Thermostats
Modern day buyers are attracted to smart appliances and energy-efficient homes. Spending a few hundred dollars on an upgraded smart thermostat can appeal to buyers and increase your home’s value.
Focusing on home improvement projects that offer a significant return on investment is a strategic approach to enhance both your living space and property value. Whether that’s improving curb appeal, upgrading key spaces like kitchens and bathrooms, or investing in energy-efficient upgrades. By carefully selecting projects that align with your needs and market trends, you can transform your home into an asset that pays dividends both aesthetically and financially.
Read more about the Interior Design Trends for 2024