If you’re thinking about selling your home, or just want to add value and appeal to your living space, remodeling can be a smart investment. But not all remodeling projects are created equal, and it’s important to choose ones that will provide the biggest return on your investment. Here are five remodeling projects that are known to boost a home’s value:
The kitchen is often considered the heart of the home, and a well-designed and updated kitchen can be a major selling point for potential buyers. A kitchen remodel can include replacing outdated appliances, upgrading cabinets and countertops, and adding new lighting fixtures. According to a report from Remodeling Magazine, a minor kitchen remodel has an average ROI of 81.1%, while a major remodel has an ROI of 59%. This means that a $20,000 kitchen remodel could potentially add $16,220 to the value of your home.
Like the kitchen, the bathroom is another important room in a home that can greatly influence a buyer’s decision. A bathroom remodel can include replacing old fixtures, installing a new bathtub or shower, and updating flooring and lighting. According to the same report from Remodeling Magazine, a mid-range bathroom remodel has an average ROI of 67.2%, while an upscale remodel has an ROI of 58.1%. This means that a $10,000 mid-range bathroom remodel could potentially add $6,720 to the value of your home.
Outdoor Living Space
Adding an outdoor living space, such as a deck or patio, can greatly increase the appeal of your home, especially in areas with warm weather. Outdoor living spaces can be used for entertaining, dining, or just relaxing and enjoying the fresh air. According to the National Association of Realtors, a new deck has an average ROI of 72%, while a patio has an ROI of 69%. This means that a $10,000 deck or patio could potentially add $7,200 to the value of your home.
If you have an attic that is currently being used for storage or is just an empty space, consider converting it into a functional living area. An attic conversion can be used as a bedroom, home office, or even a media room. According to Remodeling Magazine, an attic bedroom conversion has an average ROI of 59.4%, while an attic living room has an ROI of 52.3%. This means that a $50,000 attic conversion could potentially add $29,700 to the value of your home.
Energy-efficient upgrades, such as installing new windows, adding insulation, and upgrading heating and cooling systems, can not only save you money on energy bills, but can also add value to your home. According to the National Association of Home Builders, energy-efficient upgrades have an average ROI of 61%. This means that a $10,000 investment in energy-efficient upgrades could potentially add $6,100 to the value of your home.
When planning a remodeling project, it’s important to keep in mind the specific needs and preferences of potential buyers in your area. It’s also important to set a realistic budget and work with a reputable contractor to ensure that the project is completed on time and within budget. By choosing the right remodeling projects, you can add value and appeal to your home, making it more attractive to potential buyers and increasing your return on investment.