Purchasing a home might be wise if you can boost its resale value while living there. That includes determining which upgrades and renovations are worth the money, time, and effort. Getting lost in a sea of home remodeling ideas and fantasies is easy. However, identifying which projects offer the most return on investment (ROI) can help guarantee that you improve your space for yourself, your family, and future buyers.
You can consider many upgrades to transform your home and create a more beautiful living space. And when you’re ready to sell, you’re sure to get more than what you’ve paid for your property. Below are some high-value home improvement projects to take on:
- Kitchen remodels
According to many real estate professionals, kitchens and bathrooms are two rooms that heavily influence a home getting sold. Moreover, a makeover to your kitchen or bathroom can mean a 100 percent or higher return on investment. However, this return depends on your finishes, the labor you’re willing to shell out for or perform yourself, and the extent of these upgrades over your home’s existing condition.
Another good thing about kitchen remodels is you don’t need to shell out a high capital to recreate the room. Since you can check plenty of kitchen designs online to inspire your creativity, you won’t run out of ideas to incorporate into your project. Perhaps you can start by swapping out or changing just one item when you have the chance. You can start with the sink, kitchen cabinets, countertops, or old appliances.
If you have a big enough budget, you can take on more significant projects, such as adding an island, changing the kitchen layout, or expanding your workspace. You can also consider changing the fixtures into more modern and aesthetically-pleasing ones. Since the kitchen is the busiest and most important room in the house, these upgrades can improve home value. It may cost you more upfront, but it’s almost guaranteed to get more than you’ve paid for when it’s time to sell the house.
- Bathroom renovations
Another area you can focus on when upgrading your home is your bathrooms. Depending on your budget, you can explore various minor and major projects that can boost appeal, comfort, functionality, and value. These projects include installing new tubs, sinks, toilets, and vanity. You can also consider retiring, repainting, or re-flooring your bathrooms to give them a makeover. If you prefer a more professional approach, you can contact a bathroom remodeling contractor to work with you.
Suppose you’re already satisfied with the look of your bathrooms. In that case, you might consider adding a new one to your home, especially if you only have one. Properties with multiple bathrooms sell fast in the real estate market. Plus, you’ll surely appreciate the convenience of having more than one. Evaluate the space you have, and if you have any unused room or corner, you can turn that into a shared bathroom on the main floor.
- Flooring upgrades
Flooring is a significant expenditure, but it’s a worthwhile investment when you consider how much more your home’s value increases once you install new flooring. Solid hardwood flooring is a popular choice among homeowners because of its versatility and looks excellent over time. Engineered wood flooring is a perfect option if you want something more durable, particularly for high-traffic areas in your home.
Another less expensive way to upgrade your flooring is to replace worn-out carpets and rugs, particularly in common areas that receive the most traffic. If your tile or wood flooring is damaged, opt for customized wall-to-wall carpets you can lay on the floor without needing glue. You could even use little rugs to cover the damaged areas. You can remove these rugs quickly and bring them with you in case it’s time to move to a new house.
- Convert an unused space
Maybe you have an unfinished basement or attic that you can convert into a home office, a family room, or another bedroom for your kids. Or perhaps you need more space for storage. Using the area for more dwellings is less expensive compared to what you have to spend when adding an extra floor to your home. Moreover, this upgrade makes the house more appealing to potential buyers with larger families.
Suppose you don’t want to commit to significant renovations in the meantime. Even minor upgrades like drywalling and carpeting can improve the look and feel of an unfinished room, increasing your home’s value over time. In addition, by increasing the footprint of this finished room, you can raise your property’s value.
- Spruce up your outdoor area
Giving your outdoor space a makeover can improve accessibility, function, and curb appeal. Since most people enjoy entertaining guests at home, adding a few significant features will make them appreciate outdoor living even more. For example, you can add a deck or patio for outdoor dining and a fire pit for a cozier setup with family and friends. Another excellent addition is a pool-and-hot-tub combination for personal recreation and rejuvenation.
Minor changes to your outdoor space may have a considerable influence, and they don’t have to cost a lot of money or time. So spend some time DIY-ing in the yard to refresh your landscape. By then, you’ve created an entirely new environment that can make outdoor events more vibrant and entertaining. Then when you’re through with the upgrade, you’ll be more than glad to have the perfect spot for chilling by the pool or in the garden.
If you have an existing patio or deck, pressure-wash it and refinish it as needed. Repair or replace any rotting or broken boards or pavers, and remove any flaking stain or paint. You can also explore different outdoor lighting trends to make the space warmer, cozier, and more entertaining.
Looking around your house can help you identify which upgrades are worth the effort, time, and investment. For example, do you think your outdoor space is already losing its glory? If yes, maybe it’s time you thought of valuable additions that could boost its appeal and resale value. Or perhaps you’re no longer happy spending time in the kitchen, living room, or bedroom because you think the ambiance isn’t as welcoming as before.
You can think of more than enough projects when improving home value. However, don’t forget to consider what will make you happy as an owner, especially if you don’t have immediate plans to sell the house.
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Kalfrin, Valerie. “What Upgrades Increase Home Value? 25 High-ROI Improvements Buyers Love.” HomeLight, January 31, 2022. https://www.homelight.com/blog/what-upgrades-increase-home-value/.
Lacoma, T. “The Best (and Worst) Projects for Your Home’s Resale Value.” Family Handyman, January 4, 2022. https://www.familyhandyman.com/list/the-best-and-worst-projects-to-improve-your-home-resale-value/.
Lucy. “5 Flooring Upgrades That Increases Your Home’s Value.” Residence Style, June 14, 2021. https://www.residencestyle.com/5-flooring-upgrades-that-increases-your-homes-value/.