Homeownership is an incredible accomplishment, but it comes with its fair share of costs and responsibilities. One of the most significant investments comes in the form of making upgrades that increase the property’s value. However, not all upgrades are created equal, and some may end up being a financial flop. That being said, here are the top ten home improvements that are known to bring a return on investment and increase property value.
1. Kitchen Remodel
The kitchen is the heart of the home, and it is the first room most buyers will inspect when investigating a property. Updating the cabinetry, countertops, and appliances is an excellent starting point. A kitchen remodel can cost a lot, but the return on investment (ROI) is around 75-90%.
2. Bathroom Upgrade
An updated bathroom not only makes your home more visually appealing but also helps increase its value. Bathroom improvements such as installing new tile flooring, improving the lighting, and re-grouting old tiles can cost as little as $1,000 and provide an ROI of 75-100%.
3. Increasing Curb Appeal
The first impressions last long, especially in the real estate world. Improving your home’s curb appeal can mean the difference between a potential buyer wanting to see your home and driving past it. A well-manicured lawn, a fresh coat of paint, and a well-maintained garden can go a long way in adding value to your home.
4. Adding a Room
Adding a room is one of the most effective ways to increase the value of your property. The addition can be in the form of a bedroom, a study, or a home office. This upgrade can increase your home’s value by 50-60%, and you don’t have to break the bank. It can cost as little as $10,000 to $15,000.
5. Installing Energy Efficient Windows
Energy-efficient windows can reduce your energy bills and are an attractive feature when selling your home. Buyers are always looking for energy-efficient homes, and installing energy-saving windows can provide an ROI of up to 75%.
6. Deck or Patio Addition
An outdoor living space is a must-have for any potential homeowner. Decks or patios can provide homeowners with additional entertaining space while also serving as easy outdoor relaxation spots. A well-built deck can provide an ROI of nearly 90%.
7. Finishing the Basement
Finishing your basement is an excellent way to add value to your property as it provides additional living space. You can add a family room, laundry space, or even turn it into a basement apartment. This upgrade can provide an ROI of up to 69%.
8. Upgrading The Landscaping
A beautifully landscaped yard is a great way to add value to your property. An attractive landscape can go a long way in attracting potential buyers, and can provide an ROI of 100-200%.
9. Smart Home Upgrades
As technology continues to evolve, buyers are looking for homes that integrate smart technology. Upgrades such as smart home thermostats, lighting, and home security systems can make your home more attractive to potential buyers, increase its value, and provide an ROI of 100%.
10. Paint and Wallpaper
Painting the interior and exterior of your home is an easy upgrade that can give your home an instant facelift. Fresh paint can provide an ROI of around 50-100%.
In conclusion, these home improvements will help homeowners increase their property value whether it is for a current living or reselling. With careful planning, budgeting, and effective implementation, home upgrades can go a long way in adding value to your property.
