Top Renovations to Increase Home Value

Homeowners may renovate their house to update features, make it more functional or aesthetically appealing, or prepare it for sale. Whatever the motivation, homeowners can make the most of their investment by choosing renovations that maximize the home’s value.

Many home buyers consider the kitchen the heart of the home, and homes with updated kitchens tend to sell faster and for higher prices. When considering kitchen renovations, homeowners should make functionality the top priority. Those renovating to resell should opt for neutral colors and classic materials rather than a unique personal style.

Kitchen renovations should include updating fixtures and appliances and freshening paint. Depending on budgets, homeowners may consider replacing or refacing cabinets or adding amenities such as wine refrigerators or hidden electrical outlets.

According to the 2022 National Association of the Remodeling Industry remodeling impact report, real estate agents estimate a 67-percent cost recovery associated in a kitchen upgrade when the home sells. Apart from home value, the report indicates that kitchen renovations increased consumers’ desire to be at home by 86 percent.

Similarly, updated bathrooms appeal to almost all home buyers. Renovating and updating a bathroom makes sense for people wishing to sell their homes since the same report indicates that homeowners may recover up to 57 percent of the renovation costs when selling the home.

Increasing the home’s square footage with an addition is another renovation that increases the home’s value. A physical expansion such as a new bathroom or bedroom may add substantial value, according to Home Advisor. Depending on size and materials, the addition may cost up to 10 percent of the home’s overall value. Typically, the more expensive the addition, the lower the percentage the homeowner will recoup when selling.

Along with upgrading the kitchen or bathroom, replacing or repairing a home’s HVAC system adds significant value. Because the heating and cooling systems are so important, many home buyers are willing to pay more for new systems. Particularly for millennial buyers, a new HVAC system rates high on the list of requirements in a home. Homeowners who wish to recoup their investment should consider a new HVAC system since real estate agents estimate a recovery of 85 percent of the cost when the house sells.

Enhancing a home’s accessibility always increases its value. Homeowners may consider widening doorways, replacing porch stairs with a ramp, or swapping a main-level tub for a shower to make the home more appealing and valuable to a wider group of home buyers, including seniors.

Many home shoppers seek outdoor living spaces for dining, entertaining, and relaxing. Adding or improving a patio or installing an outdoor kitchen increases a home’s living space, adding value for the buyer by increasing square footage.

Beyond major renovations, homeowners can add value through simple, relatively low-cost changes. The cost-effective practice of replacing harsh lighting with soft, warm light can make the home seem cozier and more inviting, while outdoor lighting can dramatically affect the landscape. Additionally, outdoor motion-detected lighting can add value by enhancing security at entry points, and new interior paint creates a clean, refreshed look.

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