If you’re a homeowner, you’re probably always looking for ways to improve your property and increase its value. While there are many home improvement projects you can undertake, not all of them will give you a return on your investment. In this blog post, we’ll discuss the top home improvement projects that increase property value.
- Kitchen Remodel
The kitchen is often the heart of the home and one of the most important rooms for buyers. A kitchen remodel can involve upgrading appliances, replacing countertops, installing new cabinets, and adding lighting. According to Remodeling Magazine’s 2021 Cost vs. Value report, a minor kitchen remodel has an average return on investment of 72.2%, while a major kitchen remodel has an average return on investment of 62.1%.
- Bathroom Remodel
Bathrooms are another crucial area for buyers. A bathroom remodel can involve replacing fixtures, updating the tile or flooring, and upgrading the shower or bathtub. According to the same Remodeling Magazine report, a midrange bathroom remodel has an average return on investment of 57.1%, while an upscale bathroom remodel has an average return on investment of 54.7%.
- Outdoor Living Spaces
Outdoor living spaces, such as decks and patios, are becoming increasingly popular with buyers. Adding a deck or patio can create an additional living space and increase the value of your home. According to the National Association of Realtors, a new wood deck has an average return on investment of 72%.
- Energy-Efficient Upgrades
Energy-efficient upgrades, such as installing new windows, adding insulation, and upgrading HVAC systems, can not only save you money on your utility bills but also increase the value of your home. According to the same Remodeling Magazine report, a midrange window replacement has an average return on investment of 72.3%, while a new HVAC system has an average return on investment of 68.8%.
- Landscaping
Curb appeal is crucial when selling a home, and landscaping can make a significant impact. Adding new plants, flowers, and trees can improve the appearance of your property and increase its value. According to the National Association of Realtors, a well-landscaped yard has an average return on investment of 100-200%.
In conclusion, there are many home improvement projects you can undertake to increase the value of your home. By focusing on projects that improve the kitchen, bathrooms, outdoor living spaces, energy efficiency, and landscaping, you can make a significant impact on the value of your property. Remember to research the return on investment of each project before starting, and work with a professional if necessary. Good luck on your home improvement journey!
