Summer is the perfect time to tackle home improvement projects that enhance your living space and also boost your property’s value. Whether you’re planning to sell in the near future or simply want to increase the appeal and functionality of your home, these projects can make a significant impact.
In this post, we cover four key home improvements that have a positive impact on property value.
1. Upgrade The Heart of the Home – Your Kitchen
Renovating your kitchen can have a substantial impact on your property’s value. According to the Remodeling 2023 Cost vs. Value Report, the average return on a kitchen remodel ranges from 36.3% to 74.3%, depending on the scale of the project, size of room, and quality of finish.
Consider updating outdated appliances, replacing worn countertops with durable and stylish options, and refreshing the cabinetry with a fresh coat of paint or new hardware.
2. Boost Your Curb’s First Impression
If you’re selling your home, adding curb appeal can increase your home value by 3% – 5% according to Consumer Reports. Start by freshening up the exterior with a new coat of paint, repairing any damaged siding or roof, and replacing outdated front doors and windows. Landscaping also plays a crucial role in curb appeal, so invest in well-maintained trees/shrubs and install attractive outdoor lighting to create an inviting ambiance.
3. Enhance Energy Efficiency & Ultimately Save Costs
Energy-efficient upgrades not only contribute to a more sustainable future, but also make your home more attractive to potential buyers. In fact, Freddie Mac research found that homes with high energy-efficiency ratings sold for 2.7% more on average compared to homes that did not.
Consider installing energy-efficient windows, adding insulation, upgrading to LED lighting, and investing in smart thermostats to regulate energy usage. These upgrades not only lower utility bills, but also position your home as a desirable and eco-friendly option in the market.
4. Finish the Basement
Livable square footage often increases your appraised value, so if your basement is unfinished, there’s a big value-add opportunity waiting for you. If you have an unfinished basement of 400 to 1,500 square feet, adding flooring, drywall, and other touches to make it livable space has a potential ROI of 70% by converting it into a “specialty room” that more than 60% of buyers crave. What exactly is a specialty room? The top five most wanted specialty rooms are the laundry room, a dining room, a great room, a home office, and a separate living room.
Ready to get your home improvements moving? Flip on HGTV for added inspiration as you continue your plans to increase your home’s worth while making your space a better place, too. Good luck!
