Top 5 Home Improvements That Boost Value

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As tight inventory and higher interest rates impact affordability, many current homeowners are staying put in their homes. Instead of looking elsewhere to find their dream home, most homeowners (65% according to a recent Thumbtack survey) are opting to create it where they are. That means home renovations are top of mind. We’ve compiled a list of the Top 5 Home Improvements you can do to boost your home’s value.

Energy Upgrades:

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Improving your home’s energy efficiency has multiple benefits, from utility cost savings to adopting a greener lifestyle. With high inflation and increasing concerns about climate change, homebuyers are considering energy efficiency as a benefit in their home purchase. Also, there are government subsidies and tax benefits that can take some of the cost burden off of homeowners.

Some upgrades to consider include:

• Adding insulation to attic spaces
• Replacing old and/or drafty windows
• Switching to LED lightbulbs
• Installing low-flow toilets and shower heads
• Installing an electric charging outlet for electric vehicles
• Installing solar panels (check in with state guidelines for cost vs. benefit as each is different)
• Replacing old appliances with Energy Star certified appliances
• Redo landscaping with xeriscape or more drought resistant landscape that requires less maintenance and watering

Enhancing Outdoor Spaces:

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The COVID-19 pandemic reshaped the way people utilized and enjoyed their homes. During lockdowns, some homeowners saw an opportunity to maximize their space, both indoors and outdoors. This led to a rise in patio/deck additions and landscape overhauls. Although lockdown restrictions are gone, the trend of enhancing outdoor spaces is not. Consider adding a pergola to a patio for a covered area to enjoy meals under. Wood decks on average have a 90.2% ROI, making them an excellent choice when looking to invest in your outdoor space. Need more budget-friendly ways to boost value without breaking the bank? Consider adding potted plants, cafe string lights, and nice patio furniture to create an inviting outside oasis.

Minor and Major Bathroom Remodels:

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Bathrooms have long been a go-to when it comes to home improvements. These smaller spaces can be fairly inexpensive to upgrade while delivering a boost in your home’s value. Minor bathroom remodels on average have 102% ROI, meaning for every $100 you spend in upgrades, you’ll get $102 back. A simple fresh coat of paint and new light fixtures can transform your bathroom for a relatively inexpensive amount. These are also projects homeowners can do themselves, saving them more money and increasing their investment. Current trends stem from the pandemic, where homeowners were looking to add a bit of tranquility to their homes. Spa-like amenities, including relaxing soaking tubs, stone surfaces, and steam rooms have gained popularity over the past few years.

Minor and Major Kitchen Remodels:

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Kitchens are the heart of a home. As trends change, they have become more than just a place to prepare meals. They are a place to gather, do homework, take Zoom calls, and entertain. This need for versatility is making homeowners look at the bigger picture to expand their kitchens into living spaces and add more seating options. These upgrades are some of the most costly in home renovations, as kitchens are regularly used and need more durability in finishes and design. Quality cabinetry with thoughtful storage solutions, smart appliances, and elegant surfaces are top choices when it comes to remodeling with your home’s value in mind. Kitchen renovations tend to have a 90-92% return on investment.  

Boost in Curb Appeal:

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One of the best ways to boost your home’s value is boosting its curb appeal. This long-standing strategy in real estate has helped many homeowners maximize their home’s presence on the market and ultimately their profit when selling. Your home’s curb appeal is its first impression, so take care to make it a good one! The extent of your exterior upgrades can range from simply adding potted plants or replacing exterior lighting to more significant structural changes/additions (like adding a front porch). Clean siding (whether power washed or freshly painted) instantly freshens up the exterior. Consider painting or replacing your entry door to modernize and liven your curb appeal. Neat landscaping and well-designed gardens also add value to your home. Consider consulting a landscape designer to complement your home with a beautiful yard!