In May 2023, the median property sales price was over $418,000, so if you sold your house now, you could get a pretty penny for it. Of course, the exact price you’d fetch for the sale depends on your location and the condition of your property. Even if you’re not planning on selling anytime soon, some home upgrades can be great. Not only can it make your quality of life better, but it can also increase your home value, which gives you more equity.
Read on for the top projects that’ll increase the value of your house.
Updated Flooring
If you aren’t ready to do major work on your house, then you can start by updating your flooring.
Chances are, you’ve gone decades with the current flooring, and it’s seen better days. This is especially true if you have carpeting, which can show years of wear and tear, even with diligent deep cleaning. It may be severely outdated too.
Redoing your flooring won’t be a small project. However, it’s still more doable and affordable than the other projects on this list. It can definitely add to your home’s value, so it won’t hurt to pursue it.
In general, you can’t go wrong with hardwood flooring, as it’s timeless and always desirable. However, other excellent choices include laminate, tile, and luxury vinyl plank. These can all provide a modern and fresh look.
Kitchen Renovation
Kitchen renovations are one of the top things that get you a fantastic return on investment (ROI). This is because the space is considered the heart of the home; people of the household spend countless hours here, prepping, cooking, and hanging out. This means that if you deliver a well-designed and updated kitchen, this can significantly increase your property’s value.
The main things you should focus on are modernizing appliances, upgrading countertops and cabinets, improving lighting, and adding functional features. For example, you can install a kitchen island or pantry.
If you can’t afford a kitchen renovation, then try to upgrade small things that make a huge visual difference. For instance, change out outdated fixtures and appliances for a more modern appearance.
Bathroom Remodel
Bathroom renovations are a close second for best ROI when it comes to home improvement projects. Buyers place these two rooms as the most important on their list.
Here, you can upgrade fixtures and add extra storage space if it currently feels cramped. Replacing old tiles can also give your bathroom an instant facelift.
If you’ve got the budget, another change you can make is replacing the bathtub and/or shower. This will make your bathroom look clean, modern, and well-maintained, which can have a big impact on property value.
Deck or Patio Addition
Besides the kitchen and bathroom, home buyers look to the outdoor spaces as well. In fact, they’re highly desirable, as many people enjoy entertaining and spending time outdoors.
Make these things easier for them by adding a deck or patio if your house doesn’t already have one. On top, consider installing an outdoor kitchen too, as this will maximize space and make your property more appealing.
When choosing materials, make sure to use durable materials. They should also require minimal maintenance so you attract buyers instead of turning them away.
Basement Finishing
Got an unfinished basement? Then why not polish it up to create additional living space? Most houses are short on space nowadays, so buyers will love that there’s a private and spacious living area underneath the ground floor. Adding usable square footage to a property is always an outstanding way to increase its value!
Just make sure you don’t focus too much on any type of living space. You want to leave it open for future homeowners to convert the basement into a recreational area, home office, extra bedroom, etc.
Smart Home Technology
We promise that smart home technology is worth its weight in gold. It might cost a little bit to install; however, it’s all the rage and will be for decades to come. Not only does this technology make life easier, but it also helps homeowners cut down on utility bills and their carbon footprints.
Features you should consider include:
- Smart thermostat
- Automated lighting
- Home security system
- Smart appliances
When people see how convenient, cost-effective, and safe these features make your property, they’ll be clamoring to buy it!
Solar Panels
Going solar is catching on quickly and for good reason. It’s truly clean energy; it doesn’t harm the environment to harness or use.
Adding solar panels can be costly, but it’ll pay off within a few years if you stay in the property before selling. Plus, there are government subsidies and tax credits, both federal and local ones. And if you live somewhere that allows net metering, you can sell back extra energy generated.
These panels last for decades too, so the next homeowner will get good use out of them.
Increase Your Home Value With These Projects
Taking steps to increase your home value is always a positive thing. Not only can you enjoy a better quality of life when home, but you can also increase buyer demand if you plan on moving in the future.
It’s just up to you to pick and choose which projects are worth your time and money. Keep in mind that updating things such as small fixtures or paint can increase property value as well, so if you start with things that increase curb appeal and work your way up to bigger projects, it can still be beneficial. Check out the rest of our blog page for more real estate and home articles.
