Looking to sell your home? A smart renovation can significantly increase its resale value. But which remodels are worth the investment? In this article, we’ll explore the top 5 remodels that can maximize your home’s resale value, as well as the 5 renovations to avoid. From updating your kitchen to creating a stunning master suite design, these projects have proven to attract potential buyers and fetch higher offers. However, not all remodels are created equal. We’ll also uncover the renovations that may not yield a high return on investment. Whether you’re a DIY enthusiast or prefer to hire a professional, our expert advice will guide you through the process, ensuring that your home improvements are both impactful and profitable. Let’s get started on transforming your home into a hot commodity!
Home’s Resale Value Remodels TO DO:
Kitchen Remodels
Redoing the kitchen not only enhances its functionality but also stands as one of the best ROI home improvements, potentially recouping 50-75% of the costs at resale. By focusing on the kitchen’s core elements—cabinets, countertops, and appliances—homeowners can achieve the highest ROI home improvements, making these renovations that increase home value a wise investment.
Opting for a minor kitchen remodel by replacing dated cabinets with new shaker-style or modern flat-panel ones in a neutral colour can instantly refresh the kitchen’s look, making it one of the best home improvements for resale. Similarly, choosing quartz countertops in popular hues like white and gray can offer a stylish yet safe choice, contributing to high ROI renovations that modernize the space.
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In the realm of minor kitchen remodels, stainless steel appliances continue to be a top choice for their sleek, timeless appearance. Upgrading to a new stainless steel range, refrigerator, dishwasher, and microwave can elevate the kitchen to a high-end look, making these changes some of the best home renovations for enhancing appeal and functionality.
A kitchen remodel focusing on key elements can significantly boost a home’s resale value, making it a smart move for homeowners looking for the best return on investment home renovations. With a potential 75% return on investment, this kitchen upgrade is among the top renovations to increase home value in 2024.
Bathroom Remodels
Updating a bathroom can recoup 50-70% of costs at resale, making it a strategic choice among the best home improvements for resale. Focusing the remodel on key elements like the tub/shower, vanity, and fixtures can make a big difference for potential buyers. Replacing an outdated tub with a spacious walk-in shower instantly modernizes the space. Installing new tile in the shower area and around the tub also brings a fresh look. When it comes to the vanity, a double sink provides more functionality for families. Swapping out the faucets, shower head, and other fixtures for new brushed nickel or oil-rubbed bronze finishes ties the updated look together. Sticking with classic white cabinetry keeps the design neutral but crisp. Overall, taking a dated bathroom and giving it a contemporary style with new finishes can increase the home’s resale value significantly. Buyers want to be able to visualize themselves in the space, so renovating the bathroom to have a timeless yet modern feel checks an important box.
Adding Square Footage
Adding square footage through a basement finish or home addition ranks high among the best home improvements to increase value. It’s crucial, however, to focus on creating functional, livable space rather than merely expanding the home’s footprint to maximize the home improvements that increase value.
Finishing a basement is a cost-effective strategy for adding usable square footage, making it one of the most valuable home improvements. Transforming an unfinished basement into a family room, home gym, or additional bedrooms can significantly enhance a home’s appeal and value.
Home additions, such as a primary suite addition or expanding the kitchen, can also significantly increase home value if they are well-designed and match the existing home style. These types of additions are among the best home improvements to increase value, provided they create functional, livable space that meets the family’s needs.
The key to valuable home improvements is focusing on creating functional, livable space with additions and basement finishes. Well-designed spaces that enhance the home’s usability can significantly increase its value, making them some of the most valuable home improvements.
Replacing Windows
Window replacement with new energy-efficient models is among the best home renovations for those looking to improve their home’s resale value. Not only do these energy-efficient improvements reduce energy bills, but they also significantly enhance the appeal of your home to potential buyers, contributing to high roi renovations.
When shopping for window replacement, look for models that boast at least double pane glass and argon or krypton gas filled gaps between the panes. These features act as insulation, reducing heat transfer and making them a top pick for energy-efficient improvements in your home. Also, ensure the windows have low-E coatings to reflect infrared light, keeping heat inside during winter, a strategy often recommended as one of the best home renovations for a high ROI.
For the window frames, opting for vinyl and composite materials like fiberglass is a smart move for those seeking the best return on investment. While wood windows offer aesthetic appeal, they demand more upkeep. Vinyl and composites, on the other hand, are celebrated for their durability, energy efficiency, and low maintenance, making them excellent choices for window replacement and energy-efficient improvements.
Installing energy-efficient windows not only enhances the comfort and functionality of your home but also signals to potential buyers your commitment to energy conservation. This upgrade is often highlighted as one of the best home improvements for resale, thanks to its ability to slash energy costs and its status as a high ROI renovation.
Updating Flooring
Updating flooring stands out as one of the highest ROI renovations, significantly adding value when remodelling. Modern, attractive floors that promise durability and easy maintenance are highly sought after by most buyers, making this one of the best return on investment home renovations.
Hardwood floors remain a top recommendation, with refinishing existing hardwoods or installing new ones known for delivering an excellent return on investment. Offering a classic, timeless aesthetic, hardwood can make spaces feel larger and brighter, a key factor in achieving the best home improvements for resale.
Tile flooring, especially for high-traffic areas like kitchens, baths, and entryways, is another fantastic option. Ceramic, porcelain, and natural stone tiles are durable against heavy use and moisture, adding visual appeal while enhancing resale value, aligning with the best home renovations for a high ROI.
When selecting new floors, it’s wise to steer clear of overly trendy or niche styles, which may not resonate with most buyers in the future. Opting for simple, clean-lined floors in natural tones is usually the safest bet, aligning with the goal of securing the highest ROI renovations.
Exterior Facelift
Giving your home’s exterior a facelift with new roofing, siding, and a fresh coat of paint can dramatically boost its curb appeal and resale value. This approach, focusing on durable, long-lasting materials, is often recommended as one of the best home renovations for a high ROI.
For the roof, asphalt shingles present a popular and cost-effective choice, with a lifespan of 20-30 years. Metal roofing, offering durability of 40 years or more, although pricier, is considered a wise investment for those looking at the best home improvements for resale. Wood shake or slate roofs, while visually appealing, demand more upkeep.
When it comes to siding, fiber cement and vinyl stand out as ideal choices. Fiber cement offers the look of wood without the susceptibility to rot or warp, while vinyl siding boasts a maintenance-free lifespan of up to 50 years and comes in various colors and styles. Both options are highly regarded for their contribution to the best home renovations for a high ROI.
Don’t forget the finishing touch of a fresh coat of exterior paint in an attractive, modern colour scheme. Opting for high-quality exterior paints that can withstand the elements is among the best home renovations for resale. Neutral earth tones and greys are not only popular choices but also give a home that sophisticated look and broad buyer appeal, making them high ROI renovations.
Investing in this type of exterior facelift can really pay off when it comes time to sell your home. Enhancing curb appeal is crucial for attracting potential buyers and creating a great first impression, ranking it among the highest ROI renovations.
Home’s Resale Value Remodels TO AVOID:
Swimming Pools
Adding a swimming pool can seem like a great way to increase your home’s value and appeal to buyers. However, pools can actually negatively impact your return on investment (ROI) if not carefully considered, making it a less favorable option among the best home improvements for resale.
The main factors to evaluate are your local climate and real estate trends. In warmer regions where outdoor living is popular year-round, a pool may deliver a positive ROI. But in areas with cooler seasons, pools are used fewer months and may not boost value sufficiently to offset the high installation and maintenance costs, making it a less desirable high ROI renovation.
Analyze recent home sales in your neighborhood to see if pools consistently add value and attract buyers. Check if other homes have pools, and whether they sell for more. In many markets, pools are seen as a maintenance burden and safety risk rather than an asset, indicating they might not be the best home renovations for high ROI.
Also factor in ongoing costs for chemicals, cleaning, repairs, and energy for pumps. These can really add up, making pools expensive luxuries that don’t necessarily translate to higher resale value. Unless pools are the norm and expected in your area, carefully weigh the costs versus any potential boost to your home’s worth, as they may not align with the highest ROI renovations.
High-end Appliances
When remodelling a kitchen, homeowners may feel tempted to splurge on high-end appliances like a pro-style range or refrigerator. However, choosing the most expensive, top-of-the-line appliances may not yield the best return on investment when it comes to resale value, making a minor kitchen remodel a smarter choice.
Remodelling experts suggest that homeowners typically recoup about 50-80% of the cost of any kitchen remodel. With high-end appliances costing $10,000 or more, homeowners likely won’t recoup that money if they sell soon after the remodel, emphasizing the importance of focusing on the best return on investment for home renovations.
Instead, homeowners should aim for mid-range, energy-efficient appliances from reputable brands like GE, Whirlpool, and Bosch. This approach allows them to get excellent quality and features without overspending. Stainless steel finishes are currently popular and can give kitchens an updated look, making them a wise choice in a minor kitchen remodel for the best return on investment.
Homeowners should allocate their budget where it matters most – on the cabinets, countertops, flooring, and layout. These elements make the biggest impression on potential buyers. Then, they can balance the rest of the appliances and fixtures based on their needs and style while keeping resale value in mind, ensuring their kitchen renovation ranks among the best home improvements for resale.
Niche Spaces Don’t Appeal to Most Buyers
Niche spaces like wine cellars, home theaters, and hobby rooms often don’t provide the best return on investment home renovations when it comes to home resale value. While you may cherish having a special space tailored to your specific interests, most home buyers are looking for properties with broad appeal. Spaces that cater exclusively to very particular hobbies or collections can limit the number of potential buyers, making them less than ideal for those seeking high ROI renovations.
Before diving into niche hobby spaces, prioritize renovating areas of your home that offer the widest appeal. Upgraded kitchens or bathrooms are among the best home renovations, appealing to nearly any home buyer and providing a high return on investment. In contrast, a wine cellar may only attract a very small subset of buyers. Unless you’re planning to stay in your home for many more years, it’s wise to focus first on renovations that have proven to be the best home improvements for resale.
Outdoor Kitchens
Outdoor kitchens can significantly boost a home’s resale value, but their success depends on the climate and execution. These high ROI renovations are perfect examples of how best home improvements for resale need to be tailored to both the property and its location.
In warmer locales, an outdoor kitchen enhances living and entertaining space, potentially offering the highest ROI renovations by appealing to buyers who love hosting or dining al fresco. This upgrade can be a key selling point, making it one of the best home renovations for those in suitable climates.
However, the value added by an outdoor kitchen varies significantly with the climate. In areas with shorter outdoor seasons, the cost may not be justified by the added value, making it a less attractive option for those seeking the best home improvements for resale.
Moreover, a poorly executed outdoor kitchen, especially DIY projects lacking professional quality, can negatively impact a home’s appeal. For the best return on investment home renovations, hiring a professional contractor for a well-designed outdoor space is crucial.
When done correctly in the right climate, outdoor kitchens rank among the best home renovations for resale, offering an excellent return on investment. However, they require a thoughtful approach, balancing personal enjoyment with the preferences of the local housing market to ensure they are indeed high ROI renovations.
Custom Garage
While customizing a garage might seem appealing, it’s important to recognize that this particular renovation typically yields a low ROI. Potential buyers may not be attracted to garages customized for specific purposes, such as a home gym or entertainment area, especially if they have different needs or preferences for the space.
Real estate market trends often indicate that buyers prioritize functional and versatile spaces over highly customized ones. Extensive customization for a specific use may limit a garage’s appeal to a broader range of potential buyers. Considering the potential ROI of such a project is essential, as it can help homeowners make more informed decisions about where to allocate their resources for the best return.
Conclusion
In conclusion, if you want to increase your home’s resale value, strategic renovations can make a significant impact. This article has highlighted the top 5 remodels that can maximize your home’s value, including kitchen remodels, bathroom remodels, adding square footage, and replacing windows. These renovations have proven to attract potential buyers and fetch higher offers.
However, it’s important to focus on key elements and create functional, livable spaces to ensure the highest return on investment. By following expert advice and considering factors like functionality, style, and energy efficiency, you can transform your home into a hot commodity that stands out in the market. So, whether you’re a DIY enthusiast or prefer to hire a professional, don’t hesitate to embark on these impactful and profitable home improvements.
Ready to turn your home into a high-value, sought-after property? Let Accent Renovations be your trusted partner in achieving impactful and profitable home improvements. Contact us today to discuss your renovation goals and let our expert team guide you through the process with innovative, personalized, and eco-friendly solutions. Your dream home is just a call away!