Did you know that spending on home improvement projects could increase to $485 billion in 2023 from $472 billion last year?
While some people renovate their homes because they don’t want to move, others renovate because doing so is cheaper than selling and buying a new home. But not all home improvement projects add the same value.
Are you interested in finding out what renovation projects offer the most bang for the buck?
Keep reading to see seven projects that’ll add value to your property.
1. Interior and Exterior Painting
You might be surprised at how much of a difference a little bit of paint can make. It’s one of the more straightforward home renovation projects. But you can get your money’s worth and more by going this route.
A couple of coats of quality paint can give your residence a new lease on life. It’ll definitely increase the oomph factor as it turns drab into fabulous.
One thing you don’t want to do is underestimate the importance of curb appeal. Do you have paintable surfaces on the exterior of your home? Get some quality paint in a nice color and give the exterior a facelift.
Painting is something you can do yourself to save money. Otherwise, you can hire a handyman or someone you know to paint for you.
When thinking about painting, don’t forget the option of “painting” your garage floor. You won’t use literal paint, however. You’ll use a special coating. If your garage floor could use a makeover, learn about choosing the best floor coating.
2. Kitchen Makeover
Arguably the most essential room in your home is the kitchen. It’s definitely one of the most common home renovation projects.
You can change the flooring, appliances, cabinets, backsplash, island, and other things. Whether you want to go all out and transform the space or tackle a few things to make the kitchen more functional, you can add value to your home.
According to one source, the average kitchen remodel price in 2023 is between $14,549 to $40,425.
It adds that a small kitchen remodel can cost between $10,000 and $15,000 — while an all-out project can set you back $130,000 or more. So, figure out what you want to do, set your budget, and then get at it.
3. Wood Flooring
Do you have old carpeting in your home? Are some of your ceramic floor tiles all chipped and cracked? Has your laminate flooring seen better days?
If so, consider upgrading to wood flooring. Wood flooring can cost $5 to $10 per square foot, and the project can offer an ROI of 70% to 80% and boost the price of your home in a sale by up to 2.5%.
In addition to adding value to your residence, wood flooring will increase the aesthetic appeal and give a more upscale vibe.
If you can’t afford to change the flooring in your entire home, pick areas that make the most sense. You’ll add value to your room either way.
4. Redo Bathroom
You can also add value to your property by remodeling your bathroom. There are many things you can do such as the following:
- Change the bathtub
- Get a new toilet
- Change the vanity
- Change the shower
- Add storage
- Paint the walls
- Get new tiling on the floors and the walls in the shower enclosure
- Update the lighting
A home makeover that includes your bathroom or bathrooms will make your home more functional and aesthetically pleasing. You’ll also see the value of your home increase, which is a plus whether you’ll stay put or sell your home.
5. Patio Cover
One option if you’re considering outdoor home improvements is a patio cover.
If you have a back deck or patio, you can add functionality to your home with a patio cover. A patio cover will ensure you can use your back deck even if the sky opens up and it starts raining cats and dogs.
When you have a patio cover, you won’t have to call off an outdoor party due to the weather. Your back deck will transform into an extension of your home.
Many homeowners wish they had more space to entertain or get some privacy. A patio cover is a cost-effective way to achieve that. Adding an overhead covering will extend the usable square footage of your house.
Have you ever wanted an outdoor den or living room? Add a patio cover, and then get some outdoor furniture to create a great outdoor living space.
By doing so, you can add value to your home. After all, who doesn’t want more space? So, consider adding a patio cover if you’re thinking about home renovations.
6. Light Fixtures
Updating your light fixtures is another home improvement project worth considering. You might be surprised at how much difference you can make by doing so. You can do the entire house or choose certain areas.
You can focus on major rooms like the living room, kitchen, and dining room. You should also consider areas like the entryway and lobby. Look online for ideas before getting started.
7. Energy Efficiency Projects
Are you interested in learning about more home improvement ideas? Pursuing energy efficiency projects can save you money and boost your home’s worth.
For instance, you can upgrade your HVAC unit, fridge, freezer, washer and dryer, and other appliances. Get appliances with the Energy Star rating. That’ll ensure you’re new appliances are exceptionally energy efficient.
You can also upgrade your windows. If you have older, single-pane windows, now’s the time to upgrade to double- or even triple-pane windows. You’ll reduce your utility bills and add value to your home.
These Home Improvement Projects Will Add Value
Are you looking to add value to your home? Consider these seven projects. You’ll be able to increase your residence’s functionality and aesthetic appeal.
Are you ready to check out more content after reading about value-generating home improvement projects? You can find more articles about real estate, home, and travel on our website.
We hope you found this blog post on 7 Home Improvement Projects That Add Value to Your Property useful. Be sure to check out our post on Home Improvement Projects to Make a Home More Valuable for more great tips!
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