Renovating your home isn’t all about making it look prettier and more impressive. While aesthetics are a huge driving force in remodeling a house, assessing how your project increases your home’s value is just as important. That way, you can make the necessary improvements to make your home more beautiful and modern, while boosting its overall value.
Whether you’re looking to sell your home for a hefty profit or planning to live in it for years, there are plenty of renovations you can work on to skyrocket your home’s value. Check out these six home projects that can boost your house’s appeal while offering solid returns.
Upgrading Your HVAC System
An outdated heating and cooling system in your home can lead to ridiculously high electric bills and an uncomfortable home, no matter the season. When you upgrade your HVAC system, you can get one that’s more effective and cost-efficient, helping you save a ton on utility bills while keeping your home cozy year-round. It also makes for a huge selling point if you were to sell your home, since it keeps your house comfortable and lowers costs for buyers.
Replace your old air conditioner with newer, more energy-efficient models, and switch out your old furnaces with heat pumps that use less energy. While you’re at it, you should also consider upgrading your electric panel to increase its energy capacity to ensure everything works smoothly.
Remodeling the Kitchen
Homemakers spend hours on end every day in the kitchen. For that reason, having a culinary space that is functional and beautiful is extremely important. Kitchen ROI tends to be among the highest of any home remodeling project, so you should seriously consider it if you want to boost your home’s value.
A major kitchen renovation in an upscale home can give you an ROI of around 31.7%. Invest as much as you can when you remodel your space, whether by upgrading your countertops to marble, upgrading to stainless steel appliances in the latest, most energy-efficient models, or getting more storage space with additional cabinetry.
Bathroom Renovations
Another type of home renovation that has fabulous returns is a bathroom remodel. Trade in those basic, outdated fixtures and cramped layouts for something more appealing and relaxing. Experiment with modern lighting and new, luxurious tiles on the floors and walls for a spa-like feel that buyers will absolutely love.
As for the fixtures, look for modern replacements that can help conserve water, such as smart toilets and bathtubs with water-saving features. This is an excellent use of smart technology in your home that can potentially save you hundreds of dollars a year on water bills.
Breaking Down Walls for an Open Floor Plan
Homes with choppy layouts and too many small, dark, unused rooms can make your entire space feel small and lonely. If you want a bright and open vibe to your home, break down those walls (literally!) and create an open floor plan. Combine spaces like your living room, dining area, and kitchen in one massive space to maximize natural light and create the illusion of a bigger home.
This doesn’t just open up your home and make it spacious and versatile. It also boosts your home’s value because plenty of buyers today are on the lookout for houses with this modern open floor layout. In fact, homes with an open floor plan increase in value by 7.4% every year. It’s a quick, easy, affordable way to change up your home’s overall ambiance while boosting your returns in the long run.
Adding an Outdoor Pool
Outdoor pools will always exude a feeling of opulence and luxury in any home. It’s especially appealing to families with kids who will maximize it to the fullest, especially in the summer. If you want to make your home more desirable and marketable to these buyers, installing an in-ground pool in your backyard is a terrific idea. Doing this can boost your home’s value by around 7%.
You don’t have to stop at a basic pool; invest in landscaping around the area, a fence for extra safety, a diving board for more entertainment, and built-in lighting to improve the pool’s ambiance at night. The more you enhance the pool area with cool features, the greater the appeal it will have to buyers.
Converting Unused Space Into Something Useful
Unused spaces like basements and attics do nothing other than collect dust and store items you don’t even remember you own. Consider turning this wasted square footage into something more appealing and useful, which can increase your home’s appraised value.
Turn these areas into an office space or spare bedroom by upgrading their walls and floors, improving their insulation, and furnishing them with modern and inviting pieces and accents. The more livable space you have in your home, the higher its value becomes.
Endnote
While your home is a sanctuary and an incredibly personal space for you and your family, you can’t forget that it’s also a financial asset. It would be smart and strategic to boost its value over time so it can deliver excellent returns over the years. If you want your property to work hard for you and give you long-term success in the real estate world, consider our renovation suggestions above and spruce up your home.
