Several areas of your private home could indeed boost the market value when attempting to sell when you're ready. Look over several of the options below. Also, do your due diligence when seeking contractors to accomplish your home improvements.
Kitchen renovation: The kitchen is often the heart of home, where people congregate and spend time. If you can handle some temporary disruption, updating elements like cabinets, countertops, the sink, appliances, and lighting could significantly enhance your home’s value. According to a 2022 Remodeling Magazine report, minor kitchen remodels have one of the highest returns on investment of the 22 remodeling projects they studied. An average kitchen remodel cost of $28,279 increased a home’s value by $20,125, an ROI of over 71%. Here are some helpful tips from Better Homes & Gardens.
Bathroom renovation: Your bathroom, or even powder room, is sure to catch attention during an open house. Replacing the sink, bathtub, and shower, and adding a tile floor, is a smart move. Upgrading the lighting will also improve the space’s overall appeal. Consider these recommendations from Forbes Home.
Flooring: Replacing outdated flooring with new hardwood or tile is a reliable way to enhance your home’s appeal. New carpeting may be an attractive option due to its lower cost compared to other flooring types, but it will likely have a shorter lifespan. Get started with this overview from HomeLight.
Energy-efficient upgrades: Installing energy-efficient windows, insulation, and a state-of-the-art HVAC system will make your home more comfortable in summer and winter, and could save you money on your monthly energy bill. Plus, these are the kinds of improvements that make your home more valuable to every buyer.
Additionally, in regions prone to high winds or hurricanes, installing impact-resistant windows and doors can be a smart investment. Not only do they protect your home, but they also offer a strong return on investment—one study shows homeowners can recoup up to 85% of the cost of windows upon resale—while potentially lowering insurance premiums due to the added protection.
Outdoor enhancements: Enhancing your outdoor living space with a deck or patio, complete with an outdoor kitchen or fire pit, can expand the livable area of your home. For a detailed cost breakdown, check out this guide from Angi. Replacing your front door, exterior siding, and garage door could also be a good investment.
If you live in a southern U.S. region, adding a swimming pool can also increase your home's value. Inground pools could boost home value by roughly 5-8% on average and are financeable.
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