The Most Important Home Improvement Projects That Affect Property Value

In today’s real estate market, there are no guarantees for both sellers and buyers. If you’re planning to sell your property in the upcoming year, you must satisfy the market’s demand for beautiful homes with all the necessary amenities. Buyers are getting smarter and pickier, so it’s best to examine your space and consider adding some improvements that will impress your buyers and affect the property value. 

Kitchen remodel

Probably the most cost-effective update to your home you can invest in is a kitchen remodel. The kitchen is the heart of the home, and many homebuyers are looking for modern, spacious, and updated kitchens. According to Cost vs. Value reports, it’s possible to recoup between 60 and 80% of your investment when updating a kitchen. However, make sure to keep your remodel on the smaller side because it’s impossible to get your money back after you invest $80,000 in a kitchen in a $130,000 home. 

Start small with your renovation by replacing fixtures and adding new cabinet hardware. Old light fixtures also need to go, so switch them for energy-efficient and modern options. Instead of replacing the cabinets and islands, a better idea is to equip them with a new finish or color or reface the cabinet boxes with something more modern. These updates won’t break the bank but will definitely bring you amazing returns. 

Bathroom remodel

Did you know that a bathroom remodel can recoup almost all of your investment? According to Cost vs. Value Report, it’s possible to get back over 90% percent of the money you put into your efforts. But just like with the kitchen, take it easy. In case your home is experiencing any issues with plumbing, this should be your priority because your investment won’t pay off. Start with taking care of any block drains by calling relining experts. This investment will ensure all your plumbing is in top condition, and serious buyers will know how to appreciate it. Next, opt for new fixtures, fresh paint, and new grout for that clean and freshly-remodeled look. 

Attic or basement refurbishing

Instead of trying to add square footage to your home, renovate the space you already have. Additions can quickly get out of hand with costs! On the other hand, it doesn’t cost too much to turn your attic into a home office or your basement into a family playroom. Make sure the room you create is versatile, so it can appeal to the largest number of potential buyers. 

Adding a deck

Installing a deck is a worthwhile investment with a high return for many reasons. It adds an extra living area to the house, makes your backyard safer and more practical, and boosts aesthetic appeal. It’s also quite cheap to build, much cheaper than any other addition that increases the square footage of your home. A simple wooden deck will set you back a bit more than $10,000 but you can recoup as much as 106% of the investment! A composite deck will cost more (around $20,000) but you can add 122% of its value to your sale. 

Outdoor cosmetic improvements

When buying a property, first impressions are very valuable, so make sure to enhance your home’s curb appeal. Start small by scrubbing the siding and driveway and repairing the walkways. Your cosmetic improvements don’t need to be expensive in order to work like magic on buyers. For instance, installing a new front door is quick and inexpensive and can greatly improve your home’s curb appeal. This is indeed one of the most cost-effective home improvements for all those who are not ready for a bigger investment. 

It’s also essential to prune your shrubbery and finish the look of your yard with mulch around trees. For a touch of color, pots or flowerbeds with flowering plants will do the job. Similarly to all other improvements on this list, don’t push this one too far as well. It’s nice to have a super impressive backyard garden but it won’t add to your price. 

Energy efficiency improvements

Any home inspector can tell if your home is not insulated well or has doors and windows that leak cold in winter and let in warmth in summer. Your lack of energy efficiency can lead to higher bills for future homeowners, which can deter them from their purchases. Star your energy-efficiency improvement by adding extra insulation to the attic and basement and sealing the cracks in your doors, windows and sockets. By installing energy-efficient windows, you can provide buyers with much better savings than with old single-pane ones. And by equipping your home with Energy Star-rated elements, you can even qualify for a green energy tax credit. Some of these energy-efficiency improvements might not boost your asking price, but if you choose not to invest in them, they can definitely lower it. 

For a successful 2023 home sale, it’s essential to consider at least a few of these improvements to offer to picky buyers. They will raise the value of your property and ensure your house doesn’t stay too long on the market.