Home Improvements to Increase Your Property’s Value.
A recent study found that homeowners recoup up to 106% of renovation costs at resale. This shows making smart upgrades can really pay off. Knowing what improvements bump up your home’s value is key.
Today, in 2023, our homes mean more to us than ever. They’re not just where we live but also our workplaces and schools.
Key Takeaways
- Certain home improvements can significantly boost your property’s resale value.
- Upgrading your home’s energy efficiency, curb appeal, and outdoor living space are among the top value-adding projects.
- Maximizing your home’s square footage and open floor plan can also pay dividends.
- Cost-effective, high-return renovations like garage door and entry door replacements offer attractive returns.
- Being up-to-date with the latest home renovation trends creates an impact on the value of homeowners.
2023 Home Renovation Trend Overview
The housing market is always changing, and it’s key for homeowners to know the newest trends. Following trends can make a great difference. We’ll explore the big ideas that will matter for home improvements in 2023.
Total Spending on Home Remodeling Projects
In 2023, Americans may spend up to 5 billion on fixing up their homes. This huge number shows how much people care about making their homes nicer. It also shows the value of certain upgrades.
Impact of Inflation and Interest Rates
Rising costs and interest rates are making it harder to improve homes. But, homeowners are still working to make their homes better. This is because improving a home can often increase its value.
Average Cost Recouped on Remodeling Projects
The 2023 Cost vs. Value Report says that, on average, homeowners earn back 67.2% of what they spend on projects. These findings show that making your home better is a smart choice.
Analyse Decrease in Home Renovation Spending
Even though more money will be spent on home remodeling this year, the next year might see less spending. Experts predict a dip in renovation budgets. This shows how important it is to choose upgrades carefully. Focus on ones that are smart and cost-effective.
Increase in Homeowner Equity
The good news is homeowners are gaining more equity in their homes. The average is now 0,000. This higher equity gives people great chances to increase their home’s value. It’s a positive step for those investing in their homes.
Upgrades that Add Physical Square Footage or Make the Home Feel More Spacious
In today’s market, buyers look for ways to make their homes feel bigger and more useful. They like home value improvements that do this like adding a home office, finishing a basement, and opening up the floor plan. These enhancements give a home a more open and airy vibe.
Convert or Build a Home Office
Work-from-home numbers have shot up 159% since 2009, per Global Workplace Analytics. Surveys note more interest in a home office than in move-in ready homes or square footage. Some buyers even seek houses with multiple offices, showing an interest in home improvement value.
Finish Your Basement
Finishing the basement is a key project for increasing home value. It transforms dark, unused areas into spaces that boost a home’s worth. This value-boosting home project is favored by many for enhancing the property’s overall value.
Open Up the Floor Plan
By taking down walls and opening up the floor plan, you can make a home seem bigger and more inviting. This strategy is a top choice for enhancing a home’s appeal. It not only makes the space feel modern but also increases the cost-effective home improvements.
Choosing the Right Home Improvement Company.
Choosing the right home improvement company is vital in creating great value. It comprises various businesses that aim to help people change their living spaces. These companies do everything from small fixes to big makeovers, making homes more comfortable, efficient, and safe.
When discussing home improvement, we mean making a house better or different. This could be fixing up inside areas like the electrical wiring. Or, it might be changing the outside, doing things like putting in new siding. People do these projects for many reasons. Some want a new look. Others need more room. And some wish to save energy or make their home safer. I want to add one thing more: several other home improvements can devalue your home. I would request you to please read our blog on What Home Improvements Devalue Your House?
Upgrades that Enhance Your Home’s Curb Appeal
Curb appeal is what draws buyers to your home’s front. Attractive landscaping shows you care for your property. A 2022 HomeLight survey found that buyers will pay 7% more for homes with great curb appeal over those with a poor first impression.
Upgrading your home’s curb appeal can be a smart way to add value without breaking the bank. By making value-adding upgrades and improvements, you increase your home’s worth.
| Upgrade | Average Cost | Resale Value | ROI |
|---|---|---|---|
| Landscaping | $3,000 – $15,000 | $1,000 – $5,000 | 33% – 100% |
| New Garage Door | $1,200 | $2,797 | 133% |
| Exterior Paint | $2,000 – $4,000 | $1,000 – $2,000 | 50% – 100% |
| Entry Door Replacement | $1,000 – $2,000 | $800 – $1,800 | 65% – 91% |
Invest in valuable home upgrades for a higher selling price and bigger earnings. Focus on increasing your home’s value through resale home improvements and value-adding renovations. This approach will significantly enhance your home’s value.
Add Stone Veneer to the Front of Your House
Adding stone veneer to your home’s front can smartly enhance its look and increase its value. The 2023 Cost vs. Value Report from Remodeling magazine shows that this upgrade is worth it. It says that replacing a part of the siding with stone veneer can return more than 100% of the cost at resale.
Stone veneer improves your home in many ways. It makes your house look better and can increase its value significantly. People looking to buy a home find these features very appealing.
This upgrade can make your home stand out and sell for more. It’s all about smart investing in your home’s appearance and function.
| Project | Average Cost | Average Resale Value | Cost Recouped |
|---|---|---|---|
| 300 sq. ft. of stone veneer | $10,925 | $11,188 | 102.3% |
Stone veneer boosts not just your home’s look, but its value too. Especially for those who want to increase their home’s value and appeal for when they sell.
Get a Door of Steel
Some might not think much about their entry door when improving home value. But, studies show that changing to a steel entry door could bring a big return at resale. It’s because metal doors help save energy, need little upkeep, and keep the cold out.
This kind of upgrade is just what smart buyers look for. They want to spend smartly on things that will increase their new home’s value.
Choosing a top-quality steel entry door is a great home renovation. It improves your home’s value and impresses potential buyers. This is a wise move in the real estate market today.
Replace Your Garage Door
A new garage door can greatly improve your home value. ​According to HomeLight, a top agent’s research shows a new garage door costs ,200 on average. But, it adds around ,797 to the resale value for a 133% return. For a great choice, consider the best-selling Clopay Classic Collection at 8.
Update Your Mailbox and House Numbers
Increasing your home’s curb appeal is key to raising its value and catching buyers’ eyes. A new mailbox and house numbers are simple ways to enhance this. Choose a modern mailbox and visible house numbers for a strong first impression.
Touch Up or Re-do Your Exterior Paint
Painting your home’s exterior can refresh its look and boost its resale value. You might just need to touch up the paint. Or, you might choose to repaint the whole outside.
Add a Parking Spot
In some areas, a dedicated parking spot is a top feature for buyers. You can add a parking spot, carport, or garage. This can significantly increase your home’s real estate value and attract more interest.
Upgrades that Enhance Outdoor Living
Our homes can become more valuable with the right upgrades. Outdoor spaces are key. Adding a deck or patio to your backyard creates an extra area for dining, hosting, or just chilling out. A deck alone can boost your home’s resale value by over ,000, a valuable addition.
Add a Deck or Patio
Building a deck or patio could cost between ,000 and ,000. The final price depends on its size and the materials you choose. But, it’s a wise move financially. You might get back 65% to 90% of what you spend when you sell your home.
Outdoor spaces not only improve how you enjoy your home but also its look. A deck or patio makes your property more attractive to buyers. It’s like adding extra, beautiful space to your home. So, these additions are great for increasing your home’s value.
FAQ
What is the current trend for home renovation spending in 2023?
In 2023, the US might spend 5 billion on home remodeling. This is what Harvard researchers estimate.
How has the shift to remote work impacted home buyer preferences?
Surveys show that a home office is more important now. Some are even looking for houses with more than one office.
How important is curb appeal in increasing home value?
Curb appeal matters a lot. It draws in buyers right away. In 2022, it was found that buyers will pay more for homes that look good outside.
Curb appeal matters a lot. It draws in buyers right away. In 2022, it was found that buyers will pay more for homes that look good outside.
What is the return on investment for replacing siding with stone veneer?
Replacing vinyl siding with stone leads to a high payback. Depending on the area, it can even earn you more than you spent when selling.
What are the benefits of replacing an entry door with a steel door?
Changing the front door to a steel one can bring good returns. It will make the home energy efficient and reduce maintenance needs.
What is the average return on investment for a new garage door?
Getting a new garage door usually pays off well. It adds more to the resale value than its cost.
How much value does a backyard deck add on average?
On average, a deck adds over $7,000 at resale. The cost to build one can range between $15,000 to $30,000.
