If you are planning to sell your home in the near future, you might be wondering what kind of home improvements can boost your resale value. After all, you want to get the best return on your investment and attract more potential buyers. But not all home improvements are created equal. Some projects can cost a lot of money and time, but have little impact on your home’s value. Others can make a big difference in how your home looks and feels, and how much it sells for.
In this blog post, we will share with you the top seven home improvements that can increase your resale value, based on the latest data from the 2023 Cost vs. Value report. These are the projects that have the highest return on investment (ROI), meaning that they can recoup most or all of their costs when you sell your home. We will also give you some tips on how to choose the right projects for your home, budget, and market.
1. HVAC Conversion
One of the best home improvements for resale value is converting your fossil-fuel-burning furnace to an electric heat pump, installing new lines and wall units. This project is not only good for the environment, but also for your wallet. According to the report, the average cost of this project is $17,747, but the average resale value is $18,366, resulting in a 103.5% ROI.
Why is this project so popular and profitable? Because more and more buyers are looking for homes that are energy-efficient, eco-friendly, and comfortable. A heat pump can both heat and cool your home, replacing your old furnace and air conditioner. It can also lower your energy bills and reduce your carbon footprint. Plus, it can improve your indoor air quality and comfort, as you can adjust the temperature and humidity of each room separately.
If you want to make your home more attractive to buyers who care about sustainability and savings, this is the project for you.
2. Garage Door Replacement
Another home improvement that can increase your resale value is replacing your old garage door with a new one. This project can enhance your curb appeal, which is the first impression that buyers get of your home. A new garage door can also improve your home’s security and functionality, as you can add features like windows, smart controls, and insulation.
The report shows that the average cost of replacing a 16-by-seven-foot garage door with a four-section door with heavy-duty galvanized steel tracks is $4,302, but the average resale value is $4,418, resulting in a 102.7% ROI.
When choosing a new garage door, you should consider the style, material, color, and features that match your home and your needs. You should also look for a garage door that is durable, low-maintenance, and energy-efficient.
3. Stone Veneers
Adding a veneer of stone to your siding or walls can dramatically change the appearance of your home, making it more elegant and modern. Stone veneers can also increase your home’s durability and resistance to weather, insects, and fire. They can be applied to various parts of your home, such as the front facade, the fireplace, the kitchen backsplash, or the accent wall.
The report estimates that the average cost of adding a stone veneer to the bottom third of your home’s street-facing facade is $10,386, but the average resale value is $10,011, resulting in a 96.4% ROI.
There are many types of stone veneers to choose from, such as natural stone, manufactured stone, or faux stone. You should pick the one that suits your budget, taste, and home’s architecture. You should also hire a professional contractor to install the stone veneers properly and safely.
4. Attic Insulation
Insulating your attic is one of the most cost-effective home improvements that you can do. It can save you money on your heating and cooling bills, as well as make your home more comfortable and healthy. It can also prevent problems like ice dams, mold, and pests.
The report reveals that the average cost of insulating a 35-by-30-foot attic with fiberglass is $1,769, but the average resale value is $1,638, resulting in a 92.6% ROI.
When insulating your attic, you should make sure that you cover all the gaps and cracks, and seal any air leaks. You should also choose the right type and amount of insulation for your climate and attic size. You can use a tool like the Home Energy Saver to calculate how much insulation you need and how much you can save.
5. New Front Door
Replacing your old front door with a new one can also boost your resale value and curb appeal. A new front door can make your home more inviting, secure, and energy-efficient. You can also customize your front door with different styles, colors, materials, and hardware.
The report indicates that the average cost of replacing a 36-by-80-inch entry door with a 20-gauge steel door with dual-pane half-glass panel, jambs, and an aluminum threshold with composite stop is $1,881, but the average resale value is $1,566, resulting in a 83.3% ROI.
When choosing a new front door, you should consider the durability, maintenance, and insulation of the door. You should also look for a door that matches your home’s style and personality.
6. Bathroom Remodel
Remodeling your bathroom can also increase your resale value and your enjoyment of your home. A bathroom remodel can improve your home’s functionality, aesthetics, and hygiene. You can update your bathroom with new fixtures, faucets, tiles, lighting, and accessories.
The report states that the average cost of remodeling a 5-by-7-foot bathroom with a new tub, toilet, vanity, sink, faucet, medicine cabinet, ceramic tile floor, and vinyl wallpaper is $24,424, but the average resale value is $18,206, resulting in a 74.6% ROI.
When remodeling your bathroom, you should focus on the features that matter the most to you and your potential buyers. You should also use quality materials and products that are water-efficient, easy to clean, and durable.
7. Kitchen Remodel
Last but not least, remodeling your kitchen can also increase your resale value and your satisfaction with your home. A kitchen remodel can enhance your home’s usability, style, and value. You can upgrade your kitchen with new cabinets, countertops, appliances, flooring, and lighting.
The report estimates that the average cost of remodeling a 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, a midrange sink and faucet, an energy-efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting is $75,571, but the average resale value is $52,252, resulting in a 69.1% ROI.
When remodeling your kitchen, you should plan your layout, design, and budget carefully. You should also choose the materials, colors, and styles that suit your taste and your home’s character.
These are the best home improvements for resale value, according to the latest data from the 2023 Cost vs. Value report. However, you should keep in mind that the actual ROI of any home improvement project depends on many factors, such as your home’s condition, location, market, and timing. Therefore, you should do your research, consult with a real estate agent, and hire a reputable contractor before you start any project.
We hope this blog post has given you some ideas and inspiration for your next home improvement project. If you have any questions or comments, please feel free to leave them below. And don’t forget to share this post with your friends and family who might be interested in increasing their home’s resale value.