Home values increased by nearly 17% last year, the biggest increase ever recorded. It might seem like a great time to sell your home to take advantage of the price jump.
Home values aren’t that stable. They can fall just as quickly as they rose. The market will adjust once more homes come on the market and interest rates go up.
You can’t control the market, but you can control your home’s value. There are home improvements that deliver a great return on investment.
Which ones are the best home improvements to make in your home?
Don’t get too stressed. You’ll be surprised to learn that you don’t have to have a months-long renovation to increase the value of your home.
Read on to find out what the top projects are that deliver home improvement ROI.
Value For Money: 9 Of The Best Home Improvements In 2022
1. Make Your Home Smart
Smart homes are popular with buyers. These are homes with appliances and devices connected to your home network.
People love the convenience of smart appliances and they love using the latest technology. From a home value standpoint, smart appliances deliver.
Remember that it’s appraisers that ultimately decide the true market value of your home. They look at updates and adjustments made to the home in the time you’ve owned it.
They’ll note that your home has the latest technology and compare that with homes in your area that don’t have smart appliances. Your home’s value will come out ahead.
2. Add New Windows
Windows add a new aesthetic and efficiency to the home. Both add value to your home, especially when energy bills are a major concern for homebuyers.
Homeowners tend to put off this home improvement project because of the cost. They don’t realize they’ll immediately benefit from lower energy bills.
The home improvement ROI of new windows is generally 70%, so your home value will increase by 70% of the cost of the project.
3. Update the Bathrooms
Homebuyers consider the bathrooms just as much as the kitchen. If you want to make this home improvement project work, you need to know what buyers want in a bathroom.
They want plenty of storage, updated faucets, and the size of the bathroom. Even if your bathroom is small, you can make updates to make it seem bigger.
More light and adding fixtures around the mirror will help the room seem bigger.
4. Replace the Garage Door
Garage doors improve the security, convenience, and curb appeal of the home. This is one of the home improvements that give you the biggest return on investment.
You can see a home improvement ROI between 85% and 95%.
The latest garage doors have greater energy efficiency and security standards. This is a big selling point to buyers.
5. Bring Out the Hardwood Floors
Do you have hardwood floors buried under the carpet? It’s time to let them shine.
Homebuyers love hardwood floors. Most real estate agents recommend wood floors to sellers updating their floors.
They deliver the highest home improvement ROI out of all flooring choices. You’ll see a return between 70% and 80%.
If you’re in a humid climate, hardwood floors might not be the best option. The humidity can easily warp wood floors and cause other types of damage.
Tile or marble floors would be the better option. You’ll still see a return of about 70%.
6. Install Solar Panels
Energy costs continue to remain a topic of conversation. They soared 29% in 2021 compared to 2020.
The best way to combat energy costs is to generate your own power. A solar panel installation is the best way to do that.
They also add value to your home. Buyers know that they’ll end up paying less in energy costs, so they’re willing to spend more on the home.
You could see tax benefits and get rebates from the solar installation. Talk to a residential solar provider in your area to see if solar is a good way to go.
7. Add More Space
Homes values get compared and priced according to square footage. An appraiser or real estate agent might look at a comparable home and note that its sales price was $180 per square foot.
If your home has 1500 square feet of livable space, your home would be valued at about $270,000.
Let’s say you convert the basement or garage into 500 square feet of livable space. Your home’s value could jump to $360,000.
That’s just by adding more livable space.
8. Outdoor Entertaining Space
COVID-19 made outdoor living spaces more important than ever. Most people use the space for relaxing and socializing.
Power washing and re-staining your deck could make a huge difference to buyers. You can also install patio pavers.
This is a home improvement project that you can take too far with little return. Installing an outdoor kitchen isn’t necessary and won’t deliver a return.
You just want to create a warm and welcoming space.
9. Minor Curb Appeal Improvements
Curb appeal is the first thing that buyers see as they drive up to the home. It can make someone offer more than asking, or it can make them drive away.
Minor improvements generate a big return on investment. A few home improvement ideas are to repaint the front door, plant flowers, and add stone around the entryway.
The Best Home Improvements for Your Money
If you’re going to go through a home improvement project, you might as well pick one that adds value to your home.
You just learned some of the best home improvements that deliver a high return on investment. They range from minor repainting projects to larger renovations.
Whatever you decide to do for your home, do it for the continued enjoyment of the home and for the resale value.
Check out the blog for more amazing home improvement and design ideas.