The real estate world has changed at a greater rate than perhaps any other industry in the last two years. Millions of homeowners have become far more aware of what makes their house unique, what it boasts, and the areas that it could improve upon. For those very reasons, home renovation projects have multiplied recently with the desire to get the most out of one’s home and to maximize its value.
Key Takeaways
- Not all home improvements have a positive ROI
- New improvements to your home shows that your home is well taken care of
- Home buyers love energy-efficient features when looking at homes for sale
Whether looking to stay in your home for the long haul or prepare it to get top dollar on the open market, knowing exactly what home renovations and home maintenance items you can have completed that will provide the most value is an absolute must. Renovations that have mass appeal to the most amount of people are more than likely the better way to go than a very niche type of project that will exclude dozens who may have put in an offer on your home otherwise.
Best ROI Home Improvements
It is important to note that many home improvement projects do not recoup even half of the cost that went into completing the project. The average cost recouped as of 2021 was around 60%, which was a decrease from the previous two years. Still, it’s important to continue investing in your home if you have the desire and the ability to do so. Real estate has performed very well in terms of its value over the course of the pandemic, and that trend looks to continue throughout 2022.
Taking a look across the entire home renovation landscape, there are numerous projects that are not only feasible but can increase the home value significantly. The budget required to perform these projects varies according to numerous factors, but there are generally options for just about any homebuyer. After doing extensive research and compiling a list of the most desired and value-adding home renovation options, here’s what most experts agree are the renovations you should be focusing on.
List of Top Home Improvements 2022
Different people like different things, and whether your eye is on increasing the size of your home and adding square footage or improving curb appeal, a home renovation project can look drastically different from homeowner to homeowner. Here is a list of several different renovations that can appeal to just about anyone that all do a little something different for the home and property.
1. Finish that Basement
It’s no secret that people love a finished basement or bonus space. Unfinished basements can provide valuable storage space, but ultimately leave a lot to be desired. Finishing a basement can add hundreds of additional square feet to your home and increase your rate of return up to 75%. Although the cost of doing this can add up quickly, if you’re looking at the benefits, they often far outweigh the cost. Some unfinished basements are already plumbed (roughed-in) for an additional bathroom If this is the case for your home this home improvement can bring in even more value.
2. Replace that Garage Door
A garage door may be the first thing that someone notices when they pass by your home. Have you taken a critical look at yours lately? Replacing an old or dilapidated door can enhance your home's exterior aesthetic and give your entire house a much-needed facelift. The expected return on investment when replacing a garage door is estimated to be over 130%.
3. Build that Deck or Patio
Maybe you never wanted one, or always wanted one but never got around to having it built. Either way, if your home would do well to add one of these highly desired features, you’re looking at a slam dunk regarding your home's resale value. Now that the price of lumber seems to have leveled off and is coming back down. Building a new deck may be more affordable than last year. A typical patio or deck can be built for between $4,000 and $10,000, while adding an average of $7,000 in resale value.
4. Replace that Carpet or Update Your Hardwood
One of the first things that people will take note of when walking into your home is the state of your floors. Whether you’ve got a carpet that’s seen cleaner days, or hardwood that needs some serious reworking, you may want to think about switching things up a bit. Whether you want to simply clean or completely replace the type of floor in your home is up to you but having a refined look that tells visitors that your home is well taken care of can make a world of difference. There are countless options that won’t break the bank, either.
5. Embrace Efficiency
New appliances, windows, and even the type of lightbulbs you use can all make a world of difference when you pay that energy bill each month. Many home buyers cite energy-efficient features as an absolute must for a home and if you don’t want to miss out on receiving a sizeable chunk of foot traffic when putting your home on the market, it could be well worth the cost when it comes down to the offers you field.
Bottom Line
Realistically, there are countless ways you can add value to your home, whether you’re thinking of listing it and moving on, or keeping it as your main residence for several years. Either way, it’s important to take a critical look around your home and property and determine the aspects that could really up the value of your home. If you are unsure of where to begin, speaking with a professional who is keenly aware of what home buyers are looking for and able to assess what types of upgrades and renovations would best benefit you and your home could be exactly what you need.
Posted by Nathan Garrett on
Leave A Comment