Best Home Improvements to Increase Value

Best Home Improvements to Increase Value

  • Karine Sewart
  • 05/3/23
If there’s one thing that all homeowners would ideally do, it’s taking steps to increase their property’s value. Whether you’re starting out on a renovation project or tackling something on a smaller scale, it’s easier than you might think to improve the return on investment (or ROI) for your property. The benefit of starting these kinds of projects is even more critical for those with luxury homes, as you can create a space that will impress even the most discerning of buyers.

The health of the real estate market varies widely from year to year (as we saw all too clearly in the wake of COVID-19). But starting your own home improvement project today can go a long way toward increasing its value when it comes time to sell. Below, we’ll list all the best home improvements to increase value.

Create space for an at-home workspace

More and more Americans are choosing to work at home. Whether this is a consequence of the post-2020 change in workspaces or due to other factors, the fact remains true. According to the National Association of Home Builders, 63% of today’s buyers state that a home office is among their top priorities.

The good news is that it’s relatively easy to clear a room in your existing home and build a high-quality, comfortable home office with the space you already have. One easy way is to build out a walk-in closet to have enough room for a desk and chair. On the more expensive side, you might consider building an outbuilding or accessory dwelling unit (ADU) and outfitting it from top to bottom with all the utilities that a high-end office needs. Adding a home office is a great way to make your property more marketable and appealing to your buyers.

Create an open floor plan

The craze for open floor plans has never been stronger, as we can see on televised home improvement shows and any high-end luxury real estate open houses. While it’s not possible to make adjustments to all homes to meet this trend (for example, in older traditional homes), many homeowners can take steps to open up their ground floor.

An open floor plan allows more light into living spaces and creates sight lines that encourage people in separate rooms to connect. Before setting out on a project to renovate an open floor plan, contact a registered contractor. You want to avoid removing load-bearing walls, and you should always perform these projects under professional guidance.

Boost the curb appeal

One of your home’s greatest resources is the impact it makes on the surrounding neighborhood. What’s more, an enhanced curb appeal can go a long way toward encouraging buyers to increase their asking price for a home before they’ve even stepped foot through the doors.

But how do you boost curb appeal exactly? It’s easier than you might think. Invest in a full-scale landscaping renovation. Spend time shaping your greenery, repainting the front door, filling any cracks in the pavement, and re-mulching all your trees in the front yard. Just a few simple steps like these can help you to realize massive changes in ROI with relatively low effort.

Consider repainting the exterior

Going along with the conversation about curb appeal, you can boost the value of your property with a simple home improvement project: repainting select areas of the exterior. Many home sellers don’t even need to repaint the home in its entirety. Touching up certain sections of the house, such as the trim, the front door, and any flaking sections that have seen a lot of wear, is a certifiable way to increase ROI. You only get one opportunity to impress potential buyers, so it’s worthwhile to hire professionals to repaint trouble spots on the home's facade before your first open house or visitor comes by.

Add to your exterior spaces

Potential buyers of luxury homes are looking more and more for exceptional exterior landscaping with outdoor spaces and amenities that boost its appeal. This is especially true for families looking for high-end homes, as they value outdoor play areas and space for entertainment. Consider investing in a quality outdoor fireplace or dining area, for example. In the same vein, you can boost the resale value of your home by adding a backyard deck.

Beyond those relatively simple projects, you can boost the value of your home by diving deep and installing a pool in the backyard if you’re up for the expense. While the thought of pool maintenance deters some buyers, others specifically seek out properties with these top-notch amenities.

Install fresh flooring

Finally, we’re heading back indoors to discuss flooring, one area of the home that gets very little attention. While long-time homeowners may take the state of their flooring for granted, new buyers are likely to target quality floors as a considerable bonus over well-worn alternatives.

Many installers can offer full-house flooring for under $2,000, depending on the home's square footage. However, those costs are easy to recoup when you sell because the increased return on investment that floors earn is usually enough to break even on the initial purchase. Search out high-quality materials when planning for a renovation. Bamboo, hardwoods, and even luxury planks of vinyl materials command a high value among new buyers.

Reach out to a local real estate agent for more today

There you have it: a complete insider’s guide to the best home improvements you can make on your home today to increase its value. A few additional tips include painting the interior in neutral tones, swapping out well-used fixtures for new metallic options, and replacing your heating and air conditioning system with a new one that’s outfitted with smart technologies.

If you have any questions or concerns about home improvement, reach out today! The Sewart Group is well-versed in the Wisconsin housing scene, from Cedarburg to Mequon real estate. Contact the Sewart Group today for more information and to get started on your real estate journey.

*Header photo courtesy of Shutterstock

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