Kitchen remodels
Renovating or upgrading your kitchen not only tends to have a high rate of cost recovery but also brings about high satisfaction levels. According to Roman Smolevskiy, owner of A+ Construction & Remodeling, he witnessed a significant increase in the market value of a home after incorporating energy-efficient appliances, modernized countertops, revamped cabinets, and a more open layout in a remodel project. This reaffirms the notion that investing in the kitchen, typically considered the heart of a home, can recoup between 60% and 80% of the cost.
The National Association of Realtors (NAR) 2022 Remodeling Impact Report supports Smolevskiy's estimate, stating that complete kitchen renovations have a 75% estimated cost recovery. Moreover, this type of project earned an impressive 9.8/10 "Joy Score" in the report, indicating the high level of happiness experienced by homeowners as a result of the renovation.
Energy-efficient upgrades
Implementing energy-efficient upgrades can have a dual benefit for homeowners: increasing the value of their home and reducing monthly energy costs. According to Eric Bramlett, a realtor and owner of Bramlett Residential, energy efficiency may not seem like an exciting feature, but it holds significant potential. Taking actions such as sealing cracks, ensuring proper insulation, and installing Energy Star-rated windows can lead to substantial savings and attract the growing segment of eco-conscious buyers.
As an illustration, the 2023 Cost Vs. Value Report by Remodeling revealed that an HVAC conversion/electrification project boasted an impressive cost recovery rate of 103.5%. This highlights the financial advantage homeowners can gain from embracing energy-efficient improvements.
Bathroom remodel/addition
Bathroom remodels have proven to be effective in boosting home value, whether it's a complete renovation or smaller changes like updating fixtures or applying fresh caulk.
Roman Smolevskiy, owner of A+ Construction & Remodeling, and his team have observed that tastefully remodeled bathrooms or strategically added ones can yield an appealing return on investment. In one notable project, they transformed a dated bathroom by incorporating energy-efficient fixtures, a walk-in shower, and a double sink vanity. The result was a significant increase in the home's value, with an estimated cost recoupment of approximately 70%.
Add usable living space
Embarking on a sizable project to add more functional living space to your home can prove to be a worthwhile investment. According to Smolevskiy, whether it's a basement conversion, attic transformation, or deck addition, expanding usable space is a guaranteed method to boost your home's value. The National Association of Realtors (NAR) report found that converting a basement into a living area resulted in an 86% cost recovery, while attic conversions offered a 75% recovery.
If you're focusing on enhancing your outdoor space, Remodeling reported a 50% cost recovery for new wood decks and a 39.8% recoup of costs for composite decks. Ryan Fitzgerald, a realtor and owner of Raleigh Realty, emphasizes that whether you choose wood or composite, a well-crafted deck provides an irresistible extension of indoor living space to the outdoors. It serves as a drawcard for buyers who appreciate the idea of a relaxed, open-air lifestyle.
