Looking to sell your home but wondering if it's worth renovating before putting it on the market? It's a big decision, considering the cost and effort involved, but have no fear--we've got some exciting news for you. There are specific remodeling projects that can substantially increase your home's value and give you a fantastic return on your investment. According to the 2022 "Remodeling Impact Report" from the NATIONAL ASSOCIATION OF REALTORS®, certain upgrades can add up to a whopping 30% value to your property.
Let's explore these four profitable remodeling projects that will not only spruce up your living space but also make your home irresistible to potential buyers, ensuring a rewarding resale experience.
Four Home Remodeling Projects That Add Value To Your Home
1. Loft / Attic Conversion
Everyone loves a hidden gem, and converting an attic into a new bedroom, sitting area or even a small bathroom can be just what you need to add up to 30% value to your home. According to the 2022 “Remodeling Impact Report” from the NATIONAL ASSOCIATION OF REALTORS®, the national median cost of an attic bedroom remodel is $100,000, and you’ll recover 75% of that cost at resale. But unless you're adding plumbing or using expensive materials and fixtures, to me, that price tag is excessive. I've no doubt that you can create a gorgeous attic living space for +/- $20,000 and STILL recoup 75% at resale.
2. Basement Renovation
No loft in your home? No problem. You can create the same type of spaces in your basement as you can your attic: think extra bedroom or family room.
There are remodeling companies that specialize solely in basement renovations, and can handle everything from simply waterproofing the space to completely refinishing it. You'd be left with a clean slate ready for your decor and design.
According to Punchlist USA, completing a basement renovation typically yields a return of 70 to 75% of your initial investment. This means that if you invest $10,000 in basement improvements, the value of your property is likely to increase by approximately $7,000.
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3. Kitchen or Bathroom Remodel
The two rooms in the home that potential buyers like to see when they first tour a home is the kitchen and the bathroom. An outdated kitchen or bathroom is certain to dissuade the interest of potential buyers as well as lower your home's resale value.
Remodeling the bathroom is a great way to get your feet wet (no pun intended) with home remodeling projects as it's really just a matter of upgrading. Assuming you have a bathroom layout that's adequate, you're spending your remodeling dollars on fixtures, finishes and flooring. And for your efforts you'll see a 56.2% return on your investment.
4. Garage Conversion
Usually a space reserved for cars, a garage can be upgraded into just about anything you want. Most garage conversions come in the form of man caves and workshops. A detached garage, however, has even more potential. A separate office, game room, guest house or gym are awesome options for a a detached garage conversion.
According to Angi, the average cost of a garage conversion into a living space is approximately $15,625. However, the expenses may increase if you opt for high-end materials or require the installation of plumbing and electrical components.
when it comes to maximizing the value of your home, well-planned remodeling projects can make all the difference. Whether it's transforming your attic into a hidden gem, revamping your basement into an inviting living space, upgrading your kitchen or bathroom for added allure, or converting your garage into a versatile extra room, these projects are sure to attract potential buyers and make your property stand out in the market.