home improvements with the highest return on investment in today’s market
The world sure looks and feels a lot different in 2023 than it did a couple of years ago, and our homes have been at the center of massive change due to remote work and changing values. 🌎
Outdoor spaces, home offices, and recreation rooms have topped the list of home improvements that buyers are seeking in a home today. So whether you are thinking about selling this year, or in ten years, It's always a good thing to follow updates that will add the most value to your home.
The home improvements with the highest return on investment in today’s market are:
✔️ Convert or add a home office
✔️ Add more square footage by finishing your basement
✔️ Minor (yet highly impactful) kitchen or bath refresh: paint cabinets / replace vanity, add quartz or granite counters, upgrade backsplash or sink, replace appliances, swap lighting and plumbing fixtures
✔️ Refinish floors or replace dated carpet with a luxury vinyl plank or hardwood
✔️ Deck/Patio/Porch Addition
✔️ Thoughtful landscaping and privacy
✔️ Paint a new, neutral color to create a cohesive look throughout the home
✔️ Accent walls — not paint or wallpaper, but custom millwork such as shiplap or board and batten
The best way to gauge what you can expect in terms of resale value on home improvement projects (especially if you’re planning to sell soon) is to talk to a real estate agent — that’s me! I know the local trends and can give you advice on what upgrades would be best for your home.
If you’re thinking about a home renovation project — big or small — I’d love to give you my opinion, whether you are thinking about making a move in the next few years or not: it’s all in understanding your equity position and tapping into that potential.
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