How Home Improvement Can Increase Your Home’s Value

Home improvement is a huge industry, which includes the sale of building materials, appliances and decor along with professional services offered by contractors and tradespeople. It is a big part of the economy and has seen excellent growth results in recent years. However, in 2023, it is expected to see a slight decline because of stalled housing sales and mortgage refinancing.

Home improvements can increase the value of a home for a number of reasons. These include adding features and functions that make the home more comfortable to live in, updating worn-out surfaces, increasing energy efficiency, or addressing safety issues. Home improvement projects can also be carried out for aesthetic reasons, such as remodeling bathrooms or kitchens, adding outdoor living spaces or improving the curb appeal of a home.

Regardless of the reason, home improvement projects can be expensive. However, homeowners are finding ways to save on some of these upgrades and still get a good return on their investment. For example, a fresh coat of paint can instantly brighten a dated interior or exterior, and it costs very little to accomplish. Energy-efficient upgrades, like replacing old windows and upgrading heating, ventilation and air conditioning systems (HVAC), can also improve a home’s efficiency and help lower utility bills.

A major renovation that can add a lot of value to your home is adding a master suite. This upgrade is especially popular in newer homes and can be a real selling point for older houses, too. A well-appointed suite, including a bathroom with a walk-in shower and dressing area, can cost upwards of $30,000, but it can be worth the investment.

Another way to boost a home’s value is by adding storage space. This can be accomplished through converting attics, basements and garages into usable rooms or by simply adding closets to bedrooms. Homeowners can also increase their home’s storage capacity by reorganizing existing spaces, putting in additional shelving and using DIY solutions, such as re-grouting tile or painting a room.

While a major home remodel can have a positive impact on a house’s value, it is important to remember that not all upgrades will pay off if you are planning on selling your property in the future. A real estate agent can help you determine which upgrades are best for your situation.

If you are looking for some ideas to upgrade your home, consider the following low-cost, high-value projects: