Which home renovation projects increase a home's value the most?

Checklist when doing a home extension.

Home improvements can enhance the value of your property, but it's crucial to select the right upgrades to maximize ROI. Nationally, in 2023, renovations that enhance energy efficiency, bring the home to modern standards and increase living space are expected to provide the most significant boost to the home's value.

In 2023, home renovation projects that focus on energy efficiency, modernization, and additional living space will provide the most value nationally.

1. Energy Efficiency: Improving energy efficiency in a home not only helps to reduce energy bills and increase comfort levels, but it also appeals to buyers who are looking for a home that is both energy-efficient and environmentally friendly. Installing energy-efficient windows and doors can reduce heat loss in the winter and heat gain in the summer, leading to lower energy bills and increased comfort. Upgrading insulation can also help to keep the home at a consistent temperature, reducing the need for heating and cooling. Installing a new, energy-efficient HVAC system can also help to reduce energy consumption and lower energy bills. Solar panels can generate electricity for the home, reducing the need to purchase electricity from the grid and reducing the carbon footprint of the home. Adding a green roof can also help to improve energy efficiency by providing insulation and reducing the heat island effect.

2. Modernization: As more people spend time at home, making the home comfortable and updated will be important. Updating the kitchen and bathrooms can increase the functionality and aesthetic appeal of the home, making it more attractive to buyers. Installing new flooring can also improve the look and feel of the home, and adding a fresh coat of paint can give the home a new and updated look. Replacing old fixtures and hardware can also help to modernize the home and make it more attractive to buyers. Adding built-in storage and shelving can also increase the functionality of the home and make it more attractive to buyers.

3. Additional Living Space: As the population continues to grow and more people move to the area, the demand for homes with more living space will continue to increase. Finishing a basement or attic can provide additional living space without taking away from the existing footprint of the home. Adding a second story or a dormer can also provide additional living space without taking away from the existing footprint of the home. Building an extension can also provide additional living space, but it does take away from the existing footprint of the home. Building a detached garage or a backyard studio can also provide additional living space without taking away from the existing footprint of the home, but it does require more space on the property.

It's important to consider your budget, plan and local rules and regulations when starting a home renovation project to ensure that you are getting the most value and complying with the local rules and regulations. It's also important to do a thorough market research and understand the current trends and buyer's preferences in your area. This will help you to make better decisions about which renovation projects to undertake and how to undertake them in order to achieve the best return on investment.