Home renovations are a great way to not only improve your living space but also to add value to your property. However, with so many options available, it can be challenging to know which renovations will give you the most return on investment. In this blog, we'll take a look at some of the top home renovations that are expected to have the most return on investment in 2023.
1. Kitchen Renovations
The kitchen is often referred to as the heart of the home, and for good reason. It's where you prepare meals, gather with friends and family, and spend a lot of time. Kitchen renovations can range from small upgrades like new appliances or countertops to a complete overhaul with new cabinets, flooring, and layout. According to the National Association of REALTORS®️, a minor kitchen remodel has an average return on investment of 72.2%, while a major kitchen remodel has an average return on investment of 57.7%.
2. Bathroom Renovations
Bathroom renovations are another great way to add value to your home. A mid-range bathroom remodel, which includes updating fixtures, flooring, and adding a new coat of paint, has an average return on investment of 64.1%. If you're looking for a more significant return, a high-end bathroom remodel with features like a new shower, bathtub, or double vanity can have an average return on investment of 54.7%.
3. Outdoor Living Spaces
With the pandemic leading many people to spend more time at home, outdoor living spaces have become increasingly popular. This includes things like adding a deck or patio, outdoor kitchen, or fire pit. Outdoor living spaces not only provide an enjoyable space for you and your family to relax and entertain, but they can also add value to your home. According to the National Association of REALTORS®️, a new wood deck has an average return on investment of 72.1%, while a new patio has an average return on investment of 54.9%.
4. Energy-Efficient Upgrades
Energy-efficient upgrades can help lower your energy bills and are becoming increasingly important to homebuyers. This includes things like adding insulation, upgrading windows and doors, or installing a new HVAC system. While these upgrades may not add as much value as a kitchen or bathroom renovation, they can still provide a significant return on investment over time by lowering your energy bills.
5. Home Office Spaces
With more people working from home, having a dedicated home office space has become a top priority. Adding a home office space can be as simple as converting a spare bedroom or adding a built-in desk and shelving to an existing room. According to a study by Zillow, homes with a home office sell for an average of 3.4% more than homes without one.
In conclusion, home renovations can be a great way to add value to your property, but it's important to choose the right projects to get the most return on investment. By focusing on kitchen and bathroom renovations, outdoor living spaces, energy-efficient upgrades, and home office spaces, you can make your home more enjoyable to live in while also increasing its value.
