The pandemic brought so many changes to the real estate market. It became one of the hottest industries during 2020 and 2021.
Part of that growth was fueled by home renovation projects. The home renovation market grew by 3% in 2020 and will grow another 4% in 2021.
Homeowners that take on home renovation projects always start with the same question. They ask, “What increases the home value the most?”
There are a number of home renovation ideas that you can do to increase the value of your home. Keep reading to discover what they are.
1. Purchase Energy-Efficient Appliances
Buyers want to live in an energy-efficient home. Utility costs keep increasing and it’s important to many buyers to do their part to save the environment.
Installing energy-efficient appliances helps you save money. Some appliances have rebates, so you’ll save on the cost of installation.
2. Add Interior and Exterior Paint
Home renovations should be judged by the cost of the project and the amount they increase home values. You could spend $15,000 on a home renovation and only see a $3,000 rise in home value.
A simple project that delivers an increase in home value is a paint job. Painting the front door in a way that draws attention could add a lot to the home value.
3. Install Solar Panels
Installing solar panels creates a win-win-win-win situation. The price of solar panels dropped dramatically over the last several years.
There are tax credits you can apply to offset the cost of the installation. There are local incentives you can apply as all. Blue Raven reports that Fort Collins Utilities offers an incentive of up to $1,000.
You save on energy costs, and you add value to the home. You can’t lose with this home renovation project.
4. Create Living Space
The more square footage you can add to the home, the better. You can add to the living space by converting the attic to another room or finishing the basement.
You might not have those options, but you can convert the outdoor space into another entertaining area.
This can help your home values increase because the total value of the home is priced by square feet. Add 100-150 square feet, and you’ll increase the home value by thousands of dollars.
5. Renovate the Kitchen and Bathroom
These are two major renovation projects that aren’t always easy to do. Buyers know that they’ll spend a lot of time in the kitchen, and they want something that makes entertaining fun.
You can replace bathroom fixtures or do a complete remodel. These home renovations increase home value and you’ll get more enjoyment out of the home.
What Increases Home Value?
When you’re asking what increases home value, you have to think of the return on investment. Projects like kitchen and bathroom renovations are the most expensive, but they create so much more value.
If you don’t have a high home renovation budget, then go for a simple project like installing energy-efficient home appliances.
Check out the DIY section of this site for more home renovation ideas.
