How Home Improvement Can Increase Your Home’s Resale Value
Home improvement is a great way to add value to your home and increase your quality of life. It can also be a great tax deduction, especially if you plan to sell your home in the future.
Investing in home improvements can be a wise decision, but you should think carefully before starting any project. Not all home improvements are created equal and some can actually decrease your home’s resale value.
You don’t need to spend a lot of money to give your home a major facelift, says Stacy Einck, building products practice lead at Axiom. Small projects, such as painting or replacing doors, can make a big impact on your home’s curb appeal and overall look and feel.
A new kitchen can be an affordable and effective home renovation project that will add both functionality and value to your home. If you’re on a budget, try installing new cabinetry or giving your current cabinets a refresh with a paint job and countertops.
In addition, if you’re looking for a tax-deductible project that can make your home more energy efficient, consider investing in updates like new windows and siding. A window replacement can provide a 68 percent return on investment, while siding can boost your home’s curb appeal by 69 percent.
Before you start any project, talk to local contractors who can help you avoid mistakes that could negatively affect your home’s resale price. They can tell you what upgrades are popular in your area and whether they increase the overall value of your house.
Adding or updating a bathroom is another common home remodeling project that can improve your resale value. Having a bathroom that is functional and well-designed can make a significant difference in how much your home will sell for.
If you’re looking for a way to boost your home’s energy efficiency, installing solar panels is a smart choice. These panels can cut your electricity bill by 30 percent or more and are an easy, low-cost way to boost your energy savings.
There are also plenty of ways to save money on utility bills, including switching from gas to electric or installing a smart thermostat. For these options to be worth the investment, you need to do your research first and find a company that will install these products at a fair price.
Some of the most popular home improvement projects for 2023 include renovating bathrooms and repairing and upgrading a home’s HVAC system. These updates will reduce utility costs and can be an important step for homeowners who are trying to keep their homes energy-efficient as the cost of electricity goes up.
Remodeling a basement is another popular project, especially with growing families that need more space for children and adults to have their own private spaces. Putting in a basement or an extra bedroom can add to your family’s living space and can increase your resale value, too.
When determining which home improvement projects will improve your resale value, you should take into account what the best-selling homes in your neighborhood have done. Then, choose house renovations that will attract the most potential buyers.