10 Indoor Home Improvement Projects Worth the Investment (1/4)

10 Indoor Home Improvement Projects Worth the Investment

Whether you are planning to sell your home, have just purchased a fixer-upper or are looking to make improvements to your current property, knowing where to invest your precious time and resources can be stressful. Focusing on upgrades that will deliver the greatest bang for the buck is obvious, but what projects are worth investing in and add value in today’s highly competitive market? In this blog series, Indoor Home Improvement Projects, we will highlight interior upgrades that have a history of delivering a solid ROI and, over the next few weeks, share tips on what interior features and upgrades add the most value.

Determining how much money you will get back on improvement projects when you sell your house is tricky. There’s no easy answer because what a buyer might be willing to pay depends on many factors, including everything from the choice of project to the materials you use to the value of other homes in your neighborhood. It is important to remember that there are many ways to add value to a property, with literally dozens of different options to boost your home price, but if you end up spending substantially more than you will get back when you sell, then that home improvement project may not be a good investment.

According to sources like Bankrate and RenoFi, homeowners can expect on average to recoup about 70% of the money spent on improvements. And while actual ROI percentages for various home improvement projects vary, read on to see which ones most experts agree to have a great propensity to add value and deliver big payoffs.

• Refinish Hardwood Floors – Hardwood floors are highly sought after by home buyers and for good reason; there is nothing more beautiful than gorgeous, gleaming hardwood floors throughout a home. If your home has time-worn hardwood floors that are starting to show their age, getting them refinished will not only make a big impact on the look of your home but historically has delivered a great ROI.

• Install New Wood Floors – Wood floors add elegance and a bit of warmth to a home. They are also highly durable. With proper maintenance, hardwood flooring can easily last for decades without any issues. If your home doesn’t already have hardwood floors, whether you are moving in, moving out or staying put, most real estate and home improvement experts agree that installing new hardwood floors delivers almost as sizable a return as refinishing existing floors and goes a long way in adding value to your property.

• Insulation Upgrade – While not something home buyers are demanding, adding to or upgrading your insulation has a fast turnaround when it comes to a return on your investment. Since insulation is responsible for most of the total heat gain and loss in your home, the proper type, amount and installation of insulation can make a huge difference in your home’s overall efficiency. That translates into big savings over the long term, which nearly pays for the upgrade itself. And that is something everyone can get excited about.

• Basement Conversion to Living Area – Got an unfinished basement? If you have been thinking of finishing your terrace level to add more living space or have been dreaming of the perfect place to entertain guests, go ahead and start planning. You can take that blank canvas from studs to stupendous without having to worry about sunk costs. Converting unused space to liveable square footage typically makes for a good investment and delivers strong enjoyment and resale value. A win-win.

• Closet Renovation – If you have struggled with overstuffed, disorganized closets, it’s time for an upgrade. Not only are cluttered closets inconvenient, they also show potential homebuyers that you do not have enough space. Having enough storage space is essential and well-organized closets are extremely valuable. Once installed, you will wonder why you waited so long to complete this project! And the good news is you can feel confident that you will get back most of what you spend when you sell your house.

• Convert Attic to Living Area – While you might be tempted to simply dump boxes of old clothes and other random items in your attic, by turning an underused or forgotten space into a finished storage area or living space, you instantly increase its usability and unlock value in your home. Not an upgrade that buyer’s expect but certainly a pleasant surprise, adding finished square footage can be a great way to get more enjoyment and value out of your home.

• Complete Kitchen Renovation – One of the most popular home improvement projects, a complete kitchen overhaul is not only important to buyers, but it can create a more enjoyable space to cook and a welcoming spot to spend time with guests and loved ones. Many are surprised to learn that kitchen remodels can also help increase resale value and differentiate your home from others in the area. So, if you have been wondering if sinking money into an expensive kitchen renovation is going to be worth it, cast your fears aside and take advantage of all the benefits this improvement project can deliver.

• Bathroom Renovation – Not far behind kitchen renovations in terms of popularity is bathroom renovations. High on the list of areas that buyers want to see updated, putting resources toward improving your bathroom will not only make it more attractive while you are living there, but you can expect to get much of it back when you sell your home.

• Kitchen Upgrade  – If you do not have the patience or resources to tackle a complete kitchen renovation, there is still a great payoff in scaling back your improvements and giving what you already have a refreshed look. From countertops and appliances to lighting and cabinet hardware, there are improvements you can make without the big price tag and still boost the value of your home. And when you sell, you can plan on putting a portion of your investment right back in your pocket.

• New Bathroom Addition – Another home improvement project worth considering if you have the space is the addition of a new bathroom. Whether it’s installing a new bathroom as part of a basement or attic remodel or converting part of your existing living area into an additional bathroom or powder room, the extra space goes a long way in terms of how your home functions and its resale value. In terms of ROI, experts agree that you can recoup the majority of the costs associated with the project and gain the convenience of having an additional bathroom. 

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