You’ve made the decision to offer your current home for resale, congratulations! The next big thing is getting your home buyer-ready so it sells quickly. Perhaps you have kept up with updating, and your home just needs a really awesome deep-cleaning before it’s ready for listing. That’s great news.
Maybe more likely, though, is that keeping up with the latest trends in home design has not been your area of focus. Perhaps you haven’t updated in a while. The “Top 9 Renovations to Increase Home Value in 2023” highlights renovations that give homeowners a great return on investment (ROI).
When selling a home that is in need of updates to get top dollar, there are lots of decisions to make. What updates should we do? How will will we pay for them? Who will do the updates we can’t do by ourselves in a timely, professional manner?
The great news is that you are not alone! Planned Property Solutions is the area’s premier real estate solutions company. If you are in need of renovation for resale that you just do not have the ability to fund, contact us. We can provide a free analysis on renovations that can give you a great ROI. We can also give options to complete upgrades at no cost to you until after your property closes at an awesome price!
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Top 9 Renovations to Increase Home Value in 2023
- Published on January 26th, 2023
- 13 min read
Emma Woodward Contributing Author
Christopher Rogacz Former Associate Editor, Seller Resource Center
The past few years have been a whirlwind for real estate, and 2023 is certainly continuing that trend. The boom of 2020-2022 has morphed into a different market with higher interest rates pricing many buyers out of the market and keeping many would-be sellers in place, while home values have remained elevated above their pre-pandemic levels.
With a changing market comes changes to our list of best home renovation projects to increase value. During the pandemic, staying in place gave rise to extravagant outdoor kitchens and elaborate home offices. Now, homeowners are leaving the house more and the best return on investment (ROI) in 2023 comes from smaller renovation projects and updated kitchen, bath, and living spaces.
Renovations will become more important to homeowners looking for an upgrade without having to buy and take on higher interest rates. In a HomeLight survey, 38% of top agents predicted homeowners will use their home equity to finance home renovations in 2023. But not everyone will stay in place after renovations. In the same survey, 34% of agents predicted that more homeowners will try to sell and cash, in case prices drop in 2023.
We’ve pulled together research from the National Association of Home Builders (NAHB), the National Association of the Remodeling Industry (NARI), and top insights from HomeLight agents so you can better prioritize your list of projects.
Table of Contents
2. Create a more functional floor plan
3. Upgrade to luxurious bathrooms
4. Install a kitchen island or walk-in pantry
5. Build or convert a home office
7. Modify your home for aging in place or intergenerational living
8. Make your mudroom bigger and more functional
9. Small changes make a big impact
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
Source (and full text of article): HomeLight.com https://www.homelight.com/blog/which-renovations-increase-home-value/