Remodeling your home is a fantastic way to inject new life into your living space and make it more functional for your family’s needs. But beyond the aesthetic and practical benefits, home improvements can also be a smart financial move. Whether you’re considering a minor update or a major overhaul, understanding the return on investment (ROI) is crucial. Not every remodel will increase your home’s value in the same way, so it’s important to prioritize projects that offer the greatest potential benefits. So let’s explore various home improvements, from luxurious bathroom makeovers to practical basement conversions, that can make a meaningful difference to your home’s value and your enjoyment of it. According to the 2022 Remodeling Impact Report from the National Association of Realtors, these projects will help you make the most of your remodeling budget!

 

Hardwood Flooring Refinish – Cost Recovery: 147%

Refinishing hardwood floors can breathe new life into your home. It’s a cost-effective way to update your space without the expense of new flooring. Installing new wood flooring can have the same aesthetic appeal, but is a little more costly. Homeowners who choose to replace rather than refinish recoup about 118% of the cost with this project.

 

Insulation Upgrade – Cost Recovery: 100%

Improving your home’s insulation not only enhances comfort but also reduces energy costs. While not the most glamorous upgrade, it’s one of the most cost-effective. With lower heating and cooling bills and increased efficiency, this is a must-do for your pre-sale renovation list!

 

Basement Conversion to Living Area – Cost Recovery: 86%

Converting a basement into a living area adds valuable square footage to your home. Whether it becomes a guest suite, home office, or entertainment space, this remodel is a versatile upgrade that enhances both living space and property value.

 

Closet Renovation – Cost Recovery: 83%

Upgrading your closets with custom storage solutions can improve organization and appeal. While not a major renovation, it’s a practical detail before and after a sale. Storage is a significant selling point for many homebuyers!

 

Attic Conversion to Living Area – Cost Recovery: 75%

Transforming an attic into a functional living space, like a basement conversion, can significantly increase your home’s livable square footage. Whether it’s a cozy bedroom, studio, or playroom, attic conversions are a creative way to maximize space without expanding your home’s footprint.

 

Complete Kitchen Renovation – Cost Recovery: 75%

We’re sure you knew this one would be on the list! Complete kitchen remodels are a major investment but can pay off handsomely. A modest kitchen upgrade, such as replacing the countertops or refreshing cabinets, can still offer a good ROI of 67%. Whether it’s a complete or partial remodel, kitchen updates are particularly appealing to potential buyers.

 

Bathroom Renovation – Cost Recovery: 71%

Modernizing bathrooms with new fixtures, tiles, and amenities enhances comfort and appeal. Buyers appreciate updated bathrooms for their convenience and aesthetics. If you choose to go through the more major renovation of adding a bathroom, whether that’s a full bath or powder room, can bring an ROI of 62%. Bathroom renovations or additions can significantly increase your home’s value for your family and for potential buyers.

 

Add New Primary Bedroom Suite – Cost Recovery: 56%

Creating a luxurious primary bedroom suite with a spacious bedroom, walk-in closet, and en-suite bathroom is a major investment but can be worth it! It adds comfort and luxury, which appeals to homeowners seeking a retreat within their own home.

 

Choosing the right remodeling projects can enhance your home’s appeal and provide a solid ROI. Whether you’re updating for personal enjoyment or preparing to sell, focusing on upgrades like hardwood floor refinishing, basement conversions, and kitchen renovations can maximize your home’s value. Each of these projects offers a balance of functionality, aesthetics, and financial benefit, ensuring your investment pays off in the long run.

If you’re ready to start your remodeling journey, Craftworks is here for you! Contact us today to explore how we can help you achieve your home improvement goals with confidence and craftsmanship. We would love nothing more than to make your vision a reality.